Authorised Closed-ended Investment Schemes

New Applicants

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Applicable law

Under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 ("the POI Law") closed-ended schemes are declared as authorised or registered under section 8 of the POI Law.

Applicable rules

The Authorised Closed-Ended Investment Schemes Rules and Guidance, 2021.


The term 'Scheme' in investment regulatory laws, rules and regulations has similar meaning to the term 'Fund'. To illustrate the foregoing, a mutual fund and a collective investment scheme have similar attributes.

Specific criteria and principles

The following information is in addition to the guidance found at 'New Applicants'.

Three-stage application process

Unless applications can be classed as Qualifying Investor Funds or Registered Collective Investment Schemes, there is a three-stage process which applies to all classes of Closed-Ended Investment Schemes.

  • Stage One: Outline Authorisation, following a review of Form GFA;
  • Stage Two: Interim Authorisation, following a review of Form APC;
  • Stage Three: Formal Authorisation, once all issues have been resolved and final documentation has been received.
Incorporated Cell Companies (“ICCs”) and Protected Cell Companies (“PCCs”)

Funds to be established as an ICC or PCC will require our separate formal consent in order that the vehicle can be registered with the Guernsey Registry. Once we have issued outline authorisation the applicant may request our consent to establish the ICC or PCC at that stage.

Designated administrator/manager

Every Guernsey authorised closed-ended investment scheme must appoint a designated administrator/manager to conduct the day-to-day administration. The designated administrator/manager must be established in Guernsey and licensed under the POI Law.

Designated administrators/managers are normally selected from firms with an established track-record in this business. Where an applicant seeks to appoint a newly licensed entity the proposals must be discussed with Authorisations in advance of a formal application being submitted.

Applicants must engage with the prospective designated administrator/manager at an early stage in the application process, as those parties will be required to countersign the application forms: this is to signify support of the application and demonstrate to the Commission that they are fully aware of the disclosures contained within the prospectus.

There is no requirement to appoint a designated custodian/trustee to undertake custodial duties, however, arrangements for the custody of assets must be provided and the details disclosed in fund documentation.

New parties

Where Promoters and their principals are not known to the Commission are to be associated with the scheme, additional documentation will need to be submitted, as specified on a New Promoter’s Introductory Checklist.

Known parties

If the promoter is already known to the Commission, or has received a positive response after submitting a New Promoters Introductory Checklist, the amount of documentary information required by Form GFA (and the time taken for it to be processed) should be considerably reduced.


Scheme particulars (or equivalent offer document) document must evidence:

  • An adequate spread of risk;
  • Comprehensive risk warnings;
  • The investor profile is consistent with the fund’s objectives and minimum subscription levels;
  • All material facts, including fees and the names of associated parties, are fully disclosed in the scheme particulars.

The above is indicative but not an exhaustive list, other criteria may need consideration.

Fund application pack

Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected].

Application form

Stage One: Form GFA;

Application Form GFA

Stage Two: Form APC;

Application Form APC

Stage Three: Final documents as requested by Authorisations.


The non-refundable application fee must be submitted at Stage Two. Fees

Application process

Stage One - Outline Authorisation

Submission of:

Outline Application Form

A fully completed, signed and dated Form GFA together with the supporting documentation required by the form. Submission is usually made by the designated manager, fund manager or legal adviser acting for the applicant.

Business plans

Plans should be well advanced prior to application submission. Any provisional matters should be clearly stated, but late changes to a scheme may result in the application being delayed, or in extreme cases, refused.


No prospectus (or equivalent offer document) should be submitted at Stage One, as it will not be reviewed.

Application fee

No application fee is to be submitted at this stage.

Outline Authorisation

If all parties meet the policy of selectivity and the detailed proposals otherwise appear acceptable, the scheme will receive a letter granting Outline Authorisation. If Outline Authorisation cannot be granted, a letter requesting further information or clarification will be sent.

Stage Two - Interim Authorisation

Submission of:

Application Form

A fully completed, signed and dated Form APC. The form includes disclosure checklists which adhere to the requirements of the scheme rules. The applicant must state how each requirement of the disclosure checklist is satisfied: this is done by identifying the page number of the prospectus upon which a relevant disclosure may be found. If the documents do not adequately satisfy a stated requirement we will seek clarification and expansion, which will delay the assessment process.

Business proposals

If material changes have been made to the proposals since the completion of Form GFA this must be clearly stated at the time the application form is submitted. Such changes may result in the application being delayed.

  • Prospectus: A near-final draft of the prospectus (or equivalent offer document) must be submitted. Multiple re-drafts are indicative of insufficient preparation by the applicant in advance of submission and will delay the assessment process. If amendment is necessary, the revised prospectus must be black-lined with reference to the previous copy submitted to us. Revised drafts which are not black-lined will not be reviewed;
  • Investor application form: A copy of any form the fund will employ.
Derogations or modifications

The onus is on the applicant to identity if it needs to apply for derogations from or modifications of the rules. Detailed requests are to be made at this stage explaining the necessity and demonstrating how investor protection will be maintained. 

Application fee

The non-refundable application fee is payable at this stage. Fees

Interim Authorisation

If all the proposals appear acceptable, the fund will receive a letter granting Interim Authorisation. If Interim Authorisation cannot be granted a letter requesting further information or clarification will be sent.

Stage Three – Formal Authorisation

Clarification and submission of:

Business proposals

All points raised in the Outline and/or Interim letters must be resolved to the satisfaction of the Commission before Formal Authorisation can be considered.

Late changes to the scheme (for example, the introduction of new parties) will cause proportionate delays to any Formal Authorisation and may in extreme cases result in Formal Authorisation being refused. 


Evidence that the scheme has been formed, e.g. a certificate of establishment or incorporation.


Receipt of dated, signed or certified copies of all final documents:


Constitutive documents: which may include:

  • Trust Deed;
  • Memorandum and Articles of Incorporation;
  • Management Agreement;
  • Administration Agreement;
  • Custody Agreement;
  • Investment Advisory Agreement;
  • Registrar's Agreement;
  • Delegation Agreement.

Formal Authorisation

If all the proposals appear acceptable, the application will be referred to a decision-maker.


We aim to respond as follows:

Stage One: issue Outline Authorisation within 28 business days of receipt;

Stage Two: issue Interim Authorisation within 10 business days of receipt;

Stage Three: issue Formal Authorisation within 7 business days of receipt.

The timeframes are indicative only; we cannot in any way be bound by them.

Application conclusion


Successful applicants will be issued with authorisation by form of letter.

Conditions and derogations

Any formal conditions to be imposed upon the authorisation of closed-ended investment schemes or any derogations from or modifications of the rules will be incorporated into the final authorisation letter.

Annual fee

Upon authorisation, the annual fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the authorisation letter.

The designated administrator/manager is normally deemed responsible for payment of all fees.