Investment Compartments Qualifying Investor Funds & Registered Collective Investment Schemes – Fast Track– Existing
Applicable rules
Depending on the type of scheme for which application is made, one of the following fund rules will apply, under which approval is issued:
- The Authorised Collective Investment Schemes (Class B) Rules and Guidance, 2021;
- The Collective Investment Schemes (Qualifying Professional Investor Funds)(Class Q) Rules and Guidance, 2021;
- The Authorised Closed-Ended Investment Schemes Rules and Guidance, 2021.
Specific criteria and principles
A fast track approach is available in respect of the approval of investment compartments (i.e. sub-funds, cells and share classes) of QIFs and Registered Funds.
Application Pack
APPLICATION FORM
Submission of a fully completed signed and dated Form QIFSF or Form REGSF, together with the documentation required by those forms.
APPLICATION FEE
The fee is non-refundable.
Application process
We will assess and review the application pack and inform the applicant, or its professional advisers, of any matters requiring expansion or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.
Timeframe
INDICATIVE TIMEFRAME
The Commission will issue approval to the additional compartment within three business days of receiving the application. If the application pack is incomplete the application clock will not commence until all documentation and information has been submitted.
APPLICATION QUALITY
Any minor queries resulting from the Commission's initial assessment of the application will be referred back to the prospective Guernsey administrator acting on behalf of the applicant with the aim that resolution of the issue can be achieved within the three day period.
WRITTEN RESPONSE
We reserve the right to reset the application clock if the nature and number of issues requiring expansion and clarification are substantial.
Application conclusion
APPROVAL
Successful applicants will be issued with approval by way of letter.
DEROGATIONS
Any derogation which may have been requested by the applicant prior to the application being considered will normally be included in the approval letter.
ANNUAL FEE
No pro rata fee is payable at the conclusion of the application.