Fast Track POI Licence Applications
Specific criteria and principles
The following information is in addition to the guidance found at 'New Applicants'.
ALL APPLICANTS
Licence applications will only be processed for entities that have definite and early plans to conduct controlled investment business. The applicant's proposed business activities detailed in its business plan and the categories and restricted activities requested in the application must be consistent and relevant to that proposed business.
ADMINISTRATORS’ DECLARATIONS
The Investment Licence (fast track) application requires the proposed administrator of the applicant to make specific declarations. The Commission has a statutory duty in considering applications for licences under the POI Law and the scrutiny of complete and accurate submissions, together with the relevant declarations which will be used by the Commission in expediting the formal application process. The Commission has published guidance which sets out its expectations.
RESOURCES AND DELEGATION
The applicant is required to have adequate resources of personnel, policy, procedures, premises and systems to conduct operations including:
- Record-keeping;
- Compliance;
- Anti-money laundering measures;
- Internal control and other systems.
If the applicant proposes to delegate some responsibilities to other service providers, the arrangements must be acceptable to the Commission and demonstrate that the delegate has the necessary capability.
FINANCIAL RESOURCES REQUIREMENT
The requirement must be met as scheduled in The Licensees (Capital Adequacy) Rules and Guidance, 2021.
Application
The fast track licence application must contain:
APPLICATION
The application should be made using the Application portal, including uploading the supporting documentation where requested as part of the application questions.
More information on the updated application types on the portal can be accessed via the Commission’s Application pages.
APPLICATION FEE
The fee is non-refundable.
ESTABLISHMENT
Confirmation that the applicant has been incorporated or established, as appropriate.
DELEGATION AGREEMENTS
Where management of a licensee has been delegated in total or in part, a copy of the relevant agreement(s).
DUE DILIGENCE
A copy of the prospective administrator’s due diligence and assessment in support of the declarations in the application of the fitness and propriety of the applicant. We will undertake focused scrutiny of the submission to test the validity of the declarations provided.
EXISTING PROMOTER CONNECTION
If the promoter of the connected fund is already known to the Commission as the promoter of an existing (or previous) Guernsey investment fund, we will accept confirmation of that fact, together with written confirmation that the administrator holds up to date due diligence documentation.
PERSONAL QUESTIONNAIRE (“OPQ”) AND ONLINE APPOINTMENT ("OA")
OPQs and/or OAs must be submitted through the Online PQ Portal for each natural person who is a beneficial owner, controller, partner, director, company secretary, money laundering reporting officer, money laundering compliance officer, compliance officer or manager of the applicant(s).
SHARE CAPITAL
Documentary confirmation that share capital has been received.
Application process
We will assess and review the application 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
We will consider the application for a fast track licence within 10 business days of receipt of a fully completed application. If the application is incomplete the application clock will not commence until all documentation and information has been submitted. We reserve the right to reset the application clock if the nature and number of issues requiring expansion and clarification are substantial.
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 10 day period.
WRITTEN RESPONSE
We will send a written response through the portal detailing any matters that require expansion and/or further clarification to enable the application to be referred to a decision-maker.
If we receive no response to these queries within a three-month time period, we reserve the right to archive the application, such that, any future licence application following this period would require a new submission. Applications that remain in draft format, without being submitted, on the application portal will be removed after three months.
Application conclusion
LICENCE
Successful applicants will be issued with a licence by form of letter, setting out the categories and restricted activities the licensee may undertake.
CONDITIONS
Any non-standard conditions which may be imposed on the licence will be scheduled in the letter. Non-standard conditions will have been discussed with applicants in advance.
ANNUAL FEE
Upon licensing, the annual licence fee becomes due, which is reduced pro rata in the first year: an invoice will be sent by email.