Fast Track Regime - License
Fast Track POI License Applications
Specific criteria and principles
The following information is in addition to the guidance found at 'New 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 form must be consistent and relevant to that proposed business.
The fast track application forms (Form FTL) and (Form FTLM) require 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. Guidance on the Commission's expectations can be found here.
RESOURCES AND DELEGATION
The applicant is required to have adequate resources of personnel, policy, procedures, premises and systems to conduct operations including:
- 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 2010.
The fast track licence application pack must contain:
The form is to be completed, signed and dated by the proposed administrator of the applicant and must be submitted together with the licence application form (Form RA/1).
The form is to be completed, signed and dated by the director of the applicant and the proposed administrator and must be submitted with the licence application form (Form RA/1).
A fully completed Form RA/1 must be submitted together with all of the supporting documentation requested in that form. The Form RA/1 must be fully completed, signed and dated by two authorised signatories of the applicant.
The fee is non-refundable; Fees
Confirmation that the applicant has been incorporated or established, as appropriate.
Where management of a licensee has been delegated in total or in part, a copy of the relevant agreement(s).
A copy of the prospective administrator’s due diligence and assessment in support of the declarations in the Form FTL or Form FTLM, 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).
Documentary confirmation that share capital has been received.
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.
We will consider the application for a fast-track licence within 10 business days of receipt of a fully completed application pack. If the application pack is incomplete the application clock will not commence until all documentation and information has been submitted.
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.
We reserve the right to reset the application clock if the nature and number of issues requiring expansion and clarification are substantial.
Successful applicants will be issued with a licence by form of letter, setting out the categories and restricted activities the licensee may undertake.
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.
Upon licensing, the annual licence fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the licence.