Fast Track Regime - REG
Registered Collective Investment Schemes (“REG”)
Regulatory permissions are issued under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 ("the POI Law").
For full details of the Registered Funds application process refer to the guidance.
Specific criteria and principles
The following information is in addition to the guidance found at 'New Applicants'.
In order to consider granting the requisite registration to the Registered Funds the Commission must receive a copy of the application form (Form REG), which must be signed by the proposed designated manager of the scheme.
The Form REG contains declarations given by the proposed designated manager to the Commission and the Commission attaches great importance to these declarations. It expects applicants to be able to demonstrate that they have documentary evidence to support the declarations given, and to be able to produce that evidence immediately should the Commission request it. Applicants who cannot substantiate their applications may find themselves excluded from participation in the Registered Fund regime.
The application pack must contain:
A fully completed, signed and dated Form REG.
The fee is non-refundable.
The final version together with the investor application form, subscription agreement or equivalent documents.
Evidence that the scheme has been incorporated (if a company) or otherwise established to include the articles of incorporation, trust deed or limited partnership agreement.
All material agreements entered into by the scheme.
CONTROLLERS, DIRECTORS AND SENIOR OFFICERS OF THE PROMOTER
Personnel who will exercise control or a significant function relating to the application must submit Online Personal Questionnaires through the Online PQ Portal.
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.
The Commission will declare the scheme registered within three full business days of receiving the Registered Fund application. 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 three-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 registration by way of letter.
CONDITIONS AND DEROGATIONS
Any formal conditions to be imposed upon the registration of closed-ended investment schemes or any derogations from or modifications of the rules will be incorporated into the final registration letter.
Upon registration, the annual fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the registration letter.