Fund Promoter Assessment
Specific criteria and principles
The following information is in addition to the guidance found at 'New Applicants'.
We regard the "Promoter" of a fund as the party ultimately responsible for its success. A Promoter may, for example, be a fund management company, a new investment boutique or a group of experienced professionals. The Commission welcomes approaches from high calibre Promoters who have a favourable track record in the establishment and/or management of investment funds.
It is preferable for Promoters (or its professional advisors) currently unknown to the Commission to submit a New Promoter's Introductory Checklist to us in advance of making a formal fund application. The information provided will be used by us to carry out necessary due diligence checks in advance of a formal application being submitted which should enable a reduction in application processing time. Promoters do not themselves receive a regulatory permit.
If the Promoter or its principals are already known to the Commission and has received a positive response previously after submitting a New Promoter's Introductory Checklist, the amount of documentary evidence required in support of a formal application (and the time taken for it to be processed) should be considerably reduced.
The Commission is very much open to discussing innovative proposals and how they can fit into our regulatory framework.
We may consider it constructive to meet the Promoter and its professional advisors, if the business proposals are innovative, prior to an application being submitted.
Promoter introduction pack
All documents as requested on the New Promoter’s Introductory Checklist must be provided where applicable.
We will assess and review the introduction pack and inform the Promoter, 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 length of the assessment process will be commensurate with the time taken to receive responses to our due diligence and other enquires.
As soon as our enquiries have been completed the Promoter, or its professional advisers, will be notified as to whether a formal fund application may be submitted.