Application Timeframes
Application Type |
Service Measure |
Service Level Standard |
|
Primary Fiduciary Licence |
From the receipt of a fee and complete application to the grant or refusal of an application.
|
56 calendar days |
|
Secondary Fiduciary Licence |
From the receipt of a fee and complete application to the grant or refusal of an application.
|
28 calendar days |
|
Personal Fiduciary Licence
|
From the receipt of a fee and complete application to the grant or refusal of an application |
28 calendar days |
|
Fiduciary Discretionary Exemption – Primary Fiduciary Licence
|
From the receipt of a fee and complete application to the grant or refusal of an application. |
14 calendar days |
|
Fiduciary Discretionary Exemption – Personal Fiduciary Licence
|
From the receipt of a fee and complete application to the grant or refusal of an application. |
7 calendar days |
|
Fiduciary Discretionary Exemption – Private Trust Company Licence
|
From the receipt of a fee and complete application to the grant or refusal of an application. |
14 calendar days |
|
Prescribed Business |
From the receipt of a fee and complete application to the grant or refusal of an application. |
7 calendar days |
|
Investment Licence (not fast track) |
From the receipt of a fee and complete application to the grant or refusal of an application.
|
28 business days |
|
Open Ended Fund application
|
Standard track applications are subject to a 3-stage process of an outline, interim and formal authorisation.
Stage One - within the specified number of business days of the date of receipt of a complete Form GFA the Commission will issue outline authorisation;
Stage Two - within the specified number of business days of the date of receipt of a fee and complete Form APB and APQ the Commission will issue interim authorisation;
Stage Three - within the specified number of business days of the date of receipt of the final documentation the Commission will issue final authorisation.
|
28 business days
10 business days
7 business days
|
|
Closed Ended Fund application
|
Standard track applications are subject to a 3-stage process of an outline, interim and formal authorisation.
Stage One - within the specified number of business days of the date of receipt of a complete Form GFA the Commission will issue outline authorisation;
Stage Two - within the specified number of business days of the date of receipt of a fee and complete Form APC the Commission will issue interim authorisation;
Stage Three - within the specified number of business days of the date of receipt of all required documentation, the Commission will issue final authorisation.
|
28 business days
10 business days
7 business days
|
|
Class/sub-fund/cell authorisation (not fast track) |
From the receipt of a complete application to the grant or refusal of a new class, sub-fund or cell. |
1 calendar month |
|
Investment fast track applications including a full licence, a QIF, a registered scheme and a PIF
|
From the receipt of a fee and complete fast track application for a full investment Licence to the grant or refusal of the application.
From the receipt of a fee and complete fast track application for a QIF to the grant or refusal of the scheme.
From the receipt of a fee and complete fast track application for a registered scheme to the grant or refusal of the scheme.
From the receipt of a fee and complete PIF application to the grant or refusal of the PIF.
From the receipt of a fee and complete application for sub-fund, cells or share classes of QIFs and registered funds to the grant or refusal of the application. |
10 business days
3 business days
3 business days
1 business day
3 business days
|
|
Exempt non-Guernsey schemes |
From the receipt of a fee (if applicable) and complete Form EX application to the grant or refusal of the application. |
28 days |
|
Insurance Licence
|
From the receipt of a fee and complete application for an insurance Licence to the provision of an in-principle agreement.
|
28 calendar days |
|
Insurance Manager or Intermediary Licence |
From the receipt of a fee and complete application for an insurance manager or intermediary Licence to the provision of an in-principle agreement.
|
28 calendar days |
|
Change of controller including shareholder controllers |
From receipt of a fee and complete application, the Commission will provide relevant confirmation of no objection as required by legislation.
|
60 days |
|
Online Appointments |
Following the receipt of complete submissions through the online portal to update the individual’s online profile:
Approved Supervised Role (ASR) - requiring GFSC statement of ‘no objection’
Vetted Supervised Role (VSR) - requiring GFSC statement of ‘no objection’
|
60 days |
|
All timelines are subject to the receipt of a fee and complete application.
|