Exempt Non-Guernsey Schemes

Applicable Law

The Protection of Investors (Bailiwick of Guernsey) Law, 1987 ("the POI Law").

Applicable regulations

Under Section 29(1) of the POI Law, the Investor Protection (Designated Countries And Territories) Regulations 1989 and the Investor Protection (Designated Countries And Territories) (Republic Of Ireland) Regulations 1992 ("the Regulations"), Designated Territory status has been granted to:

  • The UK
  • Jersey
  • The Isle of Man
  • The Republic of Ireland

An applicant conducting business in relation to collective investment schemes with a main place of business in any of the above does not require a licence under the POI Law to promote certain collective investment schemes in the Bailiwick, but must give prior notice to Authorisations.

The Investor Protection (Designated Countries and Territories)(Amendment)(AIFMD) Regulations, 2015

The amendment has enabled the scope of the Form EX application process to be extended to countries designated in Schedule 3 appended to the amendment.  For the avoidance of doubt, the amendment relates only to an AIF within the meaning of the EU Alternative Investment Fund Managers Directive.

Specific criteria and principles

The following information is in addition to the guidance found at 'New Applicants'.

Applicable activity

The Regulations apply to the restricted activity of promotion only.

Applicable funds

Please be guided by the regulations. For the avoidance of doubt, schemes that may qualify for the exemption process do not fall under the The Licensees (Conduct of Business) (Non-Guernsey Schemes) Rules 1994, for which an approval process applies.

Application pack

Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected] .

Application Form EX

Application Fee

The non-refundable application fee. No fee is required for funds domiciled in Jersey; Fees

Documentation

A copy of the latest prospectus and other promotional material.

Financial statements

A copy of the latest annual report of the scheme.

Regulatory evidence

Documentary evidence from the regulatory authority in the designated country or territory that the scheme is of a class or description specified in Schedule 2 to the regulations.

Application process

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.

Timeframe

We will aim to respond within 28 business days from receipt of the application but this is an indicative timeframe and we cannot be bound by it.

Application conclusion

Permission

Successful applicants will be issued with permission by form of letter.

Annual fee

Upon permission being issued, the annual fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the permission letter.