Applicable Law
The Protection of Investors (Bailiwick of Guernsey) Law, 2020 ("the POI Law").
Applicable regulations
Under Section 44(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 Jurisdiction status has been granted to:
- The UK;
- Jersey;
- The Isle of Man;
- The Republic of Ireland.
An entity 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. However, they must give prior notice to the Commission's Authorisations and Innovation Division.
The Investor Protection (Designated Countries and Territories)(Amendment)(AIFMD) Regulations, 2015
The amendment has enabled the scope of this licence exemption regime to be extended to certain entities with a main place of business in countries designated in Schedule 3 (appended to the amendment). For the avoidance of doubt, in this case the amendment relates only to the promotion of an Alternative Investment Fund 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.
Notification
Notification form and supporting documentation: If the application is being made using the Application portal, the application should be completed and submitted including uploading the supporting documentation where requested as part of the application questions. If the application is in the existing Word format, please scan the fully completed notification Form EX signed and dated by the relevant officers of the promoter and supporting documentation, as itemised in the notification form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected].
More information on the updated application types on the portal and the Word forms they correspond too, can be accessed via the Commission’s Application forms pages.
Notification Fee
The notification fee is non-refundable. No fee is required for funds domiciled in Jersey.
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 1 to the regulations.
Notification assessment
We will assess and review the notification and inform the promoter, or their professional advisers, of any matters requiring expansion or clarification. If the application has been made through the application portal, all responses will be sent inside of the portal. Once all queries have been satisfied, the notification 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 notification, but this is an indicative timeframe and we are not bound by it.
Notification conclusion
Exemption Confirmation
Where a notification is considered to meet the legal requirements, the promoter will be issued with confirmation of the licensing exemption by letter.
Annual fee
Upon any such confirmation being issued, the annual fee becomes due; reduced pro rata in the first year. An invoice will be sent by email.