Exempt Non-Guernsey Schemes
The Protection of Investors (Bailiwick of Guernsey) Law, 1987 ("the POI Law").
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
- 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.
Specific criteria and principles
The following information is in addition to the guidance found at 'New Applicants'.
The Regulations apply to the restricted activity of promotion only.
Schedule 2 to the Regulations defines the collective investment schemes established within each Designated Territory that are covered by the Regulations. These are open-ended schemes which are essentially the equivalent of Guernsey Class A schemes. Schemes which have been recognised in the UK (for example, a UCITS scheme) are also covered in practice. 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.
A fully completed, signed and dated Form EX which must list all applicable schemes the applicant intends to promote within the Bailiwick.
The non-refundable application fee. No fee is required for funds domiciled in Jersey; Fees
A copy of the latest prospectus and other promotional material.
A copy of the latest annual report of the scheme.
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.
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.
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.
Successful applicants will be issued with permission by form of letter.
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.