The Commission has received a request from the Guernsey Investment Fund Association to re-examine the approvals process in respect of non-Guernsey schemes. This consultation is in respect of the application process relating to licensees seeking to undertake the restricted activities of administration and/or management in respect of an open-ended non-Guernsey collective investment scheme.
The consultation process, beginning today, makes the following proposals:
A removal of the “traditional” approval and Qualifying Investor Fund options in relation to the applications process for open-ended Non-Guernsey schemes;
The introduction of a two-day approval process for all applications by licensees seeking to undertake the restricted activities of administration and/or management in respect of open-ended non-Guernsey schemes.
This process requires certification warranties, to be made by the applying licensee, of a similar nature to the Qualifying Investor Fund route and nearly identical to those required for the registered fund route;
A draft of the proposed application form and guidance note forms part of this consultation.
Please provide any comments on the draft NGS Approvals Process (including the proposed documentation) to [email protected] by close of business on 12 December 2012.