Fast Track Application Process for Specified Licensees associated with Qualifying Investor Funds or registered Closed-ended Investment Funds
1st October 2008
In recent years, the Commission has introduced “fast track” application processes for Qualifying Investor Funds and Registered Closed-ended Investment Funds. Associated management entities requiring licences needed, however, to go through the Commission’s full assessment process.
Earlier this year the Guernsey Financial Services Commission announced that it was consulting on proposals to introduce a framework applicable to licence applications under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the POI Law”) for parties seeking to provide management services to Qualifying Investor Funds or registered Closed-ended Investment Funds.
The Commission has announced today that the new regime will be introduced with effect from 3 October 2008.
The main thrust of the framework is that the Commission will formally consider the application for a licence within 10 business days, provided that, in addition to the submission of a complete formal application for a licence, the licensed Guernsey service provider to be appointed as the local administrator of the applicant has certified to the Commission that:-
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they have performed sufficient due diligence to be satisfied that the beneficial owners or controllers of, and relevant parties to, the applicant for a licence are fit and proper and meet the requirements as set out in the POI Law and that in this respect consideration has been given to all of the issues set out in the Guidance Document issued by the Commission;
- they have undertaken sufficient due diligence to confirm that the application for a licence under the POI Law which includes the relevant application form and supporting documentation and information, is complete and accurate.
In practice this means that a licence assessment committee will be convened within 10 business days of receipt of all of the above information, documentation and warranties to consider the issue of a licence.
The relevant documentation and guidance relating to the application process are available from the Investment section of the Commission’s website:
Form FTL – Application Form for a Licence
Guernsey Financial Services Commission
La Plaiderie Chambers
La Plaiderie
St Peter Port
Guernsey
GY1 3HQ
Enquiries to : Peter Moffatt, Director of Investment Business
Tel : +44 (0) 1481 712706
Fax : +44 (0) 1481 713361
E-mail : [email protected]
30 September 2008