Fast Track Warranties

20th August 2012

​The Commission has updated the warranties on the Form REG, Form QIF and Form FTL to take into account the Commission’s Guidance Notes on Personal Questionnaires and Personal Declarations.  In particular, the following warranty (varies slightly dependent on the application) has been inserted in the aforementioned forms,

“I confirm that we, the proposed designated manager/administrator/principal manager (See Note 1) of the scheme, have performed sufficient due diligence to be satisfied that the information contained in the Personal Questionnaires (“Form PQ”) and Personal Declarations (“Form PD”), enclosed with this application, is accurate and complete as set out in the Guidance Note on Forms PQ and Forms PD."

It has always been the Commission’s expectation that licensees are doing this, however, the above warranty is required to ensure that the Commission continues to meet its published turnaround times on Qualifying Investor Funds, Registered Collective Investment Schemes and Fast Track licensees.

The Commission requires that from 10 September 2012 only the new versions of the Forms REG, QIF and FTL be submitted to it.  From 10 September 2012 the Commission will not accept completed old versions of the Forms REG, QIF and FTL and will return these Forms and treat the notification requirement under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended as not having been satisfied.

Copies of the forms may be found here