New Fast Track Application Regime for Managers of Overseas Collective Investment Schemes:
12 June 2020
The Commission is pleased to announce the launch of a new fast track application regime for managers of Overseas Collective Investment Schemes to make it simpler for them to apply for a Guernsey licence. The intention of the regime is to combine where appropriate the consent to migrate the manager into the Bailiwick with the licensing process within a 10 day review period or alternatively the licencing of a newly incorporated Guernsey entity also within 10 days.
The regime will join the Commission’s now long tested suite of fast track application regimes and will be based on declarations from a licensed administrator similarly used for the other fast track application regimes like the Registered Funds or Private Investment Funds. The new regime has resulted in the publication of a revised Form FTL and where a migration of the manager is involved the new Form FTLM.
Emma Bailey, Director of Authorisations and Innovation Division said “Following liaison with Industry the Commission is pleased to be introducing this new regime which seems to us to be a natural fit with our current fast track regimes by simplifying the established processes of migrating and licensing within the Bailiwick a manager of overseas collective investment schemes.”
William Mason, Director General commented, “We have been informed that some managers with already established good quality funds may wish to redomicile to the Bailiwick to take advantage of its skilled investment professionals, its fiscal and legal stability and its highly rated systems for combating financial crime. We hope that these managers will find the fast track we are launching today helpful.”
Information for applicants, including links to the revised Form FTL and the new Form FTLM can be found here. In addition the Commission has taken the opportunity to update its Guidance on Licence Applications for Entities Acting in Respect of Qualifying Investor Funds and Registered Collective Investment Schemes with the inclusion of Overseas Collective Investment Schemes, a copy of this guidance can be found here.