Non-Guernsey Schemes

Applicable rules

The Licensees (Conduct of Business) (Non-Guernsey Schemes) Rules 1994.

Terminology

The term 'Scheme' in investment regulatory laws, rules and regulations has similar meaning to the term 'Fund'. To illustrate the foregoing, a mutual fund and a collective investment scheme have similar attributes.

Guidance note

Guidance on the approvals process may be found here.

Specific criteria and principles

The following information is in addition to the guidance found at ‘New Applicants’.

What is a Non-Guernsey scheme?

It is an open-ended fund that is not established or incorporated in the Bailiwick of Guernsey and does not require authorisation or registration by the Commission.

Licensed Bailiwick services providers

Fund Promoters may choose to contract financial services from Bailiwick fund managers and custodians for their funds. The rationale for this contractual arrangement enables Promoters to choose the domicile with which they are familiar to establish and launch their funds but use service providers in the time zone that meets their investors’ needs. Bailiwick fund managers and custodians must be licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (“the POI Law”) for the activities they provide. 

Approval for activities

Bailiwick licensees must apply to provide administration, management or custody for Non-Guernsey schemes. We will issue approval to successful applications. Normally, approval will only be given if the Non-Guernsey scheme, had it been established in Guernsey, would have been likely to obtain authorisation under the POI Law. At the conclusion of the application process an approval is issued to the Bailiwick licensee providing the service and not the Non-Guernsey scheme.  For the avoidance of doubt, the Non-Guernsey scheme is not subject to the Commision's regulatory oversight that responsibility remains with the regulator of the host jurisdiction of the scheme.

Licensees seeking to conduct administration or management

May choose to use the two-day fast track regime or the standard track process. 

Licensees seeking to conduct custody

Only the standard track process is avaliable. Applications must be made by letter.

Closed-Ended Non-Guernsey Schemes

Do not fall under the Licensees (Conduct Of Business And Notification)(Non-Guernsey Schemes) Rules 1994. No approval process applies.

Application pack

Fast track

Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected] .

Application Form NGSF

Application Fee

The non-refundable application fee. Fees

Standard track

Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected] .

Application Form NGS

Documentation

All documentation as itemised on the ‘Documentation Disclosure Checklist’.

Fee

The non-refundable application fee. Fees

Application process

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.

Timeframe

Fast-track

We will issue the relevant approval within two business days.

Standard-track

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.

Application conclusion

Approval

Successful applicants will be issued with approval by form of letter.

Annual fee

Upon approval, the annual fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the approval letter.