The Guernsey Financial Services Commission has launched a 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 licensing of a newly incorporated Guernsey entity also within 10 days.
The regime will be based on declarations from a licensed administrator similarly used for other fast-track application regimes, such as 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 (pictured), Director of the GFSC's Authorisations and Innovation Division, said: “The Commission is pleased to be introducing this new regime, which seems 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, added: “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 these managers will find the fast track 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 updated 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