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Carey Olsen advises on first 'fast-track' migration

Carey Olsen advises on first 'fast-track' migration

Tuesday 08 December 2020

Carey Olsen advises on first 'fast-track' migration


Carey Olsen's corporate team in Guernsey has advised VinaCapital on the first inbound migration to use the Guernsey Financial Services Commission's new fast track application regime for managers of overseas funds.

Introduced in July, the new fast track regime has combined the processes for an incoming manager to gain GFSC consent along with the securing of its licence to conduct fund management into a single 10-day review period.

Established in 2003, VinaCapital is one of Vietnam's leading investment management and real estate development firms, with a diversified portfolio of US$3 billion in assets under management.

The decision to migrate its licence and registration to Guernsey replicates the migration of the VinaCapital managed VinaCapital Vietnam Opportunity Fund (VOF), which itself migrated from the Cayman Islands to Guernsey in 2016 as part of its move from AIM to the Premium Segment of the Main Market of the London Stock Exchange (LSE).

The Carey Olsen team advising VinaCapital on all Guernsey aspects of its migration was led by Corporate Partner Ben Morgan and Senior Associate Gemma Campbell.

"The introduction of a new fast track application regime for managers of overseas funds was a welcome addition to Guernsey's tried and tested suite of fast track regimes and we're delighted to have assisted VinaCapital on being the first manager to take advantage of it," said Mr Morgan.

"We would also anticipate that this could be the first of many with other managers attracted by the breadth and depth of expertise available across Guernsey's financial services, regulatory and legal sectors, coupled with our reputation for effective regulation and adherence to global standards on transparency, anti-money laundering and economic substance."

Pictured top: Carey Olsen Corporate Partner Ben Morgan.

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