New fast-track fund regime welcomed

Thursday 18 June 2020

The Guernsey Financial Services Commission is introducing 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.

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 and a copy of this guidance can be found HERE.

Ogier Partner Craig Cordle has welcomed the new regime:

"We are delighted to see fast-track manager applications for managers of overseas collective investment schemes added to Guernsey's existing fast-track regimes for Private Investment Funds and Registered Funds. If managers are considering relocating or restructuring their management activities, Guernsey's established and pragmatic regulatory regime – now complemented by this new fast-track regime – should undoubtedly form part of that conversation."

Pictured top: Craig Cordle.