Investment Compartments Qualifying Investor Funds & Registered Collective Investment Schemes – Fast Track– Existing
Applicable rules
Depending on the type of scheme for which application is made, one of the following fund rules will apply, under which approval is issued:
- The Authorised Collective Investment Schemes (Class B) Rules and Guidance, 2021;
- The Collective Investment Schemes (Qualifying Professional Investor Funds)(Class Q) Rules and Guidance, 2021;
- The Authorised Closed-Ended Investment Schemes Rules and Guidance, 2021.
Specific criteria and principles
A fast track approach is available in respect of the approval of investment compartments (i.e. sub-funds, cells and share classes) of QIFs and Registered Funds.
Application
APPLICATION
Submission of a fully completed signed and dated Authorised Scheme additions application or Registered Scheme additional application, including uploading the supporting documentation where requested as part of the application questions.
APPLICATION FEE
The fee is non-refundable.
Application process
We will assess and review the application 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
INDICATIVE TIMEFRAME
The Commission will issue approval to the additional compartment within three business days of receiving the application. If the application pack is incomplete the application clock will not commence until all documentation and information has been submitted. We reserve the right to reset the application clock if the nature and number of issues requiring expansion and clarification are substantial.
APPLICATION QUALITY
Any minor queries resulting from the Commission's initial assessment of the application will be referred back to the prospective Guernsey administrator acting on behalf of the applicant with the aim that resolution of the issue can be achieved within the three day period.
WRITTEN RESPONSE
We will send a written response through the portal detailing any matters that require expansion and/or further clarification to enable the application to be referred to a decision-maker
If we receive no response to these queries within a three-month time period, we reserve the right to archive the application, such that, any future Fund additiona following this period would require a new submission. Applications that remain in draft format, without being submitted, on the application portal will be removed after three months.
Application conclusion
APPROVAL
Successful applicants will be issued with approval by way of letter.
DEROGATIONS
Any derogation which may have been requested by the applicant prior to the application being considered will normally be included in the approval letter.
ANNUAL FEE
No pro rata fee is payable at the conclusion of the application.