Specific criteria and principles
The following information is in addition to the guidance found at New Applicants.
Promoter responsibility
We regard the "Promoter" of a fund as the party that is ultimately responsible for its success. A Promoter may, for example, be a fund management company, a new investment boutique, or a group of experienced professionals. The Commission welcomes approaches from high calibre Promoters who have favourable track records in the establishment and/or management of investment funds.
New parties
It is preferable for Promoters (or its professional advisors) who are currently unknown to the Commission to submit a New Promoter's Introductory Checklist to us in advance of making a formal fund application. The information provided will be used by us to carry out necessary due diligence checks in advance of a formal application being submitted. This should enable a reduction in the processing time of the application. Promoters do not themselves receive a regulatory permit.
Known parties
If the Promoter or its principals are already known to the Commission and they have received a positive response previously after submitting a New Promoter's Introductory Checklist, the amount of documentary evidence required in support of a formal application (and the time taken for it to be processed) should be considerably reduced.
Innovative proposals
The Commission is very much open to discussing innovative proposals and how they can fit into our regulatory framework.
Where the business proposals are innovative, we may consider it constructive to meet the Promoter and their professional advisors, prior to an application being submitted.
Promoter introduction pack
Introduction Form
New Promoter’s Introductory Checklist.
Supporting documents
All documents as requested in the New Promoter’s Introductory Checklist must be provided, where applicable, and should be scanned and submitted electronically to [email protected]
Assessment fee
None.
Assessment process
We will assess and review the introduction pack and inform the Promoter, or its professional advisers, of any matters requiring expansion and/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
The length of the assessment process will be commensurate with the time taken to receive responses to our due diligence checks and other enquires.
Assessment conclusion
As soon as our enquiries have been completed the Promoter, or its professional advisers, will be notified as to whether a formal fund application may be submitted.