On 12 June 2020 the Guernsey Financial Services Commission announced the launch of a new fast-track application regime for managers of overseas collective investment schemes. The intention is to make the process as simple as possible for such managers looking to apply for a Guernsey licence. The regime is available for managers migrating to Guernsey, as well as managers looking to establish a new Guernsey entity.
Applications under the fast-track regime are subject to a 10-day review period. For managers looking to migrate to Guernsey, the commission has helpfully combined its consent to migrate with the licensing process.
This is the latest addition to the commission's suite of fast-track application regimes and will be based on declarations from a licensed Guernsey administrator. Fast-track regimes are already in place for the registration of registered funds and private investment 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.
Information for applicants, including links to the revised forms (Form FTL for new entities and Form FTLM for migrating managers) 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 to include overseas collective investment schemes (available here).
