Guernsey launches 10-day fast-track application process for fund managers
Article 2 minute read

Guernsey launches 10-day fast-track application process for fund managers

02 July 2020

Guernsey has introduced a new licensing regime for managers of overseas collective investment schemes. Taking only 10 business days to complete, this complements Guernsey’s other fast-track regimes for the registration of Registered Funds and Private Investment Funds.

Launched by the Guernsey Financial Services Commission on Friday, June 12, the new system applies to either a general partner of a non-Guernsey limited partnership, or a standalone manager wishing to move domicile to Guernsey. The move is expected to attract fund managers looking for strong legal and technical expertise, as well as high-quality fund administration capabilities.

Talking about the new process, Andrew O’Shea, Global Head of Fund Services at TMF Group, said: “We are already seeing significant enquiries from managers of overseas funds and this new regime should further boost interest.

“Guernsey is proving an attractive proposition - and ahead of the game in many ways - due to its modern financial services industry and robust regulatory framework. For example, in 2018, the island’s fund managers were quickly able to meet the EU requirements on economic substance when the legislation came into force, unlike other jurisdictions.

“With a team of almost 70 people in the fund services group in Guernsey, and with expertise in more than 80 jurisdictions, TMF Group are well placed to help those fund managers around the world that might be considering a move to take advantage of this new speedy system.”

At the end of 2019, non-Guernsey schemes - where management, administration or custody is carried out in Guernsey - had a net asset value of £40.7 billion.

Other fast track licensing processes include:

  • 10 business days for the registration of Guernsey funds for Guernsey managers
  • 3 business days for registration of Guernsey registered funds
  • 1 business day for registration of private investment funds (PIFs) and the PIF
Want to know more? Visit our Capital Markets and Funds Services page.

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