Guernsey has introduced a fast-track system for migrations of investment funds and their managers into the island.
The new fast-track application regime for managers of Overseas Collective Investment Schemes introduced by the Guernsey Financial Services Commission is set to make it simpler to apply for a Guernsey licence, enabling consent to migrate and the licensing process within a 10-day review period.
The commission noted that it has a suite of fast track application regimes, including registered funds and private investment funds, with applications based on declarations from a licensed administrator.
Rupert Pleasant, chief executive of Guernsey Finance, welcomed the move: “This development builds on the reality of Guernsey’s strengths which have become evident during the emergence of these international rules and arise as a result of a considered approach to exploit the actuality of our substance, and is a central tenet of our strategy.”
According to Pleasant, companies and fund managers should look to jurisdictions that can and have met these new global standards. He noted: “Guernsey has always had genuine substance in financial services. Our whitelisted position genuinely sets us apart from other jurisdictions which have not met these criteria, and we will continue to build on this position of strength.”
Emma Bailey, director of authorisations and innovation division at the GFSC, said: “Following liaison with industry, the commission is pleased to be introducing this new regime which seems to us to be a natural fit with our current fast track regimes by simplifying the established processes of migrating and licensing within the Bailiwick a manager of overseas collective investment schemes.”
