Guernsey’s Private Investment Fund has launched a new consultation between the island’s funds industry and regulator to consider widening formation options for the popular regime.
The Guernsey Financial Services Commission (GFSC) has issued a discussion paper with proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose, while helping to create opportunities for growth.
Alongside proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds (PIF).
The PIF was introduced in 2016 and has proved popular for new and existing fund promoters, who are able to quickly launch a simple and flexible product to investors.
GFSC director-general William Mason said: “The proposals in our discussion paper take into account lessons learnt by practitioners and ourselves from the operation of Guernsey’s current fund regime. The reforms?are designed to help the Bailiwick maintain an environment where the sector can continue to grow as we recover from COVID-19 restrictions.”
Gillian Browning, director of the investment, fiduciary and pension division, added: “These measured proposals illustrate the Commission’s commitment to maintaining the Bailiwick’s reputation as a well-regulated financial centre.?We value the views of industry and?welcome feedback on the proposals.”
Rupert Pleasant, chief executive of Guernsey Finance, the promotional agency for the island’s financial services industry, said: “The direction of travel indicated by the discussion paper indicates the potential for positive changes to Guernsey’s funds regime. The suggestions made indicate a greater degree of flexibility and reduced bureaucracy that will continue evolving our attractiveness in the international funds market.”
