Guernsey Private Fund Guidance Released
by Jason Gorringe, Lowtax.net, London
04 January, 2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has issued a list of frequently asked questions on the new Private Investment Funds regime.
An application form has also been released.
The Private Investment Fund regime, launched in November, evolved out of discussions between the Commission and industry. These discussions acknowledged a gap in the current suite of investment products between areas where the Commission gives an opinion that a product does not appear to be a fund, and the existing authorized and registered collective investment scheme products.
A Private Investment Fund may be either open-ended or closed-ended and should contain no more than 50 legal or natural persons holding an ultimate economic interest in the fund, save in the instance where the investment is made by an investment manager acting as agent for a wider group of stakeholders.
A Private Investment Fund requires a licensed manager in the structure who must provide warranties on the ability of investors to bear losses.
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