Gfsc Poi Rules
All policies, procedures and controls, including the Corporation`s compliance monitoring program, should be reviewed and references to previous legislation, rules, codes and guidelines amended. The Commission today published the final versions of its amended rules, codes and guidelines following the completion of a lengthy regulatory update project. The draft revision of the laws was originally launched when the GFSC released a discussion paper in November 2014. The objective of the project was to introduce standardization into the various laws and align it with international standards. Since then, there have been many iterations, discussions and consultations on this topic, and on Friday the 10th. In September 2021, some seven years later, the advisory states adopted the necessary ordinances to bring into force the regulatory law revisions. There are four new laws, which read as follows: All companies authorised to carry out controlled investment transactions under the Bailiwick of Guernsey Act 2020 must comply with the following rules and guidelines: Due to changes in laws, the underlying rules, regulations, codes and guidelines require all necessary changes. Some new requirements have also been incorporated into new rules, and some old codes and guides are being discontinued. No significant policy changes have been made to the existing rules, but each set has been standardized to make them easier to handle and more comparable. All formal conditions for approval of closed investment projects or deviations or amendments to regulations must be included in the final approval letter. Where applicable, the following rules and guidelines must be followed: The rules applicable to the different categories of Guernsey funds indicate whether they are open or closed (or can choose between the two). For BDO clients who use Hyperion to conduct compliance monitoring, revisions to laws and regulations will automatically be reflected in the system, and we will contact you to report the most significant changes that require your attention.
Although routes 2 and 3 do not require the appointment of a GFSC chartered manager, a manager can be appointed if desired. If a PIF takes the form of a limited partnership with a general partner in Guernsey, the general partner will require a licence, even if the PIF is a Route 2 or Route 3 FIP (although the note below on certain GFSC rules does not apply to that licensed general partner). If the director or general partner is required to obtain a licence, the application will be made at the same time as the application for PIF registration and accelerated on the same business day. The term “plan” in investment regulatory statutes, rules and regulations has a similar meaning to the term “fund”. To illustrate the above, an investment fund and a collective investment undertaking have similar characteristics. The GFSC published the revised rules today, October 6, with an effective date of November 1, 2021. Under the Points of Interest Act, new rules and guidelines for reporting certain activities ancillary to controlled investment transactions to the GFSC have been issued. Currently, such an activity requires a discretionary exemption under the trust agreement. The Trusts Act 2020 introduces a new legal exemption from licensing such activities if notified to the Commission under the POI scheme. A fully completed, signed and dated CPA form. The form contains disclosure checklists that meet the requirements of the system rules. The applicant must indicate how each requirement of the publication checklist is met: this is done by indicating the page number of the prospectus on which a relevant disclosure can be found.
If the documentation does not sufficiently meet a specific requirement, we will ask for clarification and expansion, which will delay the evaluation process. Funds applying for authorization or registration must therefore comply with the requirements of the POI Act and (where applicable) the applicable rules of the GFSC. The POI Act gives GFSC the opportunity to develop different categories of approved and registered funds and to establish the rules applicable to these categories. It is the applicant`s responsibility to identify themselves if they need to apply for exemptions to the rules or changes to the rules. At this stage, detailed applications are submitted to explain the need and show how investor protection can be maintained. While the new regulations will not bring any policy changes other than those mentioned above, the standardization of each set of rules will result in the modification of a large number of existing rule numbers, titles and references. With the adoption of the Ordinances of Entry into Force, the laws will enter into force on November 1, 2021.