* GIBA Welcomes Introduction Of Qualifying Investor Funds RegimeEarlier this month, the FSC announced the introduction of the new streamlined approval process for both open and closed ended funds aimed at Qualified Investors.
The new regime was introduced following consultation with the financial services industry in the latter half of 2004, and according to the GFSC, has received widespread support.
Under the streamlined application process, the Commission will undertake to grant fund approval within 3 working days provided that an appropriately licensed Guernsey applicant has certified that: the fund will be restricted to professional, experienced and knowledgeable investors; the applicant has conducted due diligence on the promoter and associated parties and has found them to be fit and proper; and the applicant is satisfied as to the fund's economic rationale and the disclosure of any risks associated with the investment vehicle.
Robin Fuller, chairman of the Guernsey International Business Association (GIBA) welcomed the move, suggesting that:
"Qualified Investor Funds will put Guernsey at the forefront of the international investment funds industry. Coupled with Guernsey's professional infrastructure, the pragmatic new regime should encourage significant new business."
Mr Fuller added that GIBA would continue to push for further flexibility in the fund sector, and will seek the development of innovative new products in order to ensure that Guernsey retains its attraction as a leading funds domicile.