GuernseyFinance on Friday welcomed the Guernsey Financial Services Commission’s (GFSC) commencement of public consultation on a proposal to streamline the consent process for registered closed-ended investment funds.
The consultation began on Wednesday 10 January and comments have to be submitted to the GFSC by Wednesday 24 January.
The regulator has said that it intends to introduce the proposed framework from Thursday 1 February.
“When this proposal to streamline the consent process for closed-ended funds is introduced it will become simpler and quicker to domicile a registered closed-ended fund in Guernsey and as such the island will become even more attractive to fund promoters and sponsors,” observed Peter Niven, the Chief Executive of GuernseyFinance.
He added:
“Given these potential benefits for business it is not surprising that industry is welcoming the speed with which the GFSC are carrying this through and looking forward to its introduction on 1 February.”
The proposal, as outlined by the GFSC, emanates from the root and branch review of investment funds legislation conducted during 2006 and is one of a number of recommendations made by the working party in its subsequent report.
Chaired by leading Guernsey advocate Peter Harwood, the working party proposed that the focus of regulation should be on the licensed Guernsey administrator, reducing the number and scope of funds that will be regulated directly. It also recommended that changes be made to facilitate Guernsey service providers to administer non-Guernsey funds.
The proposal to streamline the consent process for registered closed-ended investment funds looks set to be the first of the recommendations from the Harwood Report to be introduced, with the remainder set to come on-stream during 2007.
“The introduction of these proposals comes as the island, driving off the back of record levels of growth during 2006, continues to experience very strong business flows,” added Mr Niven.
Funds under management and administration in Guernsey reached a new high of more than GBP120billion at the end of September 2006 – a rise of 31% year on year.
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