The Guernsey Financial Services Commission on Monday issued a revised guidance note on Qualifying Investor Funds.
Under the new rules, the definition of Professional Investor has been widened to include an individual investor who invests a minimum of US$100,000 in such a fund.
The revised guidance note also re-emphasises the due diligence obligations which Guernsey Licensees undertake when submitting applications for Guernsey Qualifying Investor Funds.
The Guernsey Qualifying Investor Fund regime was introduced in February of last year, and provides an expedited approval process for funds targeted at professional expert and knowledgeable investors.
Under the regime, the GFSC undertakes to provide necessary fund consents within 3 working days of submission, provided that the application is complete in all respects.
In the first year of the regime's operation, a total of 36 Qualifying Investor Funds were approved.
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