A seminar updating London fund promoters and sponsors on the latest changes to the Guernsey’s investment funds regime was a success, it emerged last week.
GuernseyFinance and the Guernsey Investment Fund Association (GIFA) hosted the Guernsey Registered Funds Masterclass on Wednesday evening to explain more about the Island’s new registered closed-ended funds framework.
More than 150 fund industry practitioners – of which 70% were from the UK and 30% from Guernsey – attended the event.
“The evening was a tremendous success,” announced Mike de Haaff, Chairman of GIFA. He added that:
“The masterclass proved to be a great forum to reinforce the message face-to-face with fund promoters and sponsors in London, which is one of our major sources of business introductions, that these regulatory changes really have made conducting funds business in Guernsey simpler and quicker.”
A panel, chaired by leading Guernsey advocate Peter Harwood and including Ben Morgan, Partner at law firm Carey Olsen, Horace Camp, Managing Director of Kleinwort Benson (Channel Islands) Fund Services Limited and Nigel Farr, Partner, Herbert Smith, discussed and then participated in a question and answer session on the streamlined consent process for registered closed-ended funds.
The changes regarding registered closed-ended funds were the first in a series that will be made to the investment funds regime during the year, and which emanate from a root and branch review of the industry’s legal and regulatory framework by a working party – led by advocate Harwood – and the recommendations of its subsequent report.
Central to the Harwood Report, as it was christened, was the categorisation of funds into ‘regulated’ and ‘registered’ funds. It proposed that for ‘registered funds’ 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.
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