Fund sponsors and promoters at the recent Guernsey Investment Fund Association (GIFA) conference gave further endorsement to Guernsey’s proposed new regulatory structure for investment funds, it has emerged.
In June, the government announced a proposed package of legislative and regulatory reforms, including positioning the focus of regulation on the licensed service providers, thereby reducing the number and scope of funds that will be regulated directly, and making it easier and quicker to do funds business on the Island.
Guernsey has also proposed that regulatory changes be made to facilitate the Island’s service providers in administering non-Guernsey funds.
“We are delighted but not surprised that these proposals have received such a positive response,” announced Peter Niven, the Chief Executive of GuernseyFinance, the promotional agency for the Island’s finance industry.
He continued:
“The beginning of the process that eventually produced these proposals stretches back some two years. Since then a lot of time and effort, including wide-ranging consultation, has gone into ensuring that the planned package will result in a package that best suits the needs of Guernsey’s fund industry.”
A "root and branch review" of investment sector legislation and regulation was this year carried out by a working party which Guernsey advocate Peter Harwood chaired, according to GuernseyFinance.
In addition, Guernsey last year introduced its own professional funds, Qualifying Investor Funds (QIFs), shortening authorisation times for experienced investors. By the end of June this year, the Guernsey Financial Services Commission had approved 58 QIFs.
“These innovative proposals might be emulated by other jurisdictions but we are confident that the package we deliver will ultimately see Guernsey remaining at the forefront of the international funds business into the future,” Mr Niven concluded.
The set of proposals designed to revise the regulatory system will go before Guernsey’s parliament early in 2007.
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