Thursday's double change to Guernsey’s investment framework has made conducting funds business in the island simpler and quicker, according to GuernseyFinance and the Guernsey Investment Funds Association (GIFA).
The Guernsey Financial Services Commission yesterday introduced a streamlined consent process for registered closed-ended funds, and removed the need for a Principal Manager for regulated open-ended schemes.
“We wholeheartedly endorse these two changes,” announced Mike de Haaff, Chairman of GIFA, the industry body. He continued:
“It really does make conducting funds business in Guernsey simpler and quicker, making the island an even more attractive proposition in the eyes of fund promoters and sponsors. The time in setting up funds and the route to market, already with a good turn around time, will be made that much shorter. In particular, this will be seen as very good news for two of the major funds types serviced in the island, property and venture capital funds.”
The changes emanate from a root and branch review of investment funds legislation and are part of a number of recommendations made by the working party – chaired by leading Guernsey advocate Peter Harwood – in its subsequent report.
The Harwood Report, as it was christened, 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 changes to streamline the consent process for registered closed-ended funds and remove the requirement for regulated open-ended funds to have a Principal Manager were the first of the Harwood Report’s recommendations to be implemented, with the remainder set to come on-stream during 2007.
“We are delighted with the speed that the proposals from the Harwood Report have begun to be implemented,” stated Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the island’s finance industry.
“In particular the changes to the consent process for closed-ended funds will have a big impact; the island saw the greatest inflows of business within this sector during 2006 and this trend is continuing into 2007."
“Ultimately, this is another potent example of how the industry, the regulator and government is working hard to ensure that the island’s funds sector is in pole position to satisfy evolving client expectations.”
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