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Komfie Manalo, Opalesque Asia: The island of Guernsey has introduced a Private Investment Fund (PIF)
regime which provides fund managers with greater flexibility and
simplicity.
The PIF, which was developed in response to market demand by the
Guernsey Financial Services Commission (GFSC) in consultation with the
island’s £247bn funds industry, recognizes that certain investment funds
are characterized by a relationship between management and investors
that is closer than that of a typical agent. The PIF dispenses with the
formal requirement for information particulars such as a prospectus in
recognition of that relationship, significantly reducing the cost and
processing time of launching of a fund.
"The MLP (Manager Led Product) regime, recently introduced by the GFSC,
will be tremendously useful once the third country passport is extended
to Guernsey. In the meantime, this new PIF regime will be a fantastic
boost for the Guernsey funds industry across all asset classes for the
institutional investor fund market. The one-day fund registration
turnaround by the GFSC will be a draw as will the absence of specific
disclosure requirements," said Advocate Morgan.
The PIF, which can be either closed or open-ended, should contain no
more than 50 legal or natural persons holding an economic interest in
the fund. A key strength of the product is that, where an appropriate
agent is acting for a wider group of stakeholders such as a
discretionary investme...................... To view our full article Click here
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