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Alternative Market Briefing

Guernsey introduces smart and simple Private Investment Fund regime

Thursday, November 17, 2016

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......................

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