June 16, 2020 Guernsey Introduces New Fast Track Regime
The GFSC introduces a fast track licensing regime for oversees fund managers
The Guernsey Financial Services Commission has introduced a fast track licensing regime for investment managers of non-Guernsey funds. The new framework was launched on 12 June and will enable overseas investment funds and their managers to migrate to Guernsey, obtaining the necessary investment business licence within a 10-day review period.
The new system will join the Commission’s now long tested suite of fast track application regimes and will be based on declarations from a licensed administrator. This is similar to that used for the other fast track application regimes such as Registered Funds or Private Investment Funds.
James Christie, senior client relationship manager at Oak said: “As a world renowned financial jurisdiction, Guernsey has a strong track record of financial services innovation and this welcome development builds on that reputation. The new licensing regime has allowed us to handle efficiently the increased number of migration enquiries we’ve seen as fund managers look to capitalise on Guernsey’s economic substance and global recognition as a leading financial centre servicing private equity."