Over recent years both Guernsey and Jersey have updated
their respective private fund regimes, both of which have generated
significant interest from fund promoters who are looking to launch
new funds in the Channel Islands. We have summarised the key
features of the regimes below. To download a PDF of the comparison
click
here.
GUERNSEY PRIVATE INVESTMENT FUNDS (PIFs)
The Guernsey Financial Services Commission (GFSC) introduced
the Private Investment Fund Rules 2016 (PIF Rules) which
created a new class of private fund under the Protection of
Investors (Bailiwick ofGuernsey) Law, 1987 (as amended) (POI Law).
PIFs are targeted atmanagers with a relatively small investor base
who are looking for amoreflexible regime.If the fund meets the
requirements of the PIF Rules
itcanberegisteredwithoutanyManagerorthefundneedingto go
through the usual approval process under the POI Law, and
withsignificantly reduced ongoing obligations for both any Manager
andthe fund. The