In Guernsey, collective investment schemes (open- or
closed-ended) can either be "authorised" or
"registered". The key difference from a regulatory
perspective is that the Guernsey Financial Services Commission (the
"Commission") does not undertake detailed due diligence
on the parties associated with a registered scheme, relying instead
upon certifications by the local "designated manager"
(administrator) of the scheme, who is itself licensed by the
Commission. Registered schemes can take advantage of a fast -track
approval process by the Commission, but, to date, registered
schemes could not be offered directly to the public in
Guernsey.
Having monitored and been satisfied overall with the certification
process and due diligence carried out by its licensees in respect
of registered funds since the registered fund regime was first
implemented, the Commission considers that it is no longer
necessary to prohibit the direct offering of registered schemes to
the public
