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ARTICLE · 04 JANUARY 2017

The Private Investment Fund Regime (PIF)

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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On 16 November 2016 the Guernsey Financial Services Commission (the "Commission") approved the introduction of a new classification of fund known as the Private Investment Fund ("PIF").

GuernseyFinance and Banking
Annette Alexander
Annette Alexander
Christopher Anderson
Christopher Anderson
Andrew Boyce
Andrew Boyce
Tom Carey
Tom Carey
David Crosland
David Crosland
Tony Lane
Tony Lane
Ben Morgan
Ben Morgan
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On 16 November 2016 the Guernsey Financial Services Commission (the "Commission") approved the introduction of a new classification of fund known as the Private Investment Fund ("PIF"). This new category of fund was developed by the Commission in consultation with industry.

No prescribed disclosures

The new regime dispenses with any formal requirements for information particulars such as a prospectus in recognition of the special relationship which may exist between managers and investors. This significantly reduces the cost and processing time for launching a fund.

Maximum of 50 Investors

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. Where an appropriate agent is acting for a wider group of stakeholders such as a discretionary investment manager or a trustee or manager of an occupational pension scheme, that agent will be counted as one for the purpose of

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