The concept
Guernsey has recently introduced the Manager Led Product
(MLP), a new fund classification which follows the
approach of the European Union Alternative Investment Fund Managers
Directive (AIFMD) of regulating the investment
manager instead of the underlying investment funds and related
vehicles.
Historically, Guernsey has regulated both funds and related
service providers and the MLP seeks to remove this regulatory
duplication.
Under the MLP regime:
- a single Guernsey regulated investment manager is
required;
- by virtue of regulation of that investment manager, none of the
related funds, general partners or managers formed solely for the
purposes of those funds will have rules imposed on them by the
Guernsey Financial Services Commission (the
Commission); and
