The Guernsey Financial Services Commission's
Registered Collective Investment Scheme Rules 2015
(the 2015 Rules) came into force on 1 April 2015,
updating and replacing the Registered Collective Investment Scheme
Rules 2008.
Under the 2015 Rules, registered collective investment schemes
may be offered directly to the public in Guernsey for the first
time.
Collective investment schemes, which are regulated under the
Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the
POI Law), can either be "authorised" or
"registered" by the Guernsey Financial Services
Commission (the GFSC). It is normally possible to
establish a registered fund within a shorter overall timetable than
an authorised fund (which can be helpful if time is an issue). The
GFSC does not carry out its own due diligence on the fund promoter
or fully review the fund documentation for a registered fund.
Instead, the GFSC relies upon representations and warranties in
that connection given to it
