Guernsey FSC widens criteria for QIFs
The Guernsey Financial Services Commission has widened the definition of professional investor in a new guidance note on Qualifying Investor Funds (QIFs).
The definition now includes an individual investor who invests a minimum of USD 100,000 in the fund, and the revised guidance note also re-emphasises the due diligence obligations which Guernsey Licensees undertake when submitting applications for QIFs.
Background notes: The Guernsey Qualifying Investor Fund regime was first introduced on 7 February 2005. The QIF regime provides an expedited approval process for funds targeted at professional expert and knowledgeable investors. Under the regime, the GFSC undertakes to provide necessary fund consents within 3 working days of submission provided that the application is complete in all respects. A total of 36 Qualifying Investor Funds were approved in the first year of operation.
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