Regulatory Alerts2021-10-21
Change of Designated Person Guidance
The Guernsey Financial Services Commission issued this November 2021 guidance to regulate the formal process for changing the Designated Administrator or Custodian of regulated collective investment schemes. Applicants must submit specific documentation, including novation agreements and investor notification plans, while proposed administrators must provide statutory warranties confirming due diligence and compliance for Qualifying Investor Funds and Registered Collective Investment Schemes. The Commission aims to review requests within ten business days, but the current Designated Person remains legally responsible until the new appointment is formally confirmed.
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