Regulatory Alerts2021-10-21
Guidance Note on the Independence of Managers and Trustees of Class A Collective Investment Schemes
The Guernsey Financial Services Commission issued this guidance to clarify the independence criteria for managers and trustees of Class A Collective Investment Schemes under Rule 7.17(1) of the 2002 Rules. The document establishes specific thresholds and prohibitions regarding common directors, cross-shareholdings exceeding 15%, and contractual arrangements that could compromise operational independence. It mandates that parties avoid de facto control mechanisms and requires prior consultation with the Commission for any commitments affecting the perceived or actual independence of the parties.
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