The Guernsey Financial Services Commission has launched a new limited licence under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 to make it easier for fiduciary firms to act as Designated Administrators for Family Private Investment Funds (Family PIFs), following its earlier announcement of a streamlined Private Investment Fund (PIF) regime. PIFs are Guernsey regulated collective investment schemes that are private in nature and cannot be widely promoted to the general public, and they must appoint a Designated Administrator licensed under the POI Law. For a Family PIF, all investors must share a family relationship or be an eligible employee of the family (including employees of a family office structure). The Commission will consider applications for the limited POI licence where a firm is licensed solely as a primary licensee under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020, wants only to perform the Designated Administrator role for a Family PIF, and does not intend to carry out other POI-scope activities. The limited POI licence will carry a reduced annual fee of GBP 1,000; holders must comply with the POI Law as other POI licensees do, but certain rules will be modified to reflect the restricted investment activities permitted. Further details are set out in the Commission’s Guidance Note.

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