Apply for a Licence

Alternative Investment Fund Manager Depositary (AIFMD)

FAQs

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What is an Alternative Investment Fund Manager Depositary (AIFMD) and what would this Licence allow you to do?
  • Capital Requirements
  • What do you need to submit?

What is an Alternative Investment Fund Manager Depositary (AIFMD) and what would this Licence allow you to do?

An AIFMD provides depositary services to Alternative Investment Funds (AIF), and are charged with protecting the investors in each Alternative Investment Fund. The depositary has three major roles:

  • to safe keep assets of the AIF
  • monitor cash
  • and
  • oversee Net Asset Value (NAV) calculation and fund administration.

In order to act as a depositary under the Alternative Investment Fund Managers Directive (“AIFMD”), the depositary must be one of the following:

  • an EU credit institution (e.g. an EU bank).
  • an investment firm authorised under the Markets in Financial Instruments Directive (MiFID).
  • a prudentially regulated and supervised institution that is eligible to be a UCITS depositary under Article 23(3) of the UCITS Directive.

Capital Requirements

An AIFMD's minimum initial and ongoing capital requirements are €730,000. However in the case of a credit institution or investment firm the higher of the capital requirements for those specific licences will apply.

Furthermore firms may be required to hold the aggregate of the capital required for each licence prior to being permitted to conduct the proposed activity, and maintain this amount on an ongoing basis. The level of capital in these cases will be considered by the GFSC. It is advised that you discuss this with the GFSC ahead of your application.

What do you need to submit?

An application pack is required to be submitted together with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Form
  • Business Plan
  • Financial projections for the next 3 years
    • Profit and loss account
    • Balance sheet
  • Individual Questionnaire (for all individuals holding a notifiable position)
  • Body Corporate Questionnaire (for all entities holding a notifiable position)
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Any other document the applicant considers the GFSC should take into consideration as part of the application.

Business Plan

The business plan should include sufficient details relating to:

  • The types of funds that will be serviced including details of any specific assets or restrictions that will be applied when selecting the type of AIF to service
  • Details of the Mind and Management in Gibraltar
  • Risk Management function
  • Details of the Corporate Governance arrangements
  • Details of outsourcing arrangements and how the firm will ensure oversight over this
  • How the firm complies with the Anti-Money Laundering requirements
  • How the firm will be structured and staffed
  • How the applicant will comply with the depositary requirements introduced via AIFMD
  • How AIF cash flows will be monitored
  • How will it ensure assets are entrusted for safe-keeping in accordance with the AIFM Regulations
  • How oversight of any delegated custody arrangements will be carried out
  • The oversight of AIFM activities
  • How monitoring will be carried out of the AIF valuation policy, NAV pricing and verification of transfer agency activities
  • Reporting obligations in accordance with the AIFM Regulations, both to the AIFM and the GFSC
  • Details of how any conflicts of interest between the applicant, AIFM, AIF and investors will be monitored
  • Operating model, how the firm will be structured and run.

Firms should consider the AIFMD requirements in their entirety prior to submitting an application. The FSC Information Pages may also be of assistance as they set out the requirements specific to the relevant area, particularly the one on depositaries.

Application Forms

Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.

** All forms are accepted electronically so long as they are submitted from a valid email address pertaining to the firm **

 

Application Form

Documents referred to in the application form must be clearly referenced to help us process the application swiftly.

 

RGP Vetting Form

Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015.  The form must be submitted to the Gibraltar Financial Services Commission, who will liaise with the RGP in order to make the relevant enquiries.

For any applicant that is not a Gibraltarian, or has not lived in Gibraltar for the last 10 years, in addition to the RGP vetting form, he/she must also provide the GFSC with a report of their criminal record from the relevant authority in the jurisdiction/s in which they have been ordinarily resident for the last 10 years and/or from any other jurisdiction where the applicant has spent a considerable amount of years resident in the past.  If the report is not in English, this must be accompanied by a translation from a certified Translator.

 

Notes for completion of the Royal Gibraltar Police Vetting Application Form:

1.     The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted. 

Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only. 

2.     All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates.

Please note that all applications/fit and proper assessments will be kept on hold and not be processed until the original RGP Vetting Form and fee is submitted together with the applicable Individual Questionnaire or Notifiable Document. The same will apply to any incorrect forms submitted. 

Should exceptional circumstances apply, please contact authorisations@gfsc.gi 

3.     The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:

a)    Payment of the £10 applicable fee by bank transfer only; and

In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to authorisations@gfsc.gi 

b)    APPLICATION Reference number. 

This reference number MUST be quoted in the payment reference for any bank transfer. Should you have numerous payments to settle due to a large number of applications, or find that you are unable to include all relevant references within the payment details, please ensure that you communicate this to the member of staff at the GFSC who is processing your application. We will require an e-mail confirming the applicable reference numbers that correlate to each individual, notifiable applicant or RGP Vetting Form.

 

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

  Individual Questionnaire
  Body Corporate Questionnaire
 

Body Corporate Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

 

Individual Questionnaire Directors Declaration

Directors declaration form is required to be signed and submitted with the individual questionnaires. Please use the reference number quoted on the form.

 

Individual Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

Service Level Standards

The current service level standards are:

  • To provide initial feedback to an application within 5 weeks of a complete application being received.
  • Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.

The purpose of this page is to set out:

  • What is an extension?
  • What do you need to submit?
  • Guidance

What is an extension?

Firms or individuals that are already licensed by the FSC may apply to extend their authorisation/licence to provide additional financial or professional services.

If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation team so that we can determine what documents you are required to submit.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee (if applicable)
  • Revised Business Plan
  • Financial projections for the the next 3 years, clearly identifying the impact of the additional business
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
  • Individual Questionnaire (for any new individual holding a notifiable position)
  • Body Corporate Questionnaire (for any new entity within the structure)
  • Trust Questionnaire (if applicable)

Any other document the applicant considers the FSC should take into consideration as part of the application.