Apply for a Licence

Experienced Investor Fund Directors


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

This section sets out:

  • What is an EIF Director?
  • Application Process
  • Licensing Criteria
  • What do you need to submit?
  • What is a Restricted EIF Director Licence

What is an EIF Director?

Experienced Investor Funds (EIFs) are funds designed for professional, high net worth or experienced investors. EIFs are required to have at least two authorised EIF Directors.

There are two types of authorisation;

  • Individuals authorised to act as the director of EIF’s generally; or
  • Individuals authorised to act as the director of specifically named EIF’s or specific asset classes

Application Process

Applicants seeking authorisation to act as an EIF Director are required to apply for a Class VIII Licence, restricted to the provision of EIF Directorship services, under the Financial Services (Investment and Fiduciary) Act 1989 (the Act).

In accordance with the GFSC’s authorisation process, we assess the fitness and propriety of the EIF Directors in two ways:

  1. An assessment of the information provided within the application pack, and
  2. Attendance at an interview with the GFSC. The interview is conducted by appropriate GFSC staff.

Individuals will be assessed in relation to their ability to ensure and demonstrate that the EIF will be well governed, controlled and monitored effectively. The interview will cover their awareness and understanding of matters such as:

  • The market in which the EIF operates
  • The manner by which investors will be attracted
  • The risk management function and controls, including the individual’s views of the risks facing the EIF;
  • Governance, oversight and controls to be exercised;
  • The regulatory framework and our expectations; and
  • The Gibraltar Funds and Investments Association’s Code of Corporate Governance

Licensing Criteria

Individuals seeking authorisation to act as EIF Directors are required to be resident in Gibraltar.

The GFSC will not grant a licence unless it is satisfied that an applicant;

  • Has at least five years of relevant experience in providing services to funds; and
  • Can provide evidence that they have familiarised themselves with the Gibraltar Funds and Investments Association’s Corporate Governance Code.

Furthermore, the GFSC will expect applicants to evidence their capability and competency to conduct the functions of an EIF Director. Evidence of this will be e.g;

  • Have held, or currently hold, a position of responsibility within a fund;
  • Have had involvement in a senior position of a fund administrator;
  • Have provided investment management services to funds;
  • Have been involved in the formation of funds; and/or
  • Have been involved in the provision of depositary services to funds.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents and will not be considered complete if there are any outstanding documents.

  • Individual Application Form
  • 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.

Restricted EIF Director Licences

An applicant may request a restricted EIF Director licence to specifically named EIFs or to specific asset classes or strategies, or the GFSC may decide to grant a restricted licence after the assessment has been completed.

Individuals that hold a restricted EIF Director licence will be required to seek approval for each individual EIF for which they want to act as a Director, prior to the appointment to the Board of the EIF.

For new EIF notifications, the applicant’s intention to act as an EIF director should be provided to the GFSC in advance of the EIF registration document being submitted.

For existing EIFs, please note that changes to the offer document and the relevant material change documents should not predate the date that the GFSC extends or grants a restricted EIF directorship licence.

Approval to provide directorships to specific EIFs will depend on the collective skills and experience of all the other directors of the EIF. Therefore, the applicant will be required to provide evidence, for each separate EIF, relating to the funds knowledge and experience of individuals on the board, together with the investment strategy, objectives and policies of the fund.

Application Forms

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


Individual 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. 

(i) The enquiry form must be completed by the applicant in full with BLUE INK on an original form (scanned copies will not be accepted by the RGP).

(ii) £10 will be required to be submitted with the form. This can be paid in cash or you may pay by cheque. If you are paying by cheque please make this payable to the Government General Account.

Service Level Standards

The current service level standards are:

  1. To acknowledge receipt of the application and request an interview within 2 days of receipt;
  2. Arrange the interview within 2 weeks of receipt of the application;
  3. Within 1 week of the date of the interview, the GFSC will issue its decision.

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.