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Experienced Investor Funds ("EIF's")

FAQs

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

This section sets out:

  • Experienced Investor Funds
  • How to register an EIF?
  • On-going requirements

 

Experienced Investor Funds (EIFs)

These are funds designed for professional, high net worth or experienced investors. EIF's are registered in accordance with the EIF regime established under The Financial Services (Experienced Investor Funds) Regulations 2012. The EIF regime is reliant on Experienced Investor Fund Directors and other licensed service providers.

The Board

The board of an EIF must have at least two licensed EIF directors appointed. Where EIF directors have restricted licences they may not be the only EIF directors to a fund.

Funds will only be permitted to be set up as Protected Cell Companies if the FSC is satisfied that the associated risks are reduced.

The FSC will take into consideration whether the board of directors as whole have the appropriate skills and experience and understanding. The board must be able to demonstrate that there is adequate oversight over the different cells and the directors have time and resources to deal with the additional cells. The board must be able to demonstrate that it has considered whether specialist skills are needed. The appointed directors must be able to demonstrate that they have a thorough understanding of the strategies of each of the cells so as to ensure sound judgement and management.

Depositary

An EIF is required to appoint a depositary unless the fund is a closed end fund or the FSC makes a determination to that effect. Please refer to the depositary application page for further details in relation to depositaries.

Administrator

The administrator of an EIF must be domiciled and regulated in Gibraltar or, if not so authorised, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar. The appointment of fund administrators established outside of Gibraltar requires the FSC’s consent and is also subject to the consent of the Minister with responsibility for financial services.

For further details in relation to administrators please refer to the administrator application page.

How to register an EIF?

The administrator of an EIF will either:

  • Within 10 (working) days of an EIF being established notify the FSC of the establishment of the fund; or
  • Notify the FSC at least 10 (working) days before the fund is established to enable the fund to be registered with the FSC prior to being launched

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:

  • Registration Fee
  • Notification Form
  • Offering Document Checklist.
  • A copy of the offering documents. The offering document needs to comply with the provisions of the EIF Regulations. In order to aid the application process, the applicant should ensure that the offering document clearly covers the points listed in the material document checklist. The investment strategy should be clear along with the valuation process and risks that should tie in with the investment strategy of the fund. For open-ended funds (funds in which investors can join and leave the fund) the offering document should explain how liquidity should be maintained. It is the EIF director’s responsibility to ensure investors are protected and the terms of the offering document are fair to investors.
  • An opinion of a lawyer, of at least 5 years professional standing and who is also a Barrister or Solicitor of the Supreme Court of Gibraltar, that the fund complies with the relevant provisions of the Financial Services (Collective Investment Schemes) Act 2011 and the EIF Regulations
  • Certificate of incorporation

Authorisations Forms

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

  Notification Document

This form should be accompanied by a one-off registration fee of £3,000.

  Offering Document Checklist

 

 

EIF Authorisation Form (NEW)

Returns

  AIFM Reporting Template - Self Managed Small AIFMs

C3 - This form should be completed and submitted to the FSC by authorised AIFMs and authorised self-managed AIFs.

Service Level Standards

The current service level standards are:

  1. The current service level standards are:
  2. To provide initial feedback to an application within 2 weeks of a complete application being received.
  3. 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 1 week.

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.