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Funds - Dear CEO Letters

2011 EIF Directorship – Corporate Governance
2012 Valuations
This letter deals with independent valuations what the FSC considers to be good practice in this area.
2013 Systems of Controls to prevent financial crime
With the bringing into effect of the Crimes Act 2011 a number of new and revised financial crimes were introduced into the statute books. This letter aims to provide regulated firms with guidance on our expectations of the systems of control that we expect to see in regulated firms in this respect.
2013 Amendment of the Prospectus Directive(2003/71/EC)
2013 Guidance for information to be included in Audited Financial Statements
The purpose of this letter is to provide details of FSC expectations on additional disclosures to be included in Audited Financial Statements that is in the best interest of investors.
2014 Dear CEO letter for EIF Directors ( and guidance when completing EIF Director Returns)

Funds - Forms and Returns

UK scheme seeking recognition in Gibraltar
CIS 3a - Notification by a Collective Investment Scheme constituted outside Gibraltar and recognised in the UK that it proposes to invite persons in Gibraltar to become participants in the scheme. This form should be accompanied by a one-off recognition fee of £2500.
Notification Document
This form should be accompanied by a one-off registration fee of £2500.
Material Change Form

This form should be submitted to the Commission within 20 days of a material change to an experienced investor fund taking place, as per Regulation 11 of the Financial Services (Experienced Investor Funds) Regulations 2012.

A payment of £100.00 will need to be made when submitting this form. 

EIF Return
In accordance with Regulation 12 of the Regulations, a return must be submitted on an annual basis by the administrator in respect of each experienced investor fund. The EIF Return should be submitted to the Commission within 6 months of the end of a fund's accounting period.
Body Corporate Questionnaire
EIF Return Notes for Completion
Experienced Investor Fund Return Notes for Completion.
Notes to Form UCITS Manager1 (cross-border services)
Collective Investment Scheme Manager Return
Notes for Completion of the Collective Investment Scheme Manager Return
AIFM Reporting Template - Authorised AIFM
A1 - This form should be completed and submitted to the FSC by authorised AIFMs and authorised self-managed AIFs.
AIFM Reporting Template - External Small AIFMs
B2 - This form should be completed and submitted to the FSC by Small AIFMs who manage one or more AIFs.
AIFM Reporting Template - Self Managed Small AIFMs
C3 - This form should be completed and submitted to the FSC by Small AIFMs that are self-managed AIFs.
Supervisory return - Alternative Investment Fund Manager to be used by external AIFMs
Notes for Completion - Alternative Investment Fund Manager Supervisory Return
Royal Gibraltar Police Vetting Application Form

 

Please note that once an 'Individual Questionnaire' or 'Notifiable Document' has been received from an applicant/firm, the GFSC will complete and submit a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015. This vetting process is conducted internally by the GFSC and bears no cost to the applicant/firm.

Any applicant that has not been ordinarily resident in Gibraltar for the last ten years should provide the GFSC with a report or their criminal record from the relevant authority in the jurisdiction(s) where the applicant has spent a considerable amount of time.

If this report cannot be provided in English, it should  be accompanied by a translation from a certified translator. 

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

 

 

2014 Supervisory return - Alternative Investment Fund Depositary return to be completed by Private Equity Depositaries only
2014 EuVECA Registration Form
Please use this form when registering as a EuVECA manager to market qualifying venture capital funds throughout the EEA to certain categories of investors under the EuVECA ‘label’.
2014 EuSEF Registration Form
Please use this form when registering as a EuSEF manager to market qualifying social entrepreneurship funds throughout the EEA to certain categories of investors under the EuSEF ‘label’.
2016 AIFMD Reporting XML submissions
Beginning with the 2016/17 filing period, the GFSC will only accept ESMA compliant XML files for the purposes of AIFMD Reporting, articles 3.3.D, 24.1, 24.2 and 24.4. The following rules apply:
  • Self-managed AIFMs need to submit one AIFM file and one AIF file.
  • Self-managed AIFMs (PCC’s) need to submit one AIFM file and one AIF file per Cell.
  • Externally managed AIFMs need to submit one AIFM file and one AIF File per Fund under management.
The ESMA specific XML technical guidance for the file format can be found here.

Please remember that the format for saving the .XML AIFMD reporting files for submissions at end of January 2017 is the same as last year;

The AIF file: 00000_AIF_yyyymmdd_hhmm (Fund identifier_AIF_year/month/day_hour/minute) The AIFM file: 00000_AIFM_ yyyymmdd_hhmm (Fund identifier_AIFM_year/month/day_hour/minute) *If you are receiving your XML files from an external party, you should relay the saving format to them, or alternatelively, re-save each file using the saving format above. *New for this year (January 2017 reporting) is that you MUST include the following words in the title of the email: AIFMD 2017 Returns The reason for this is that our system automatically picks up and processes XML file attachments based on the above wording in the title of the email.

File submission mechanism: The ESMA compliant XML files have to be submitted via Email, either individually or bundled into Zip files. Note that we also accept multiple returns bundled into one XML file. Please send all forms and queries to: AIFMD@fsc.gi.
2016 AIFM-AIF National Codes
List of unique Gibraltar identifier codes for AIFMs, AIFs and Cells.
1 2018 Body Corporate Questionnaire Warranty
2019 EIF Director Return

Experienced Investor Fund Director Return for Completion.
Please submit your forms by 29 November 2019.

Funds - Guidance Notes

2 Outsourcing
Financial Services Guidance Note No. 2
ESMA 197 2012 Guidelines to competent authorities and UCITS management companies on risk measurement
Guidelines to competent authorities and UCITS management companies on risk measurement and the calculation of global exposure for certain types of structured UCITS
ESMA 832 2012 Guidelines for competent authorities and UCITS management companies
Guidelines on ETFs and other UCITS issues
ESMA 611 2013 Guidelines on key concepts of the AIFMD

Funds - Legislation

ACT 35 1998 Disclosure of Interests in Shares Act, 1998
ACT 22 2001 The Protected Cell Companies Act, 2001
EU 809 2004 EU Commission Regulation
Implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements.
EU 1787 2006 EU Commission Regulation
Amending Commission Regulation (EC) 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements.
EU 211 2007 EU Commission Regulation
Amending Regulation (EC) No 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards financial information in prospectuses where the issuer has a complex financial history or has made a significant financial commitment.
Act 1 2010 Counter Terrorism Act
EU 583 2010 EU Commission Regulation
Implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website
EU 584 2010 EU Commission Regulation
Implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities
EU 862 2012 EU Commission Regulation
Amending Regulation (EC) No 809/2004 as regards information on the consent to use of the prospectus, information on underlying indexes and the requirement for a report prepared by independent accountants or auditors.
EU 231 2013 EU Regulation
COMMISSION DELEGATED REGULATION of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision
EU 345 2013 EU Regulation
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 April 2013 on European venture capital funds
EU 346 2013 EU Regulation
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 April 2013 on European social entrepreneurship funds
EU 447 2013 EU Regulation
Regulation establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU
EU 448 2013 EU Regulation
Regulation establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU
EU 694 2014 EU Regulation
COMMISSION DELEGATED REGULATION of 17 December 2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council of June 8 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No 1095/2010, and in particular Article 4(4) therof.
Act 14 2015 Proceeds of Crime Act 2015
ACT 29 2019 Financial Services Act 2019
2020 Financial Services (Alternative Investment Fund Managers) Regulations 2020
2020 Financial Services (Experienced Investor Funds) Regulations 2020
2020 Financial Services (UCITS) Regulations 2020
2020 Financial Services (Fees) Regulations 2020
2020 Financial Services (Specified Regulatory Decisions) Regulations 2020
2020 Core Rules 2020
2020 Financial Services (Alternative Investment Fund Managers: European Social Entrepreneurship Funds) Regulations 2020 
2020 Financial Services (Alternative Investment Fund Managers: European Venture Capital Funds) Regulations 2020  
LN 11 2020 Financial Services (Depositaries) Regulations 2020
LN 22 2020 Financial Services (GFSC Complaints) Regulations 2020
LN 6 2020 Financial Services (Alternative Investment Fund Managers: European Long-Term Investment Funds) Regulations 2020 
LN 7 2020 Financial Services (Benchmarks) Regulations 2020
LN 9 2020 Financial Services (Collective Investment Scheme Administrators) Regulations 2020

Funds - Newsletters

Collective Investment Schemes
1 1992 Guidance Notes On The Marketing Of Collective Investment Schemes
4 1992 Guidance Notes On Communications Between Auditors And The Commission
5 1992 Guidance Notes On "Know Your Customer"
1 1993 Fraud: Ghost Money, Funny Money, Ready Willing And Able To Deliver, Advance Fee Fraud
3 1993 The Use Of Personal Computer Systems: A Guide To Secure System Implementation
6 1993 Penalties Regulations
3 1995 Sugar Frauds
4 1996 Best Market Practice. Anti Money Laundering Systems, Controls and Procedures
2 1997 Advertising and the "Internet"
FSC 1 1998 The General Duties and Responsibilities of Directors
FSC 1 2002 Fitness and Propriety
FSC 1 2003 Retrospective "Know Your Customer" Reviews
FSC 2 2003 UN Sanctions: Freeze and transfer of Iraqi assets
FSC 1 2006 Risk Assessment Visits - Findings
FSC 2 2006 Customer Money
FSC 4 2006 Financial Services Legislation
FSC 3 2011 EIF Newsletter
FSC 11 2012 Enhancing the confirmations provided by Statutory Auditors and Audit firms for the Capitalisation of Licenced Companies
FSC 3 2012 Annual Fees Update 2012
FSC 4 2012 EIF Regulations 2012 Newsletter
FSC 5 2012 Alternative Investment Fund Managers Directive
2 2013 Frequency of Director's Board meetings held for Regulated Firms
FSC 5 2013 Financial Services (Information Gathering and Co-operation) Act
FSC 8 2013 Country Risk Update
FSC 9 2013 IOSCO Principles on Suspension of CIS Redemptions
FSC 3 2014 IOSCO Principles of Liquidity Risk Management for CIS
FSC 4 2014 Interpretation of New Aspects of the 2012 EIF Regulation Amendments
FSC 5 2014 Euro Exchange Rates for the twelve month period commencing 31 December 2014
FSC 2 2015 Euro Exchange Rates for the 12 month period commencing 31 December 2015
FSC 2 2015 Country Risk Update
FSC 1 2016 Country Risk Update 01/16
Improving Global AML/CFT Compliance: on-going process.
FSC 2 2016 Country Risk Update 02/16
Improving Global AML/CFT Compliance: on-going process.
FSC 3 2016 Country Risk Update 03/16
Improving Global AML/CFT Compliance: on-going process.
FSC 4 2016 Euro Exchange Rates for the 12 month period commencing 31st December 2016
FSC 4 2016 Country Risk Update 04/16
Improving Global AML/CFT Compliance: on-going process
GFSC 1 2017 Country Risk Updates 01/17
GFSC 2 2017 Country Risk Updates 02/17
GFSC 5 2017 Euro Exchange Rates for twelve month period commencing 31 December 2017
GFSC 2018 GFSC Fees Newsletter 2018-2019
GFSC 1 2018 Country Risk Updates 01/18
GFSC 1 2018 PRIIPs - Packaged Retail and Insurance based Investment Products
GFSC 1 2018 Euro Exchange Rates for twelve month period commencing 31 December 2018
GFSC 2019 GFSC Fees Newsletter 2019-2020
GFSC 6 2019 Euro Exchange Rates for twelve month period commencing 31 December 2019
GFSC 2020 GFSC Fees Newsletter 2020-2021

Funds - Presentations

11 2006 Presenting the revised AML/CFT Guidance Notes
David Parody
7 2006 Hedge Funds
Marcus Killick
11 2007 Regulatory Framework for Gibraltar Domiciled Funds - Munich presentation
Marcus Killick
11 2007 The revised AML/CFT Guidance Notes
GACO - David Parody
11 2007 The FSC's approach to AML/CFT Compliance
GACO - David Parody
2 2008 Regulatory framework for Gibraltar-domiciled funds
Marcus Killick
4 2012 GACO-FSC Risk Methodology Workshop
Slides, case study and templates for the GACO workshop held on 14 November 2012 by the FSC
4 2012 GFIA — EIFs from the Regulator's Perspective
Slides for the GFIA seminar held on 7 November 2012 by the FSC
1 2013 AIFMD - Regulatory Aspects
Slides from an FSC seminar held on 20th June 2013 by Joanne Beiso
2019 GACO Conduct Seminar