GUERNSEY Law and Practice Contributed by: Matthew Brehaut, Carey Olsen
For an ACIS fund, the fund’s information particu - lars must state/contain: • the name and structure of the fund; • the names and addresses of key service pro - viders to the fund; • the investment objectives and policy; • the duration of the fund; • details of the accounting and reporting poli - cies and procedures; • the subscription procedures; • the valuation procedures (if any); • the fund’s tax status and tax treatments in jurisdictions where it will be marketed; and • any other material information reasonably required by an investor to make an informed investment decision. For an RCIS fund, the fund’s information particu - lars must state/contain: • details relating to the offer; • particulars of the share capital, etc; • a statement of the value of any goodwill and preliminary expenses; • a material contract summary; • directors’ and other material interests; • any options and prior interests; • details of all borrowings and borrowing pow - ers; • details of the accounting and reporting poli - cies and procedures; • registered office details; • principal establishments; • details of the designated administrator and custodian (if any); • shareholders’ rights; • the distribution policy; • details of the fees and expenses; • details of the directors and secretary of the fund company, corporate general partner or corporate trustee;
• details of the general partner or trustee (if any); • details of the auditor, legal advisers and prin - cipal bankers; • details of significant beneficial ownership; • voting and other rights; and • any other material information reasonably required by an investor to make an informed investment decision. For a Qualifying Private Investor PIF, the fund’s disclosure statement should state all material information (including risk disclosures) that an investor would reasonably require to enable such investor to make an informed judgement about the merits and risks of investing in the PIF. 2.2 Fund Investment 2.2.1 Types of Investors in Alternative Funds Institutional investors represent the largest sin - gle category of investors in Guernsey-domiciled funds, although sovereign wealth funds, high net worth individuals and family offices are also very active in Guernsey’s investment funds market. 2.2.2 Legal Structures Used by Fund Managers Guernsey investment managers and/or invest - ment advisers of alternative investment funds are principally established as companies or lim - ited liability partnerships. 2.2.3 Restrictions on Investors Restrictions on ownership of fund interests only apply in relation to funds regulated under the following regulatory regimes in Guernsey. Class Q Funds Admission is limited to qualifying professional investors, defined as:
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