LAWFUEL – UK Business + Law – GUERNSEY lawyers have advised Gottex Fund Management SARL on the London Stock Exchange listing of the first fund to take advantage of the Guernsey registered closed-ended investment fund regime which was introduced on the 1 February 2007.
Ogier advocate Roger Le Tissier, and senior associate Andy Lowe, made use of the new regime’s fast track procedure whereby consent may be obtained from the Guernsey Financial Services Commission (GFSC) within three days of filing the required documents.
The listing of Gottex Market Neutral Trust Limited will comprise a placing and offer of shares which closed on 23 March 2007, having raised £45 million.
The principal feature of the new regime that allows the registration to occur so rapidly is that the onus to fulfil the due diligence function, normally undertaken by GFSC is instead placed on the administrator. A certificate is required from a Guernsey licensed administrator of the fund confirming that the administrator has performed sufficient due diligence to be satisfied that the promoter and associated parties of the fund are fit and proper persons. It is the administrator who must be satisfied as to the integrity, solvency and competence of the promoter.
Advocate Le Tissier said: “Ogier is well qualified in terms of expertise and location to fully capture the potential benefits of registering funds in Guernsey. We are the first firm to make use of the new regime and this iterates our reputation as a leading adviser on all funds related business ”.