The Registered Collective Investment Scheme Rules 2021
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The RCIS Rules govern Guernsey's registered funds, both open-ended and closed-ended. Registration rests on the word of a Guernsey-licensed designated administrator. The GFSC does not review the offering document itself. In return, a registered fund keeps more of the full-fund kit than a PIF. It must have an auditor and an offering document built to the Prospectus Rules, subject to their exclusions. An open-ended fund also needs its own Guernsey custodian or trustee.
Scope and the core mechanism
The Rules apply to two kinds of fund. Rule 1.1(2) covers registered open-ended and closed-ended schemes, unless the GFSC agrees otherwise. In an umbrella fund, each part counts as a scheme in its own right (Rule 1.1(3)). The GFSC may exclude or modify any rule by written notice (Rule 1.1(4)).
Registration is a declaration under section 8 of the POI Law. The designated administrator applies, with the final fund documents, offering document and fee (Rule 6.1). The GFSC may register the fund if those papers meet the Prospectus Rules, 2025, as amended or replaced. It may also accept papers that miss parts of the Prospectus Rules, if compliance is unnecessary for investors (Rule 6.2(1), as amended in 2025). Any Prospectus Rule not met must be named in the declaration (Rule 6.2(2)). Schedule 1 then puts the bargain in writing. Every offering document must say the GFSC has not reviewed it. It must also say the GFSC relied on declarations from the named administrator.
Key provisions
| Provision | What it says | The practical point |
|---|---|---|
| Designated parties (Rule 2.3) | Every scheme needs a designated administrator. An open-ended scheme also needs a designated custodian or trustee. | In an open-ended fund, the two must be separate, independent and licensed. Each must be incorporated, operate and have a place of business in the Bailiwick. Neither may be the other's subsidiary or share executive directors or other officers (Rule 2.3(3)). |
| Administration duty (Rule 2.1) | The administrator must run the fund by its core documents, these Rules and its latest offering document. Subject to the principal documents, and for a company to the directors' directions, it may delegate to a competent person. | Delegation does not move the duty. The administrator must stay satisfied with the delegate throughout (Rule 2.1(3)). |
| Custody (Rule 2.2) | The custodian or trustee of an open-ended fund holds the assets in trust. It must take reasonable care that the administrator follows the offering document. | Closed-ended funds have more room. Guidance says the GFSC will consider a custodian outside the Bailiwick, and the administrator may provide safekeeping (Rule 2.2 guidance). |
| Auditor (Rule 2.4) | Every registered fund must appoint a qualified auditor with a place of business in the Bailiwick (Rules 2.4 and 7.1). | A PIF differs here. The PIF Rules 2025 do not require an auditor, though other legislation may. |
| Conflicts (Rule 3.1) | Deposits, loans, asset sales, stock lending and services between the fund and a "relevant person" must pass an arm's length test. Loans forming part of an investor's commitments are outside the lending limb (Rule 3.1(3)). | Relevant persons include the administrator, manager, adviser, custodian, directors and their associates. The principal documents may forbid some of the permitted dealings (Rule 3.1(10)). |
| Offering document (Rule 4) | The board, general partner, or unit trust manager or trustee prepares the offering document to the Prospectus Rules 2025, subject to their exclusions. The Rules call it the information particulars. The board, general partner or trustee answers for its accuracy (Rules 4.1 and 4.3). | Prospectus Rules 1.1(5) and (6) exclude some offers, such as certain listed or traded ones. An open-ended fund still taking money must review its document at least every twelve months (Rule 4.1(3)). |
| Notifications and filings (Rules 5.1 to 5.4) | The administrator must give immediate notice of a proposed change of administrator, or of an open-ended fund's custodian or trustee. The new appointment takes effect only once the GFSC confirms it (Rule 5.1(1)). | The administrator files audited accounts in line with the offering document, and no later than six months after year end. It also files a statistical return each quarter (Rules 5.3 and 5.4). |
| New classes or cells (Rule 6.3) | An open-ended fund must give notice before adding a class, sub-fund or cell. The change takes effect on approval, or after one month with no objection (Rule 6.3). | A closed-ended fund just gives immediate notice (Rule 5.1(2)). Launch timetables differ by fund type. |
Amendment history
| Date | Instrument | What changed |
|---|---|---|
| 2008 | Registered Collective Investment Scheme Rules 2008 | An earlier ruleset under the 1987 Law. Exclusions granted under its rule 7.04 still apply where the 2021 Rules allow (Rule 8.1(2)). |
| 2015 | Registered Collective Investment Schemes Rules 2015 | The next ruleset. Its rule 7.04 exclusions are saved on the same basis. |
| 2018 | Registered Collective Investment Scheme Rules 2018 (G.S.I. No. 32 of 2018) | The immediate predecessor. Revoked by the 2021 Rules, except for outstanding obligations (Rule 8.2). |
| 1 Nov 2021 | Registered Collective Investment Scheme Rules and Guidance, 2021 | Came into force on 1 November 2021. Registrations made under the 1987 Law remain valid (Rule 8.1(1)). |
| 1 July 2025 | Registered Collective Investment Scheme (Amendment) Rules, 2025 | Made on 6 June 2025. Rules 4.1(1), 4.1(4) and 6.2(1)(a) now refer to the Prospectus Rules, 2025, "as amended or replaced from time to time". Rule 6.2(1)(b) refers to them "as amended from time to time". No other rule changed. |
What it works with
The Rules sit under the Protection of Investors Law 2020 (summary: POI Law page). Section 8 of that Law grants the declaration and section 9 lets the GFSC attach conditions, served on the designated administrator. The Prospectus Rules, 2025 replaced the 2021 version on 1 July 2025. A prospectus already in circulation and registered under earlier Prospectus Rules continues under its old rules, with changes handled under Part 5 of the 2025 Rules (Rule 7.1). For lighter private vehicles, see the PIF Rules 2025. Under them a PIF need not appoint an auditor or produce information particulars (Rules 3.4 and 3.5).
In Jersey, the nearest match is a certified fund under the Collective Investment Funds (Jersey) Law 1988. Its service providers register under the Financial Services (Jersey) Law 1998 where their business falls in its scope (Articles 2 and 7). See the FS Law page. The Jersey Private Fund is the counterpart to the Guernsey PIF. The domicile comparison and the sub-threshold AIFM table set both islands against Luxembourg and Ireland.
In practice: the GFSC registers on the administrator's word, and the offering document must say so. That makes the designated administrator the real gatekeeper, and it cannot be swapped quietly. A new administrator, or a new custodian or trustee of an open-ended fund, only takes office once the GFSC confirms the designation (Rule 5.1(1)). Until then the outgoing firm stays in place.
To verify
- Registration timetable. The Rules set no processing deadline. Confirm the GFSC's current service standard for registered scheme applications before promising a launch date.
- Investor eligibility. The Rules themselves set no investor test. Confirm any professional-investor restriction in the GFSC's application forms or conditions for the scheme.
- Fees. Application and annual fees sit in the GFSC fees regulations, not these Rules. Confirm the current schedule.
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1 change to the law and guidance · latest 2025-07-01
- 2025-07-01 — The Registered Collective Investment Scheme (Amendment) Rules, 2025, made on 6 June 2025, came into force. Rules 4.1(1), 4.1(4) and 6.2(1)(a) and (b) now refer to the Prospectus Rules, 2025, in place of the Prospectus Rules 2021.