Key Takeaways
- Expanded access for family offices: Guernsey now allows fiduciary firms to act as a Designated Administrator of a Family PIF under a new limited POI licence, broadening access for family offices seeking regulated structures.
- Proportionate regulation: The limited licence comes with scaled fees and regulatory requirements, making it more practical and cost-effective for firms managing family wealth.
- Enhanced flexibility and commitment: These changes reinforce Guernsey’s position as a responsive and innovative jurisdiction for private investment, particularly for high-net-worth families and family offices looking for tailored, regulated solutions.
Today, the Guernsey Financial Services Commission (GFSC) announced further updates to the Private Investment Fund (PIF) regime, reducing regulatory barriers for establishing and operating a Family PIF in Guernsey.
These changes build on the May 2025 updates, which streamlined registration routes and adjusted ongoing requirements to position the PIF as a best-in-class option for a broad range of managers and asset classes. The latest adjustments enhance flexibility and reflect the GFSC’s commitment to meeting the evolving needs of family offices – often overlapping with the venture capital community.
Summary of changes
- The updates focus on the Family PIF, one of two types of Guernsey PIFs. This structure is open only to investors with a family relationship or those who qualify as 'eligible employees' of the family. It remains a popular choice for family offices seeking optional regulation and governance.
- All PIFs must appoint a Designated Administrator, responsible for certain regulatory duties. Previously, only firms licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (POI Law) could fulfil this role.
- Now, firms licensed under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. Law, 2020 – typically those managing family wealth – can apply for a 'limited' POI licence. This allows them to act as Designated Administrator for a Family PIF, without engaging in broader investment business.
- The GFSC has also ensured that annual fees and regulatory obligations for limited licence holders are proportionate to their activities, rather than applying the full POI Law requirements.
These changes create new opportunities for service providers to support high-net-worth individuals and families seeking regulated private wealth structures. This is particularly valuable where families wish to be more involved in investment decisions, explore niche asset classes, or reduce.
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