The Guernsey Financial Services Commission (GFSC) has amended the Guernsey’s Private Investment Fund\'s (PIF) rules and guidance following a one-year review.

The PIF which recognises close and longstanding links between fund managers and investors will no longer have a licensed investment manager to warrant an investor’s ability to sustain financial loss. The warranty has been replaced with a declaration, which places a lesser burden on the licensed manager.

The declaration may be satisfied in a number of ways, including the investor having a close relationship with the promoter and manager through previous deal...