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FSC Ref
Date received
Experienced Investor Fund – Material Change Notification
As per Regulation 11 of the Financial Services (Experienced Investor Funds) Regulations 2012.
Notes for Completion
1. A material change is considered as being a change to any material aspect of the fund (or sub funds)
which would potentially have a significant impact on subscribers. This includes, for example:
a. Any change to material relationships the fund holds, for example, persons performing any
function in relation to the fund;
b. Any significant changes to the structure of the fund;
c.
Any significant changes to the investment objectives/strategy/parameters of a fund;
d. An addition of a new sub fund;
e. Significant changes that will affect how the NAVs are calculated or the actual valuations;
f.
Changes which are likely to affect subscribers negatively.
Minor changes in fees or subscription arrangements would not be considered a material change.
2. Details of material changes should be notified to the Commission within 20 (working) days of the
change taking place.
3. It is expected that this notification document is completed by the Fund Administrator of the
Experienced Investor Fund (EIF). However it is the responsibility of the fund’s controller to ensure
that all material changes are notified to the FSC within the specified timeframe. This material
changes notification document should be approved by the Board and confirmation of this should be
provided in question 10.
4. It is important that the Board adequately considers material changes and their effect on existing
subscribers. Changes should also be notified to subscribers, including the potential impact of the
change. This should determine the manner in which this is done and whether subscriber feedback
should be sought prior to effecting the change.
5. Where there is a change in Administrator, the Commission expects that the duty to inform the
Commission of such change lies with the newly appointed Administrator within the specified
timeframe.
6. Where a significant amount of material changes are made an updated Offer Document should be
submitted together with this form. The Offer Document should highlight the changes effected, for
example, black-lining these. Revised drafts which do not reflect the changes will not be accepted.
7. If a new cell or sub fund is created, an Offer document and an opinion of a lawyer must be submitted
confirming that after the changes, the EIF will continue to comply with the relevant provisions of the
Financial Services (Collective Investment Scheme) Act 2011 and the Financial Services
(Experienced Investor Funds) Regulations 2012. Said lawyer must hold at least 5 years professional
standing, be a Barrister or Solicitor of the Supreme Court of Gibraltar and be independent of the
administrator.
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8. A legal opinion is also required where an additional share class has been established after an EIF
has been registered.
9. In the event where an updated Offer document is required, the fund’s investors must be informed of
the updated and correct information without delay.
10. It is not the Commission’s responsibility to check the documentation for compliance with the
requirements. Any breaches subsequently identified may result in the fund ceasing to qualify as an
EIF.
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1. Name of fund.
2. Details of material change(s).
Where an updated Offer Document is provided, reference should be made to the relevant page
numbers of the Offer Document.
3. Reason for the material change.
4. Date change(s) was/were made.
.
5. Details of how investors have been notified of the changes. (Please clarify if investors were
advised of change before or after it was made)
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6. Details of how investors have approved the changes (if this was not considered necessary,
provide details of the reason for this).
7. Is the fund aware of any complaints/redemptions as a direct result of the change?
8. Provide details of how any potential conflicts of interest, arising from the material change being
made, have been considered.
9. If a new sub-fund has been established, provide a brief overview of the investment strategy.
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10.
Date of current Offer Document
11.
If an Offer document has not been provided, please provide the rationale for this
12.
Confirm that the change has been approved by the Board.
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DECLARATION
The undersigned Fund Administrator warrants and undertakes that this form has been completed truthfully
and fully and any other information has been disclosed which might reasonably be considered relevant for
the purpose of this material change notification:
Name of administrator
Name
Name
Signature
Signature
Signed
To be signed by members of senior management.
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Statement on Data Protection
The Financial Services Commission is exempted by Section 19 of the Data Protection Act 2004 (the “Act”)
from many of the provisions of the Act which includes the Obligation to Register, Principles for data quality
and security, information to be given to data subjects, data subject’s access and rectification of data
(sections 24, 6, 10, 14 and 15 of the Act). However, to the maximum extent possible, the FSC will follow the
obligations imposed by the Act unless it considers that compliance would be likely to prejudice the proper
discharge of its functions or prejudice its purposes.
Data Controller
Financial Services Commission of PO Box 940, Suite 3, Ground Floor, Atlantic Suites, Europort Avenue,
Gibraltar.
Purposes for which data is collected and processed
The Financial Services Commission (FSC) is under a statutory obligation to ensure that those persons who
exercise control or significant influence or control over the operations of a regulated financial firm be fit and
proper as well as to ensure that they have the correct training and competency to conduct that activity. As
such the FSC may conduct enquiries on such individuals for these purposes.
Recipients of data
In order to conduct this role, the Financial Services Commission may pass or be required to confirm some or
all of the aspects of the data that you have provided with other regulators who perform similar roles to the
FSC or law enforcement agencies within Gibraltar or in other jurisdictions.
Similarly, other regulators and law enforcement agencies may seek to confirm with the FSC details of data
that you may have supplied to them.
Subject to the confidentiality provisions that the FSC, its officers and staff are subjected to under various
regulatory ordinances for which it has responsibilities and the restrictions imposed upon it by the Act, the
FSC will share your data only for the purposes provided therein.
Your rights to access data held by the FSC on you.
Upon receipt of a written request and subject to being able to prove that the person making the request is the
data subject, the FSC will confirm whether or not we hold personal data about you and if so, what this data
is. This data will be provided to you in a readily understood format.
The fee for receiving this information is £25 and must be made in a form available from the FSC’s website at
www.fsc.gi/forms/datarequest.htm. Alternatively, these forms are available from our reception at Suite 3,
Ground Floor, Atlantic Suites or one can be forwarded to you by calling (+350) 40283.
Your right to rectify data held by the FSC on you
If data held by the FSC on you is inaccurate or out of date you can require the FSC to update the data by
making this request in writing.
Your right to complain about your treatment to the Gibraltar Data Protection
Commissioner
If you consider that the FSC has not complied with the requirements of the Act you may make a complaint to
the Data Protection Commissioner:
Gibraltar Data Protection Commissioner
Gibraltar Regulatory Authority
Suite 811, Europort
Gibraltar
Tel +350 74636
Fax +350 72166
E-Mail info@gra.gi
Human Rights
Irrespective of anything contained in this statement, your rights under the European Convention on Human
Rights and the Gibraltar Constitution Order remain unfettered.
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