EIF Director Return
EIF DIRECTOR RETURN
Name of EIF Director:
To be returned completed to:
Gibraltar Financial Services Commission
PO Box 940
EIF Director Return
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar
To be returned no later than the 31st October 2015
Version 2.4 – April 2015
_________________________________________________________________________________
Notes for completion of this Return:
1.
EIF Directors are required to sign the EIF Directors Declaration confirming that they
comply with the standards as set out in the Financial Services (Experienced Investor
Funds) Regulations and the Gibraltar Corporate Governance Code for Collective
Investment Schemes.
2.
Questions relate to all funds to which EIF Directors provide directorship services.
3.
Where appropriate, for each question, please provide separate answers on how the
relevant function is undertaken for each individual EIF to which you provide directorship
services.
4.
EIF Directors are expected to deal with
the Commission in an open and cooperative
manner and keep the Commission promptly informed of any significant concerns they
may have regarding any EIFs they provide directorship services to.
5.
An EIF Director must notify the Commission if they have any concerns about an EIF they
provide directorship services to. In cases where the EIF director resigns from a board as a
result of concerns with the fund, the Commission must also be informed.
6.
Where the answer to a question calls for further details or other information, this should
be inserted in the space provided or on a separate sheet, if necessary.
EIF Director Return
Directors are expected to report information and details as from the last return submitted on 31st
October 2014.
EIF Director’s Declaration
Financial Services (Experienced Investor Funds) Regulations
Corporate Governance Code for Gibraltar Collective Investment Schemes
Dear Sirs
EIF Director Return
I refer to my directorship of the Funds set out in Appendix 1, the Financial Services (Experienced
Investor Funds) Regulations (“EIF Regulations”) and the Gibraltar Corporate Governance Code for
Collective Investment Schemes (“the Code”), as they apply in relation to these.
I confirm that I have read and understood the Code1, which sets out guidance on best practice,
and I confirm that I comply with these standards. I further confirm that I will notify the Fund and
the GFSC, without delay if for any reason no longer comply with the EIF Regulations or the Code.
I understand that, in holding the position of an Experienced Investor Fund (“EIF”) director in
accordance with Regulation 7(1) of the EIF Regulations, I am responsible, together with the Board
of directors, for ensuring that a fund continues to comply with the requirements of the EIF
Regulations and the GFSC expectations, as may be issued or advised over time. I understand that
I am expected to take reasonable steps to ensure that I am compliant with the Code and I agree
to continue abiding by such standards.
The GFSC would only be expected to be notified of non-compliance, however, when material
issues2 arise, EIF Directors are expected to document and explain why they are unable to comply
and report to the Board of the Fund. Failure to comply with this process may adversely affect the
fitness and propriety of the Directors of the Fund.
I hereby certify that I am able to perform the function of EIF director of the Funds set out in
Appendix 1. I further certify that I have adequate time to perform that function having regard to
my other directorships and responsibilities and in consideration of my role as an EIF director of
the Fund(s).
I attach herewith at Appendix 1:
(i)
a list of my other current directorships of regulated and non-regulated entities; and
(ii)
Details of my other current part-time or full-time employment(s), including details of the
time commitments required by these.
I confirm that the performance of my responsibilities in relation to other directorships and
employments does not adversely impact my ability to perform my responsibilities as a director of
the Fund.
1
The Code is not designed or intended to supersede applicable law and regulations.
2
For further guidance on materiality, please refer to the GFSC’s Dear CEO letter issued on 30 June 2014 for EIF Directors which can be
accessed via our website.
EIF Director Return
I confirm that, if I hold in excess of 8 EIF directorships3, I will keep the relevant Boards notified in
writing, including any appointments I accept or other significant time commitments I undertake.
I confirm that I have knowledge and understanding of the proposed investment objectives;
strategy; policies of the Fund(s); the proposed outsourcing arrangements in place for the Fund(s)
and that I am aware of the regulations governing Collective Investment Schemes in Gibraltar.
Signature: ___________________________________________________________
Date:
3
_________________________________________________
This should take into account the nature of the directorship, the size of the the firm/fund, internal organisation, the nature, scope and
complexity of its activities and time spent, when assessing the number of directorship held. The GFSC may permit more than 8 EIF
directorships.
EIF Director Return
Appendix 1
1.
Please state the number of EIF directorships you hold (including funds and companies
that you provide directorship services to).
EIF Director Return
2. In the table below, please name the funds and companies that you provide directorships to, details of your time commitment, the type of fund,
strategy and main asset class.
This should also include any funds that are in the process of registering or another entity at application stage. If you are not currently providing any
EIF directorship services please proceed to question 7.
Name of
Time Commitment
fund/company
(hours per month)
Type of Fund
Strategy
Main Asset Class
EIF Director Return
3. Are you currently employed (whether on a full-time or part-time basis)?
Yes/No
If your answer is Yes, please complete the following table:
Employer
Role
Time Commitment (in
hours per month)
(a)
Please state whether you have any other significant time commitments:
4. How many EIF’s do you plan to offer directorships to in the next twelve months?
Have there been any issues/concerns (i.e. that could have a detrimental effect on subscriber(s))
with the fund(s) for which you act as director to, which have not been raised previously with the
GFSC?
If so, please provide details of any action taken, together with the results of such action
and whether these are now resolved. Please also provide details of any impact this may
have had on subscriber(s).
EIF Director Return
5. Please provide details of any significant areas of the Code which you feel you are
unable to comply with together with the rationale.
Section of Code
7.
Rationale
If you are not presently providing EIF directorship services to any EIF’s, do you
foresee offering this service in the next twelve months?
8. If your email or contact details have changed since your last submission, please
provide details below:
EIF Director Return
I confirm that to my knowledge all responses are accurate and true and that I am fully aware that
any non-compliance with the Regulations or Code or any false declaration can result in the GFSC
taking regulatory action.
Signature:
Date:
___________________________________________________________
___________________________________________________________
Published by:
Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar
Tel: (+350) 20040283
Fax: (+350) 20040282
www.fsc.gi
Any advice or interpretation represents the views of the FSC as to its expectations of how the requirements
of the relevant legislation in question is to be compiled with and/or how it fails to be applied. This, however,
is not intended as a definitive interpretation of the applicable legislation which is ultimately a matter for the
courts to determine. The FSC does not provide, or purport to offer, legal advice.
EIF Director Return
Statement on Data Protection
The Gibraltar Financial Services Commission (GFSC) 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 (section 24, 6, 10, 14 and 15 of the Act).
However, to the maximum extent possible, the GFSC 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 GFSC is under a statutory obligation to ensure that those persons who exercise control or
significant influence or control over the operations of a regulated 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
GFSC may conduct enquiries on such individuals for these purposes.
Recipients of data
In order to conduct this role, the GFSC 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
GFSC or law enforcement agencies within Gibraltar or in other jurisdictions.
Similarly, other regulators and law enforcement agencies may seek to confirm with the GFSC
details of data that you may have supplied to them.
Subject to the confidentiality provisions that the GFSC, its officers and staff are subject to under
various regulatory Acts for which it has responsibilities and the restrictions imposed upon it by the
Act, the GFSC will share your data only for the purposes provided therein.
Your rights to access data held by the GFSC 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 GFSC 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 £10.00. In order to make this payment, you must complete
this form available on the GFSC’s website: www.fsc.gi/forms/datarequest.htm. Alternatively, the
forms are available from our reception at suite 3 Atlantic Suites, or one can be forwarded to you
by calling (+350) 200 40283.
EIF Director Return
Your right to rectify data held by the GFSC on you
If data held by the GFSC on you is inaccurate or out of date you can require the GFSC 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 GFSC 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 +350 200 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.