Apply for a Licence

Private Equity Depositaries (PED's)

FAQs

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What is a Private Equity Depositary (PED) and what would this Licence allow you to do?
  • Capital Requirements
  • What do you need to submit?

What is a Private Equity Depositary and what would this Licence allow you to do?

A PED may only offer depositary services to Private Equity funds.

The activity of a PED comprises of four key duties:

  1. Monitoring all cash flows passing through the fund platform and in particular, ensuring that all monies received for the subscription and redemption of units or shares is properly bookkept.
  2. It is responsible for the safe-keeping of fund assets, whether through custody or through general verification of ownership.
  3. It must oversee the proper operation of the fund platform, implementing a number of ex post controls and checks to achieve this.
  4. Overseeing the proper management of funds.

The Alternative Investment Fund Managers Directive (“AIFMD”) recognises the need to broaden the scope of those persons who may act as a depositary in a private equity context. PED’s may include any of the following:

  • An authorised credit institution with its registered office in the EEA
  • A MIFID-authorised investment firm
  • Another institution subject to prudential regulation and ongoing supervision and which is eligible to act a depositary of a UCITS
  • A regulated entity which carries out depositary functions as part of its professional or business activities.

Capital Requirements

Minimum Capital requirements are £125,000.

What do you need to submit?

The applicant needs to submit an application pack with the following documents:

  • Application Form
  • Business Plan
  • Financial projections for the next 3 years
    • Profit and loss account
    • Balance sheet
  • Forecast PED return for the next 3 years
  • Individual Questionnaire (for each individual holding a notifiable position)
  • Body Corporate Questionnaire (for each entity holding a notifiable position)
  • Policies of the applicant on the following areas should be included in the application:
    1. Conflict of interest.
    2. Safekeeping Duties.
    3. Cash Monitoring.
    4. Oversight.
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Business Plan

The following information should be submitted in the firm’s business plan:

  • Description of services to be provided and how these will be conducted.
  • Risk management function.
  • The firm’s risk appetite.
  • Corporate Governance arrangements.
  • Compliance arrangements.
  • How the firm complies with the mind and management requirements in Gibraltar.
  • How the firm complies with the legislative requirements, in particular with the protection of consumers.
  • Details of how the entity meets the requirement in relation to being a body subject to mandatory professional registration or legal/regulatory provisions or rules of professional conduct.
  • Information on financial and professional guarantees to enable it to perform the depositary functions required.
  • Details of outsourcing arrangements and how the PED will monitor such.

Guidance

Entities should consider the AIFMD requirements in their entirety prior to submitting an application. The AIFMD information page may also be of assistance.

Application Forms

Should you get an error when opening any of the forms, please check the FAQ's for guidance on how to override this.

** All forms are accepted electronically so long as they are submitted from a valid email address pertaining to the firm **

 

 

Application Form

Documents referred to in the application form must be clearly referenced to help us process the application swiftly.

 

RGP Vetting Form

Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015.  The form must be submitted to the Gibraltar Financial Services Commission, who will liaise with the RGP in order to make the relevant enquiries.

For any applicant that is not a Gibraltarian, or has not lived in Gibraltar for the last 10 years, in addition to the RGP vetting form, he/she must also provide the GFSC with a report of their criminal record from the relevant authority in the jurisdiction/s in which they have been ordinarily resident for the last 10 years and/or from any other jurisdiction where the applicant has spent a considerable amount of years resident in the past.  If the report is not in English, this must be accompanied by a translation from a certified Translator.

 

Notes for completion of the Royal Gibraltar Police Vetting Application Form:

1.     The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted. 

Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only. 

2.     All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates. 

Please note that all applications/fit and proper assessments will be kept on hold and not be processed until the original RGP Vetting Form and fee is submitted together with the applicable Individual Questionnaire or Notifiable Document. The same will apply to any incorrect forms submitted.

Should exceptional circumstances apply, please contact authorisations@gfsc.gi 

3.     The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:

a)    Payment of the £10 applicable fee by bank transfer only; and

In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to authorisations@gfsc.gi 

b)    APPLICATION Reference number. 

This reference number MUST be quoted in the payment reference for any bank transfer. Should you have numerous payments to settle due to a large number of applications, or find that you are unable to include all relevant references within the payment details, please ensure that you communicate this to the member of staff at the GFSC who is processing your application. We will require an e-mail confirming the applicable reference numbers that correlate to each individual, notifiable applicant or RGP Vetting Form.

 

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

  Individual Questionnaire
  Body Corporate Questionnaire
 

Body Corporate Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

 

Individual Questionnaire Directors Declaration

Directors declaration form is required to be signed and submitted with the individual questionnaires. Please use the reference number quoted on the form.

 

Individual Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

Returns

  Supervisory return - Alternative Investment Fund Depositary return to be completed by Private Equity Depositaries only

Service Level Standards

The current service level standards are:

  • To provide initial feedback to an application within 5 weeks of a complete application being received.
  • Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.

The purpose of this page is to set out:

  • What is an extension?
  • What do you need to submit?
  • Guidance

What is an extension?

Firms or individuals that are already licensed by the FSC may apply to extend their authorisation/licence to provide additional financial or professional services.

If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation team so that we can determine what documents you are required to submit.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee (if applicable)
  • Revised Business Plan
  • Financial projections for the the next 3 years, clearly identifying the impact of the additional business
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
  • Individual Questionnaire (for any new individual holding a notifiable position)
  • Body Corporate Questionnaire (for any new entity within the structure)
  • Trust Questionnaire (if applicable)

Any other document the applicant considers the FSC should take into consideration as part of the application.

Guidance

The licensee should consider and provide information on the following:

  • What new licence/authorisation it requires
  • The type of new business/activity
  • Where the business will be sourced
  • Resources to deal with the additional business
  • The impact of the additional business on its capital requirements
  • What changes are being effected to its systems and controls.