Applying for a permission

Experienced Investor Fund (EIF) Director 


The purpose of this section is to set out the application process for EIF Directors.

This section sets out:

  • What is an EIF Director?
  • Application process
  • Criteria for Consent

What is an EIF Director?

EIFs are funds designed for professional, high net worth or experienced investors. EIFs are required to have at least two approved EIF directors.

There are two types of consent:

  • Individuals approved to act as the director of EIF’s generally; or
  • Individuals approved to act as the director of specifically named EIF’s or specific asset classes.

Application process

With the introduction of LRP, individuals wishing to provide directorships to EIFs will no longer be required to apply for a Class VIII Licence, restricted to the provision of EIF Directorship services, (previously licensed under the Financial Services (Investment and Fiduciary) Act 1989).  

The information on the proposed EIF directors is now included within the EIF application form and/or in the EIF Material Change Notification form (as set out above), whichever is applicable.  Applicants are encouraged to include any additional information that would assist the GFSC in its assessment.  

EIF directors will require the GFSC’s consent.  In accordance with the GFSC’s authorisation process, we will assess the fitness and propriety of the EIF directors in two ways:

  1. An assessment of the information provided within the EIF Application form, and
  2. Attendance at a meeting with the GFSC. Appropriate GFSC staff will attend the meeting.

We will assess individuals in relation to their ability to ensure and demonstrate that the EIF will be well governed, controlled and monitored effectively. The meeting will cover their awareness and understanding of matters such as:

  • The market in which the EIF operates;
  • The manner by which investors will be attracted;
  • The risk management function and controls, including the individual’s views of the risks facing the EIF;
  • Governance, oversight and controls to be exercised;
  • The regulatory framework and our expectations; and
  • The Gibraltar Funds and Investments Association’s Code of Corporate Governance.


Criteria for Consent

The GFSC will not grant consent for an individual to act as an EIF Director unless it is satisfied that the individual:

  • Has at least five years of relevant experience in providing services to funds; and
  • Can provide evidence that they have familiarised themselves with the Gibraltar Funds and Investments Association’s Corporate Governance Code.

We expect individuals to evidence their capability and competency to conduct the functions of an EIF Director. Evidence of this includes individuals who:

  • Have held, or currently hold, a position of responsibility within a fund;
  • Have had involvement in a senior position of a fund administrator;
  • Have provided investment management services to funds;
  • Have been involved in the formation of funds; and/or
  • Have been involved in the provision of depositary services to funds.