Valsen Corporate

Gibraltar Alternative Investment Fund Depositary (AIF Depositary) Guidelines

Gibraltar Alternative Investment Fund Depositary (AIF Depositary)
“AIF” means a collective investment undertaking (including any investment compartments) which−

  • Raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and
  • Does not require authorization pursuant to Article 5 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);

‘’AIFM” means a legal person whose regular business is managing one or more AIFs;
Each AIF to which these Regulations apply must have a single AIFM which is responsible for ensuring compliance with these Regulations and with the AIFM Directive.
An AIFMD provides depositary services to Alternative Investment Funds (AIF), and are charged with protecting the investors in each Alternative Investment Fund. The depositary has three major roles:

  • To safe keep assets of the AIF
  • Monitor cash
  • Oversee Net Asset Value (NAV) calculation and fund administration.

Legal Requirements

Sr.
No		 Element Requirement(s)
Entity Requirements The entity making the application is Gibraltar:

  1. Limited Company
  2. PCC (Protected Cell Company)
  3. Unit trust
  4. Limited partnership
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Fund Administrator The Applicant must employ a fund administrator with no local requirement
Administrator of an AIFM must be domiciled and regulated in Gibraltar or,
If not so authorized, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar.
Fund Manager Any licensed fund manager as approved by the GFSC.
Custodian
  • The applicant must have a custodian approved by the GFSC.
  • The Licensed custodian can be either of the below:
  1. Financial institution licensed under the Financial Institutions Act, 2004 or
  2. Trustee services provider licensed under the International Corporate Services Providers Act, 2003 or
  3. Any other person as the authority may approve
Local Office Yes
Auditor The Licensee must have a Qualified local auditor or
Foreign auditor if fund is structured as a domestic company
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
Minimum Capital Requirements 730,000 Euros
Application Fee £ 500
Annual License Fee £1000

Ongoing Obligations

  1. License are to be renewed annually. On application for renewal of a Licence, GFSC , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details
Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com
OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: david@valsenfiduciaries.com