EIF Director Return
EXPERIENCED INVESTOR FUND DIRECTOR RETURN
Name of Experienced Investor Funddirector:
To be completed and returnedby 30 November 2017to:
Tamara Viagas-Ozdemir (Head of Conduct of Business)
Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar
Alternatively completed returns can be submitted via email to:
______
Notes for the completion of this return:
1.As part of this return, Experienced Investor Fund (EIF)directors are required to sign the ‘EIF Director Declaration’, confirming that they understand and comply with the Financial Services (Experienced Investor Funds) Regulations 2012, and also the standards and expectations outlined in both the Gibraltar Financial Services Commission (GFSC)Policy Statement and the Strategy and Expectations Paper for EIF directors,as published on 7 October 2015.
2.Please note that the questions in this return relate to all of the funds to which EIF directors provide directorship services(or ceased providing services to)within the period 31 October 2016 to 31 October 2017.
3.Where appropriate, for each question in this return, please provide separate answers to cover the role that you undertake for each individual EIF to which you provide directorship services.
4.EIF directors are expected to deal with the GFSC in an open and co-operative manner and keep the GFSCpromptly informedof any significant concerns they may have regarding any EIFs to whichthey provide directorship services.
5.In cases where the EIF director resigns from theboard of an EIF, as a result of concerns with the fund, the GFSCmust also be informed.
6.Where the answer to a question in this return requires further details, this should be inserted either in the space provided or on a separate sheet, if necessary.
7.In this return, EIF directors are expected to report information covering the period from the previous EIF director return submitted on 31 October 2016 until 31 October 2017.
EIF Director Declaration
I refer to my directorship(s) of the Experienced Investor Fund(s), as set out in this EIF Director Return, with respect to the Financial Services (Experienced Investor Funds) Regulations 2012 (EIF Regulations).
I understand that, in holding the position of an EIF director in accordance with Regulation 7(1) of the EIF Regulations, I am responsible, together with the EIF’s board of directors, for ensuring that each EIF to which I am a director, continues to comply with the requirements of the EIF Regulations, other applicable laws and the relevant GFSC standards and expectations, as advised over time.
I also confirm that I have the appropriate knowledge, experience and capability to carry out my duties effectively as an EIF director, and that I am aware of and able to meet the relevant standards and expectations, as advised by the GFSC.
I include in this EIF Director Return:
(i)a list of my current directorships of regulated and non-regulated entities;
(ii)the details of my current employment or other significant time commitments.
I confirm that mynon-EIF related employment and other commitments do not adversely impact my ability to carry out my duties effectively as an EIF director.
I also confirm that, if I hold in excess of 8 EIF directorships[1], I will keep the relevant EIF boards and the GFSC notified in writing, includingadvising them of any additional appointments I accept or other undertakings which will require significant time.[2]
I confirm that I will document and notify the Experienced Investor Fund(s) to which I am a director and the GFSC, without delay, if I no longer comply with either the EIF Regulations or the relevant GFSC standards and expectations.
I declare that the above statements are accurate and true, and that no false, inaccurate or misleading information has been provided within this EIF Director Return. I understand that the provision of false, misleading or inaccurate details within this return may result in the GFSC taking regulatory action against me.
Signature: ______
Date: ______
Overview
Full nameHome address
Business address
Main email address
Main contact telephone number
1.Are you currently meeting the residency requirements as set out in Section 7(4)(b) of the Financial Services (Experienced Investor Fund) Regulations 2012? If not, please also explain the reasons for this.
2.Is there a possibility in the next twelve months that you might not meet the aforementioned residency requirements?
3.Is your EIF director licence subject to any restrictions or conditions?
a.If so, please state what restrictions/conditions?
b.Have you complied with such restrictions? If no, please provide details.
4.Please state the number of EIF directorships you hold below. If you are currently inactive, please provide the reasons for this:
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EIF Director Return
5. In the table below, please provide details of the EIFsto which you are an EIF director.This should also include any EIFs that are in the process of registering or de-registering. If you are not currently providing any EIF directorship services, please proceed to Question 18.
Name of EIF / Number and Name of Cells(if applicable) / Date of Appointment as EIF Director
(dd/mm/yyyy) / Type of Fund
(Open/ClosedEnded) / Main Asset Classes / EIF Strategy
(High-Level Overview) / Auditors / Time Commitment (hours per month rounded up to nearest 0.5) / EIF Director Fees
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EIF Director Return
Oversight and Monitoring
- As an EIF director, how do you ensure adequate oversight of the EIF(s) to which you provide directorship services to (including in between formal board meetings)?
- Can you confirm that the EIF(s) to which you are a director are maintaining appropriate fund governance?
8.Are you satisfied that, to the best of your knowledge, the EIF(s)to which you provide directorship services, and their service providers(such asthe fund administrator, auditors, legal adviser),are complying with the EIF Regulations and other applicable laws? If not, please provide further details.
9.Where the board of the EIF(s) to which you are an EIF director has delegated the day-to-day investment decisions to a particular director, please describe how you maintain oversight of these decisions, and are satisfied that the investment decisions are both suitable and in-line with the PPM.
10.Please describe how you are satisfied that all marketing material, where applicable, adheres to the EIF Regulations and other applicable laws (in Gibraltar and also in other jurisdictions, if the EIF(s) are marketing elsewhere).
11.Do you feel you have been able to, where appropriate, effectively challenge decisions made by the board(s) to which you are an EIF director? If no, please provide details.
12.Have there been any material changesto the strategy of the EIF(s) to which you are a director? If so, has the GFSC been made aware of these changes?If not, please provide the reasons for this.
13.How do you and the board(s) review and oversee the valuation processes in relation to the EIF(s) to which you are a director?
14.Please explain how you have been made aware at regular intervals of compliance monitoring findings regarding the EIF(s)to which you provide directorship services to?
15.Have there been any significant concerns arising from the compliance monitoring findings for any of the EIF(s) to which you are a director? If so, please provide details.
16.How do you ensure that, when appropriate, investors are provided with relevant information in a timely manner?
17.Have there been any material issues,in relation to the EIF(s) to which you are a director, which have not been raised previously with the GFSC?If so, please provide details of any action taken, the results of such action, the relevant impact and whether these issues are now resolved.
18.If you have had to raise an issue with the GFSC, please outline how effectively it was handled? Please also detail any further comments you may have.
Other Commitments
19.Are you currently offering any other non-EIF related directorships? If yes, please provide details in the table below:
Name of Company / Type of Company / Date of appointment(dd/mm/yyyy) / Time commitment (hours per month rounded up to nearest 0.5)
20.Are you currently employed (whether on a full-time or part-time basis) - other than your EIF directorships?
Yes/No
If your answer is yes, please complete the following table:
Employer / Role / Time Commitment (in hours per month rounded up to nearest 0.5)21.Please state whether you have any other significant time commitments (including if you are a member of any associations, trade bodies, charities etc.) and the average time commitments per month.
22.Please state how many EIFs you plan to offer directorshipservices to in the next twelve months and provide details of how you believe these potential directorships are in line with your experience and risk appetite.
23.If you have not been providing EIF directorship services to any EIFs in the last twelve months, please provide the reasons for this.
24.If you have not been providing EIF directorship services to any EIFs in the last twelve months, do you foresee yourself offering this service within the next six months? If not, please provide the reasons for this.
Risk Management
25.Do you have a formal risk management process in place for the EIF(s) to which you are a director? If so, please provide further details. If not, please explain how you maintain oversight of the applicable risks to the EIF(s) to which you are an EIF director.
26.How do you ensure appropriate oversight of the due diligence carried out in relation to the EIF(s) to which you are a director?
27.Are you satisfied with the due diligencearrangements (including on an ongoing basis) for the EIF(s)to which you provide EIF directorship services to? If not, please provide the reasons for this.
28.Please confirm what steps you take to maintain oversight of the effective identification, monitoring and mitigation of financial crime risks in relation to the EIF(s) to which you are a director.
29.Are you a Politically Exposed Person? If so, please provide further details.
30.Have you identified and effectively managed any conflicts of interest in relation to the EIF(s) to which you are a director? If so, please provide further details.
Complaints
31.Are you aware of any complaints made in the last twelve months against the EIF(s) to which you provide your directorship services to? If so, please provide further details.
32.Do the EIF(s) to which you are an EIF director have formal complaints-handling procedures? If not, please explain the reasons for this.
Legal/Regulatory Action
33.Are you aware of any legal proceedings being brought either against the EIF(s) to which you are a director, or any of the otherdirectors or service providers to the EIF(s)? If yes, please provide further details.
34.To the best of your knowledge, have you, the other directors or any of the service providers of the EIFs that you oversee, been subject to investigation or disciplinary measures (including receipt of a written warning) by any regulatory bodies or similar? If yes, please provide further details.
Training
35.Can you confirm that you have a training and development plan in place?
a.If yes, please provide a brief description.
b.If no, please provide the reasons for this.
36.What relevant training (including CPD training) have you undertaken within the previous 12 months?
37.Are you aware of, and do you comply with, the Gibraltar Funds and Investments Association’s‘Corporate Governance Code for Gibraltar Collective Investment Schemes’? If not, please explain the reasons for this.
Liability Insurance
38.Please provide details of the directors and officers liability insurance (or comparable guarantee) that you have in place, including the amount of cover and any excess or deductible expense.
39.If you have no directors’ and officers’ liability insurance (or comparable guarantee) in place please explain the reasons for this, and provide details of any alternative arrangements.
Business Continuity & Succession Planning
40.Do you have an action plan in place should you resign from any EIF to which you are currently a director? If yes, please provide further details for each fund to which you are an EIF director. If not, please explain the reasons for this.
Statement on Data Protection
The GFSCis exempted by Section 19 of the Data Protection Act 2004 (the Act) from many of the provisions of the Act, including: the obligation to register, principles for data quality and security, information to be given to data subjects and data subject’s access and rectification of data (section 24, 6, 10, 14 and 15 of the Act). However, where 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 its purposes.
Data controller
The relevant Data Controller for this return is the Gibraltar Financial Services Commission, 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[3] to ensure that those persons who exercise control or significant influence over the operations of a regulated firm be fit and proper, including that they have the correct training and competence. The GFSC may conduct enquiries for these purposes[4].
Recipients of data
In order to carry out our role as a Data Controller, the GFSC may provide details of or confirm some or all of the aspects of the data that you have provided to other regulators or law enforcement agencies. 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 applicable confidentiality provisions the GFSC will share your data only for the purposes provided or by applicable legislation and memorandums of understanding.
Your right to access data held by the GFSC relating to 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 the relevant form, which is available on the GFSC’s website: - alternatively, this form is available from the GFSCin hard copy format.
Your right to rectify data held by the GFSC relating to you
If data held by the GFSC relating to you is inaccurate you can require the GFSC to update this data by submitting a written request to:
Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
GX111AA
Gibraltar
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. The relevant contact details are below:
Gibraltar Data Protection Commissioner
Gibraltar Regulatory Authority
2nd floor, Eurotowers 4, 1 Europort Road, 2nd floor, Eurotowers 4, 1 Europort Road, 2nd floor, Eurotowers 4, 1 Europort Road, 2nd floor,
Eurotowers 4, 1 Europort Road,
Gibraltar
Tel +350 74636
Fax +350 200 72166
Human rights
Irrespective of anything contained within this document, your rights under the European Convention on Human Rights and the Gibraltar Constitution Order 2006 remain unaffected.
Published by:
Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar
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[1]Note that the GFSC, when making an assessment of an EIF director, may also take into account the number and nature of any cells to which you are an EIF director. Also note that although EIF directors are permitted to hold more than 8 EIF directorships, however, before taking on any more EIF directorships, the relevant EIF director must obtain approval from the GFSC.
[2] This should take into account the nature of the directorship, the size of the firm/fund, the nature, scope and complexity of its activities and the time spent.
[3] Financial Services (Investment and Fiduciary Services) 1989 and Financial Services (Collective Investment Schemes) Act 2011
[4] For further details please refer to our Fit and Proper publication at