Version 4.2

Experienced Investor Fund – Material Change Notification

As per Regulation 11 of the Financial Services (Experienced Investor Funds) Regulations 2012.

Notes for Completion

  1. A material change is considered as being a change to any material aspect of the fund (or cell/sub funds) which would potentially have a significant impact on subscribers. This includes, but is not limited to:
  2. Any change to material relationships the fund holds, for example,persons performing any function in relation to the fund;
  3. Any significant changes to the structure of the fund;
  4. Any significant changes to the investment objectives/strategy/parameters of a fund, including those of an individual cell/sub fund;
  5. An addition of a new cell/sub fund;
  6. Significant changes that will affect how the NAVs are calculated or the actual valuations;
  7. Changes which are likely to affect subscribers negatively.

Minor changes in fees or subscription arrangements would not be considered a material change.

  1. Details of material changes should be notified to the Gibraltar Financial Services Commission (“GFSC”)within 20workingdays of the change taking effect. Please submit form to .
  2. It is expected that this notification document is to be completed by the Fund Administrator of the Experienced Investor Fund (EIF). However, it is the responsibility of the Fund’s controller to ensure that all material changes are notified to the GFSC within the specified timeframe. This material changes notification document should be approved by the Board and confirmation of this should be provided in question 12.
  3. It is important that the Board adequately considers material changes and their effect on existing subscribers. Changes should also be notified to subscribers, including the potential impact of the change. This should determine the manner in which this is done and whether subscriber feedback should be sought prior to effecting the change.
  4. Where there is a change in Administrator, the GFSC expects that the duty to inform the GFSC of such change lies with the newly appointed Administrator within the specified timeframe.
  5. Where a significant amount of material changes are made, an updated Offer Document must be submitted together with this form. The Offer Document should highlight the changes effected, for example, black-lining these. Revised drafts which do not reflect the changes will not be accepted.
  6. If a new cell or sub fund is created, an Offer Document and an opinion of a lawyermust be submitted confirming that after the changes, the EIF will continue to comply with the relevant provisions of the Financial Services (Collective Investment Scheme) Act 2011 and the Financial Services (Experienced Investor Funds) Regulations 2012. Said lawyer must hold at least 5 years professional standing, be a Barrister or Solicitor of the Supreme Court of Gibraltar and be independent of the administrator.
  7. A legal opinion is also required where an additional share class has been established after an EIF has been registered.
  8. In the event where an updated Offer Document is required, the fund’s investors must be informed of the updated and correct information without delay.
  9. It is not the GFSC’s responsibility to check the documentation for compliance with the requirements. Any breaches subsequently identified may result in the fund ceasing to qualify as an EIF.

Confirmation of Fee Payment - £100
Financial Services Commission (Fees) Regulations 2016 - Schedule 3: Other Fees / Date & Method of Payment


  1. Name of Fund.
(Please specify the Cell/Sub-Fund if applicable)
  1. Details of Material Change.
(Where an updated Offer Document is provided, reference should be made to the relevant page numbers of the Offer Document)
3.Rationale for the Material Change.
4.Date changeeffected.
5.Details of how investors have been notified of the changes.
(Please clarify if investors were advised of change before or after it was made)
6.Details of how investors have approved the changes.
(If this was not considered necessary, provide details of the reason for this)
7.Is the Fund aware of any complaints/redemptions as a direct result of the change?

8.Provide details of how any potential conflicts of interest, arising from the Material change being made, have been considered.

9.If a new sub-fund has been established, provide a brief overview of the investment strategy.

10.Date of current Offer Document.

11.If an Offer document has not been provided, please provide the rationale for this.

12.Confirm that the change has been approved by the Board.

13.Additional comments and/or information.

14.Declaration

The undersigned Fund Administratorwarrants and undertakes that this form has been completed truthfully and fully and any other information has been disclosed which might reasonably be considered relevant for the purpose of this material change notification:

Name of Fund Administrator

NameName

SignatureSignature

Signed

To be signed by members of senior management only.

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 (sections 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

Gibraltar 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 Gibraltar Financial Services Commission is under a statutory obligation to ensure that those persons who exercise control or significant influence or control over the operations of a regulated financial 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 Gibraltar Financial Services Commission 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 subjected to under various regulatory ordinances 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 £25 and must be made in a form available from the GFSC’s website at Alternatively, these forms are available from our reception at Suite 3, Ground Floor, Atlantic Suites or one can be forwarded to you by calling (+350) 40283.

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 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.

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