Explanatory notes for completion of Form 141a and b

Summary

These are explanatory notes issued by the Guernsey Financial Services Commission to help designated administrators of collective investment schemes complete the Investment Designated Administrator Quarterly Return (Form 141a for a single scheme, Form 141b for multiple schemes). They clarify who must file, when, and how to answer specific fields on the form.

• Who must file: Designated administrators of open and closed-ended collective investment schemes authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 must submit the return for each scheme they administer.
• When to start: Filing begins from the quarter-end following the scheme's authorisation or registration and continues for the life of the scheme, even before the scheme has any net asset value.
• Filing deadline: A completed return must be received by the Commission no later than the last day of the month following the end of the calendar quarter.
• Confidentiality: Data submitted is confidential under section 21 of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987; only aggregate statistics may be published, not scheme-specific data.
• Form selection: Only one Form 141a should be submitted per scheme per quarter; administrators reporting on multiple schemes should use the multi-scheme Form 141b via the online portal.
• Related return: Licensees also providing asset management or stockbroking services may separately need to submit an Investment Quarterly Return (Form 145) for those activities.
• Enforcement reference: Licensees are reminded of the Commission's powers under section 33 of the POI Law and section 109 of the Financial Services Business (Enforcement Powers)(Bailiwick of Guernsey) Law, 2020 in relation to non-compliance.
• Completion guidance: Numerical answers must be entered in full without commas or decimal points; geographic breakdown fields must total 100 percent using specified methodology for funds of funds and holding vehicle structures; scheme value, transaction summary and holder numbers must reflect actual quarterly movements, not commitments.

This is procedural guidance rather than a standalone legal requirement, but it operationalises the quarterly reporting obligation that applies to designated administrators under the POI Law framework.

Key obligations

• Designated administrators of authorised or registered open and closed-ended collective investment schemes must submit an Investment Designated Administrator Quarterly Return (Form 141a or 141b) for each scheme, starting from the quarter-end after authorisation or registration and continuing for the life of the scheme.
• Completed returns must be received by the Commission no later than the last day of the month following the end of each calendar quarter.
• Returns must be filed even where the scheme has no net asset value prior to launch.
• Only one Form 141a should be submitted per scheme per quarter; administrators reporting for multiple schemes must use Form 141b via the multi-scheme submission function.
• Numerical fields must be entered in full without commas or decimal points.
• Geographic breakdown fields must total 100 percent, following the specified methodology for funds of funds, feeder funds and underlying holding vehicles.
• Investment Designated Administrator Quarterly Returns must not be used to make regulatory notifications required under the POI Law or related rules; separate notifications must still be made through appropriate channels.

Applies to

designated administrators, open-ended collective investment schemes, closed-ended collective investment schemes, licensees providing asset management or stockbroking services

Deadlines

• last day of the month following the end of the calendar quarter: Deadline for the designated administrator to ensure the completed Investment Designated Administrator Quarterly Return for the scheme is received by the Commission.
• starting from the quarter-end after authorisation or registration: Point at which quarterly return filing obligations begin for a scheme, continuing for the life of the scheme.