22 February 2021

Carey Olsen supports groundbreaking ID Register on spin-out and regulatory licensing

Carey Olsen's corporate team in Guernsey has advised The ID Register on both its spin-out from the Apex Group and its subsequent licensing by the Guernsey Financial Services Commission (GFSC) pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) (the "POI Law").

As an independent investor onboarding hub, The ID Register offers a one-and-done sign-off subscription and know your client (KYC) solution for investors, funds and service providers.

The ID Register spun-out from Apex Group in September 2020 in a management buyout led by its founder Tim Andrews and funds consulted by Perscitus LLP. Since then, it has already begun to expand its base of alliance partners and clients, extend its regulated services and invest heavily in support of its technology and operating model.

Licensing by the GFSC will support this growth by providing additional assurance of the high standards The ID Register strives to achieve and means investors will enjoy greater privacy as they no longer have to repeat their subscription and KYC information. For fund managers and service providers who use the utility it will also reduce risk and lower overheads.

The Carey Olsen team advising The ID Register on both its spin-out and regulatory application was led by partner David Crosland, assisted by senior associate Alex Mauger.

David said: "The ID Register is one of Guernsey's biggest fintech success stories and we were delighted to guide the organisation through its spin-out from the Apex Group and, most recently, the licensing process with the GFSC - an attestation that reinforces the stringent regulatory standards to which The ID Register has already been working ."

Launched in 2016, The ID Register now has more than 25,000 investors and 270 clients registered on its onboarding platform.

Tim Andrews, founder of The ID Register, said: "I'd like to thank David and Alex at Carey Olsen for their excellent advice and support which ensured a smooth journey through the spin-out and licensing process. Regulated status provides additional assurance of The ID Register's responsible, expert and caring support for each investor which allows funds to close more quickly, simply and with less fuss anywhere in the world."