Jersey’s Financial Services Commission on June 2 published a Consultation Paper in respect of prospectuses for collective investment funds issued with a certificate in accordance with the Collective Investment Funds (Jersey) Law 1988.
Currently regulations relating to the contents of prospectuses are split between the Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey) Order 1995 and the Companies (General Provisions) (Jersey) Order 2002 depending on whether the fund is constituted as a company or a unit trust, and whether it is open-ended or closed-ended.
There are no formal regulations covering certified funds constituted as limited partnerships, limited liability partnerships or closed-ended unit trusts. Until now the Commission has imposed requirements on those funds based upon the two existing Orders, although there is no formal basis for doing so. The intention is to remedy that situation by having just the one Order covering all types of certified fund no matter how the fund is constituted and irrespective whether it is open-ended or closed-ended.
The Commission has therefore proposed the Collective Investment Funds (Certificated Funds – Prospectuses) (Jersey) Order 200- as an amalgam of the two existing Orders together with some new prospectus requirements. For example:
According to a statement from the Commission, many of the new provisions have been required for some time as a matter of best practice. The Certified Funds Prospectuses Order puts these requirements on a formal footing for the first time. Following the change, the Companies (General Provisions) (Jersey) Order 2002 will apply only to public companies that are not collective investment funds, and the Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey) Order 1995 will be revoked.
A copy of the Consultation Paper can be downloaded from the Commission’s website, and comments regarding the consultation can be submitted before August 31, 2009.
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