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Jersey Releases Guidance On Investment Funds' Prospectuses,
by Jason Gorringe, Tax-News.com, London
Friday, June 05, 2009
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:
The prospectus must make clear what happens to any funds raised if
the launch of the fund does not proceed.
The prospectus must state any limitations on the custodian’s
duty to safeguard fund assets.
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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