Press Release - 28 June 2004

Commission Launches Non-Domiciled Fund Guide

The Jersey Financial Services Commission today announced the launch of the Non-domiciled Fund Guide (the “Guide”). To view please click here(192k)

A Non-domiciled Fund is a collective investment fund where the fund vehicle, which is typically a company, a limited partnership or a unit trust, is established in a jurisdiction other than Jersey.

The purpose of the Guide is to introduce a streamlined authorisation process for persons wishing to become functionaries (for example, an administrator, custodian, distributor) of Non-domiciled Funds that are:

• materially equivalent to Jersey Expert Funds;
• equivalent to Jersey Recognized Funds; or
• compliant with the latest EU UCITS Directive.

The Guide is the result of a joint effort between the Commission and the Jersey Funds Association and follows on from the successful launch of the Jersey Expert Fund Guide in February this year.

The Commission’s Director General, David Carse, said: “The new Guide is a further step in the process of enhancing the regulatory regime for funds’ business in Jersey. It will provide a framework for service providers in Jersey to develop the administrative services that they offer to non-domiciled funds and will complement the Expert Fund Guide, which relates to Jersey-based funds.”

The Guide has been published on the Commission’s website and the Commission will accept applications under the provisions of the Guide from tomorrow, 29 June 2004.

For further information please contact:

John Pallot
Director Compliance
Jersey Financial Services Commission

Telephone: + 44(0) 1534 822050
Facsimile: + 44(0) 1534 822002
Email: j.pallot@jerseyfsc.org

Callum Renault
Policy & Legal Manager
Jersey Financial Services Commission

Telephone: + 44(0) 1534 822057
Facsimile: + 44(0) 1534 822047
Email: c.renault@jerseyfsc.org

Note to Editors
“EU UCITS Directive” means European Union council directive 85/611/EEC, as amended from time to time.

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