PRESS RELEASE 3 August
2006
Consultation paper on proposed changes to the Jersey Expert
Fund Guide
The Commission has today issued a consultation paper on proposed
changes to the Jersey Expert Fund Guide (the “Guide”).
The main proposed revisions to the Guide are:
- Stock exchange listings – clarification
that an Expert Fund may be listed provided certain criteria
are met so that the holding of units in the fund is always
restricted to expert investors.
- Transfers of interests – new criteria introduced
to reinforce the principle that a transfer of interests
in an Expert Fund should only be to another expert investor.
- Acquisition on behalf on non-expert investors
– insertion of a reminder that professional intermediaries
must ensure that an investment in the Expert Fund is suitable
for the underlying investor.
- Minimum investment – clarification that
the minimum investment criterion of $100,000 relates to
the initial investment in the Expert Fund.
- Location of investment manager – a broadening
of the range of permissible jurisdictions in which the investment
manager may be established.
- Due diligence – clarification of the Jersey
functionary’s responsibilities.
- Span of control – introduction of text
to recognise that there may be cases where there are exceptional
circumstances justifying a degree of relaxation from the
Commission’s normal policy.
In addition, a number of minor changes are proposed to introduce
greater clarity or flexibility.
David Carse, Director General of the Commission, said: “In
general, the Guide has been extremely successful in achieving
its objectives and it is not considered that substantial changes
are required. Despite this, a number of enhancements can usefully
be made. These have been discussed and agreed with industry
representatives under the auspices of Jersey Finance Limited,
and are now being presented for wider industry consultation.”
The consultation paper can be viewed by Clicking
Here
- Ends -
For further information, please contact:
David Carse
Director, General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: l.johns@jerseyfsc.org
Notes to Editors.
1. The Commission launched the Guide in February 2004. The
Guide introduced a streamlined process for authorising and
establishing collective investment funds to be offered only
to ‘expert investors’ (as defined in the Guide).
2. Comments on the proposed changes to the Guide are sought
by 7 September 2006.
3. A copy of the consulation paper can be downloaded from
the Commission's website at www.jerseyfsc.org.
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