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A decision made (12/03/2008) regarding: Provision of Law Drafting time in 2008 to make amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.

Decision Reference MD-E-2008-0046
Decision Summary Title:	Amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.		Date of Decision Summary:	March 2008
Decision Summary Author:	James Mews Finance Industry Executive		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Contingency Request for Law Drafting Time: Amendment to Recognized Funds Regime		Date of Written Report:	7 March 2008
Written Report Author:	James Mews Finance Industry Executive		Written Report : Public or Exempt?	Public
Subject: Provision of Law Drafting time in 2008 to make amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.
Decision(s): The Minister agreed to request an allocation from the 2008 Law Drafting Programme of the time needed to make the amendments and instructed officers to make the necessary arrangements.
Reason(s) for Decision: Applications for law drafting time have been made in each of the past four years (including 2008) against the possibility that Jersey and the other Crown Dependencies (“CDs”) would be expected to bring its legislation into line with that of the UK. In the absence of any express requirement, each application has been deferred for consideration under contingency arrangements. During 2007 the Financial Services Authority in the UK made it clear that it expects each of the CDs to update its respective legislation concurrently and in the near future. Guernsey is well advanced and the Isle of Man is understood to have begun work. The legislation affected is the basis on which Jersey has been granted “Designated Territory” status by the UK. Failure to maintain the legislation as necessary could jeopardise that status, which would directly affect the 9 funds currently of that class and also adversely impact upon the Island’s reputation as a financial centre.
Resource Implications: The changes to the legislation will not have any effect on the financial or manpower resources of the States of Jersey.
Action required: Officers to undertake the necessary arrangements for the request to be passed to the Law Draftsman.
Signature: Senator P.F.C.Ozouf		Position: Minister
Date Signed:		Date of Decision:

Law Drafting - Recognised Funds class of Collective Investment Funds.

MINISTER FOR ECONOMIC DEVELOPMENT

CONTINGENCY REQUEST FOR LAW DRAFTING TIME

AMENDMENT TO RECOGNIZED FUNDS REGIME

THE ISSUE AND RECOMMENDATION

Recognized Funds are a class of collective investment funds which are recognised as providing equivalent investor protection to funds regulated by the UK. This enables Jersey to qualify as a “Designated Territory” within the UK. In order to maintain this regime, it is necessary that the Jersey Recognized Funds rules remain equivalent to the UK rules.
There have been changes in the UK rules and the Financial Services Authority (“the FSA”) (acting on behalf of HM Treasury) has made clear that to maintain “Designated Territory” status the Crown Dependencies must make the equivalent changes in the near future.
It is therefore recommended that the Minister for Economic Development request an allocation of contingency time in the 2008 Law Drafting Programme for these changes to be made as per the attached bid form.

THE RECOGNIZED FUNDS REGIME
1. There are 9 funds which take advantage of this regime and market directly to the public in the UK. The combined sterling equivalent net asset value of these funds is understood to be in excess of £2.7 billion (as at 30 September 2007). “Designated Territory” status is also recognised by certain other authorities, allowing these funds to be marketed directly in their respective jurisdictions.
2. In addition, the existence of a Recognized Funds regime in line with the UK’s rule has also proved valuable in demonstrating near equivalence with EU regulations, which has benefited the Island in negotiations with the EU.
3. Applications for law drafting time have been made in each of the past four years against the possibility that Jersey would need to bring this regime up to date. However, in the absence of an immediate need, each application has been deferred for consideration under contingency arrangements.
4. The FSA has indicated that it expects all three Crown Dependencies to implement the changes concurrently. It is understood that Guernsey is well advanced in this matter, having published proposals in November 2007. The Isle of Man is also thought to have begun work. It is therefore important for inter Crown Dependency relations that Jersey deals with this as matter of urgency as well as being in the Island’s own interest.
5. The proposed changes are essentially technical amendments to the Recognized Funds Rules concerning the structure of a fund.
RECOMMENDATION
1. It is recommended that the Minister for Economic Development request an allocation of contingency time in the 2008 Law Drafting Programme for these changes to be made as per the attached bid form.

JAMES MEWS

Finance Industry Development Executive

07 March 2008

http://sojedmdav/livelinkdav/nodes/24507293/WR_Contingency Request for Law Drafting Time Amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds..doc