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Orders associated with Collective Investment Funds.

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A decision made (02/04/2008) regarding: Orders associated with Collective Investment Funds.

Decision Reference:   MD-E-2008-0068 

Decision Summary Title :

Orders associated with the Collective Investment Funds (Amendment No 4) (Jersey) Law 2008

Date of Decision Summary:

31 March 2008

Decision Summary Author:

James Mews

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Orders associated with the Collective Investment Funds (Amendment No 4) (Jersey) Law 2008

Date of Written Report:

31 March 2008

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

The making of the following orders (“the Orders”): 

Control of Borrowing (Amendment No 13) (Jersey) Order 2008

Financial Services (Amendment of Schedule 2 to Law) (Jersey) Order 2008

Financial Services (Trust Company Business (Exemptions)) (Amendment No 3) (Jersey) Order 2008

Collective Investment Funds (Unclassified Funds) (Prospectuses) (Amendment No 5) (Jersey) Order 2008

Companies (General Provisions) (Amendment No 3) (Jersey) Order 2008

Collective Investment Funds (Permits) (Exemptions) (Amendment No 3) (Jersey) Order 2008

Financial Services (Trust Company Business (Exemptions No 2)) (Amendment) (Jersey) Order 2008

Decision(s):  

The Minister for Economic Development made the above-mentioned 7 Orders.

Reason(s) for Decision: 

The Orders are part of a series of changes in order to transfer the regulation of functionaries of funds from the Collective Investment Funds (Jersey) Law 1988 to the Financial Services (Jersey) Law 1998.  These changes are part of a larger set of amendments all with the purpose of regulating all financial services businesses operating in Jersey under a single law.  This will increase efficiencies in both the finance industry and the Commission in accordance with the latest international standards and good practice. 

The Collective Investment Funds (Amendment No 4) (Jersey) Law 2008 (“the CIF Amendment”) has been approved by the Privy Council and will come into force on 4 April 2008.  The proposed Orders, together with the CIF Amendment, form “Phase II” of the transfer of regulation.  In order for Phase II to come fully and smoothly into effect, the Orders should be made so as to come into force on the same date.

 

These particular changes include:

  • An exemption for regulated funds from the requirement to obtain consents under the Control of Borrowing (Jersey) Order 1958, which will avoid duplicated regulation.
  • Consequential changes to various orders reflecting the change from permits to certificates in the CIF Amendment.
  • The revocation of a transitional exemption which is no longer needed.

 

Resource Implications: 

No measurable cost or manpower implications arise for the Commission, the States or industry.

Action required: 

The Minister to make the Orders and the Finance Industry Development Executive to deliver the signed Orders to the Publications Editor, States Greffe and to liaise with the Greffier of the States for the Orders to be notified to the States.

Signature:  Senator P.F.C.Ozouf 

Position:  Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

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