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Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-.

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A decision made (08/10/2007) regarding: Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-.

Decision Reference: MD-E-2007-0193

Decision Summary Title :

Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-

Date of Decision Summary:

2 October 2007

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 :

Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-

Date of Written Report:

2 October 2007

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

To approve a request for Law Drafting instructions to be produced for the Law Draftsmen to draft an Exemption Order from Collective Investment Funds Law (Jersey) 1998 (“the CIF Law”)

Decision(s):

The Minister for Economic Development approved the request for the Law Draftsman to prioritise the drafting of an Order over existing work in progress and agreed that the Finance Industry Development Executive should take the necessary steps in order for the Law Draftsman to be instructed and for the Order to be finalised and submitted to the Minister for his consideration as soon as possible.

Reason(s) for Decision:

It is very important that the funds industry is able to offer a full product range to investors in order to remain competitive with other jurisdictions. Jersey lacks a very light touch or registration regime for those investors who are sophisticated or institutional, and industry have informed the Minister that there is a demand for such a model that provided simplicity, certainty and speed to the promoters.

The work involved for the Law Draftsman is not expected to be substantial and delay other pieces of drafting.

Consultation has taken place with industry and the Commission who support the changes.

 

Resource Implications:

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

Action required:

The Finance Industry Development Executive to take the necessary steps in order for the Law Draftsman to be instructed and for the Order to be finalised and submitted to the Minister for his consideration as soon as possible.

Signature: Senator P.F.C.Ozouf

Position: Minister

Date Signed:

Date of Decision (If different from Date Signed):

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