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Collective Investment Funds (Unregulated Funds) (Jersey) Order 200-.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made (18/02/2008) regarding: Collective Investment Funds (Unregulated Funds) (Jersey) Order 200-.

Decision Reference:   MD-E-2008-0035 

Decision Summary Title :

Collective Investment Funds (Unregulated Funds) (Jersey) Order 200-

Date of Decision Summary:

18 February 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 :

Collective Investment Funds (Unregulated Funds) (Jersey) Order 200-

Date of Written Report:

18 February 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 passing of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 200- Order (“the Order”) exempting certain categories of fund from Collective Investment Funds Law (Jersey) 1998 (“the CIF Law”) and consequential changes set out in the Companies (General Provisions) (Amendment No 2) (Jersey) Order 2008 (“The CGPO Amendment”) and the Control Of Borrowing (Amendment No 12) (Jersey) Order (“The COBO Amendment”) in order for Jersey to offer an unregulated funds product.

Decision(s):  

The Minister made the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008, the Companies (General Provisions) (Amendment No 2) (Jersey) Order 2008 and the Control Of Borrowing (Amendment No 12) (Jersey) Order 2008.

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 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.  It is important this be introduced as early as possible to maintain Jersey’s international position.

Consultation has taken place with industry who support the proposed changes.  The Commission recommends the proposed changes set out in the COBO Amendment, the making of the Order and has been consulted concerning the CGPO Amendment.

 

Resource Implications: 

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

Action required: 

The Minister to approve and sign the Orders (and explanatory notes) and the Finance Industry Development Executive to deliver the signed Orders ‘au Greffe’ immediately upon signature.

Signature:  Senator P.F.C.Ozouf 
 

Position:  Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

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