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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Alternative Investment Fund Managers Directive (2011/61/EU): Various related Orders

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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A decision made 5 July 2013:

Decision Reference: MD-E-2013-0069

Decision Summary Title :

Orders relating to the Alternative Investment Fund Managers Directive 2011/61/EU

Date of Decision Summary:

5 July 2013

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Orders relating to the Alternative Investment Fund Managers Directive 2011/61/EU

Date of Written Report:

5 July 2013

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

 

Subject:

 

Approval of the following draft Orders:

 

  1. Alternative Investment Funds (Amendment of Regulations) (Jersey) Order 201- pursuant to Regulations 5 and 29 of the Alternative Investment Funds (Jersey) Regulations 2012;

 

  1. Alternative Investment Funds (Jersey) Order 201- pursuant to Regulations 3, 6, 16 and 29 of the Alternative Investment Funds (Jersey) Regulations 2012;

 

  1. Collective Investment Funds (Certified Funds – Prospectuses) (Amendment) (Jersey) Order 201- pursuant to Articles 14 and 20 of the Collective Investment Funds (Jersey) Law 1988;

 

  1. Financial Services (Amendment of Schedule 2 to Law) (No.4) (Jersey) Order 201- pursuant to Articles 4 and 42 of the Financial Services (Jersey) Law 1998; and

 

  1. Financial Services (Financial Service Business) (Amendment) (Jersey) Order 201- pursuant to Articles 8 and 42 of the Financial Services (Jersey) Law 1998.

 

Decision(s):

 

The Minister for Economic Development made the following Orders:

 

  1. Alternative Investment Funds (Amendment of Regulations) (Jersey) Order 201-
  2. Alternative Investment Funds (Jersey) Order 201-
  3. Collective Investment Funds (Certified Funds – Prospectuses) (Amendment) (Jersey) Order 201-
  4. Financial Services (Amendment of Schedule 2 to Law) (No.4) (Jersey) Order 201-
  5. Financial Services (Financial Service Business) (Amendment) (Jersey) Order 201-

 

(together the “Orders”)

 

The Orders were proposed pursuant to the relevant powers under the Alternative Investment Funds (Jersey) Regulations 2012, the Collective Investment Funds (Jersey) Law 1988, and the Financial Services (Jersey) Law 1998.

 

Reason(s) for Decision:

The Orders are necessary to finalise the implementation of the European Union’s Alternative Investment Fund Managers Directive 2011/61/EU (the “Directive”) into Jersey law, which will allow Jersey funds to continue to be marketed in the European Union and any other state within the European Economic Area to which the Directive applies after 22 July 2013, being the date that the Directive comes into force in the European Economic Area.

 

The Jersey Financial Services Commission has provided its recommendation to the Minister that the Orders be made.

 

Resource Implications:

 

There are no financial or manpower implications for the States of Jersey arising as a result of this decision.

 

Action required:

 

The Minister to sign, date and seal each Order and for the signed Orders to be returned to the States Greffe without delay.

 

Signature:

 

 

Position:

 

Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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