Investor Protection (Designated Countries and Territories) (Republic of Ireland) Regulations, 1992

Summary

This 1992 Guernsey statutory instrument amends the Investor Protection (Designated Countries and Territories) Regulations 1989 by adding the Republic of Ireland to the list of designated countries under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. The effect is to extend to Irish authorised collective investment schemes (UCITS-type schemes under Irish SI No. 78 of 1989) the same exemptions from Guernsey licensing and scheme-authorisation requirements previously given to UK, Jersey and Isle of Man schemes.

• Schedule 1 amendment: Adds the Republic of Ireland as a designated country for promotion carried on in connection with an authorised scheme under the Irish UCITS Regulations 1989.
• Schedule 2 amendment: Adds the Republic of Ireland as a designated country in respect of any authorised scheme under the Irish UCITS Regulations 1989, exempting such schemes from Guernsey scheme authorisation requirements.
• Practical effect (a): A person or body without a permanent place of business in the Bailiwick, recognised as an Irish national, promoting an Irish authorised scheme in a manner permitted under Irish law, may promote that scheme in the Bailiwick without a Guernsey licence, provided the Commission is notified and section 3(1) licence application requirements are otherwise complied with.
• Practical effect (b): A Guernsey licensee may carry on any restricted activity for which it is licensed in connection with an authorised Irish collective investment scheme, provided it observes any requirements applicable to that activity under Irish law.

The Regulations came into force on 11th January 1993 and may be cited together with the 1989 Regulations as the Investor Protection (Designated Countries and Territories) Regulations 1989 and 1992.

Key obligations

• A person without a permanent place of business in the Bailiwick who wishes to promote an Irish authorised collective investment scheme without a Guernsey licence must notify the Commission of that intention and comply with section 3(1) of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 regarding licence applications.
• A Guernsey licensee carrying on a restricted activity in connection with an authorised Republic of Ireland collective investment scheme must observe any requirements applicable to that activity under Irish law.

Applies to

persons or bodies promoting Republic of Ireland authorised collective investment schemes without a permanent place of business in the Bailiwick, Guernsey licensees carrying on restricted investment activities in connection with authorised Republic of Ireland collective investment schemes

Deadlines

• 11th January 1993: Commencement date of the Regulations (text also contains a possible typographical variant '12th. January 1993' on the cover page).

Related documents

• This document amends Investor Protection (Designated Countries and Territories) Regulations, 1989