Registered Collective Investment Scheme (Amendment) Rules, 2025

Summary

These Rules amend The Registered Collective Investment Scheme Rules, 2021 to update cross-references so that they point to the new Prospectus Rules, 2025 (as amended or replaced from time to time) instead of the Prospectus Rules 2021. The changes are technical in nature, replacing outdated references in the provisions on information particulars and registration declarations for registered collective investment schemes.

• Information particulars: References to the content standard for information particulars now point to the Prospectus Rules, 2025 instead of the Prospectus Rules 2021.
• Disclosure of changes: Disclosure of changes to information particulars must now be made in accordance with the Prospectus Rules, 2025.
• Registration declarations: The Commission's assessment of compliance of a scheme's principal documents and information particulars, when deciding whether to make a registration declaration, is now measured against the Prospectus Rules, 2025.

No new substantive obligations are introduced beyond aligning terminology with the updated Prospectus Rules; existing duties on directors, general partners, managers, trustees and designated administrators of registered investment schemes under the 2021 Rules continue to apply, now referencing the 2025 Prospectus Rules.

Key obligations

• Directors (for a company), the general partner (for a limited partnership), or the manager or trustee (for a unit trust) of a registered investment scheme must prepare information particulars containing at least the matters set out in the Prospectus Rules, 2025, as amended or replaced from time to time.
• The designated administrator of a registered investment scheme must, as far as reasonably able, monitor compliance with the information particulars requirements.
• Information particulars of a registered open-ended investment scheme that is open for new subscriptions must be reviewed at least once every twelve months.
• Changes in the content of information particulars of any registered investment scheme must be disclosed in accordance with the Prospectus Rules, 2025, as amended or replaced from time to time.

Applies to

registered collective investment schemes, open-ended investment schemes, closed-ended investment schemes, unit trusts, limited partnerships (schemes), designated administrators

Deadlines

• 1st July 2025: Coming into operation of the Registered Collective Investment Scheme (Amendment) Rules, 2025.
• at least once in every twelve months: Information particulars of an open-ended registered investment scheme open for new subscriptions must be reviewed.

Related documents

• This document is made under Protection of Investors (Bailiwick of Guernsey) Law, 2020