Collective Investment Funds (Appointment of Manager) (Jersey) Order 2008

Summary

This Order, made under the Collective Investment Funds (Jersey) Law 1988, sets out the specific circumstances in which the Jersey Financial Services Commission may apply to the Royal Court for the appointment of a manager over the affairs of a fund person relating to a collective investment fund. It does not impose ongoing filing or reporting duties on industry; rather it defines the trigger conditions for this regulatory intervention power under Article 34A of the Law.

• Who can be targeted: A fund person, defined as anyone holding a permit or certificate under the Law, or anyone the Commission reasonably believes is in breach of Article 5 or Article 8 of the Law.
• Prescribed circumstances (Schedule): Include inadequate management of fund affairs (dishonesty, breach of fiduciary duty, insufficient resources, poor record keeping, conflicts of interest, persistent AML/CFT or Law breaches, death/incapacity of a principal person); apparent cessation of business without orderly wind up; persistent failure to examine participant complaints; carrying on fund business without a permit or certificate; need to collect or preserve fund assets or records; need to avoid grounds for forced winding up; need to implement a compensation scheme; and failure to comply with conditions, notices of objection or directions under specified Articles of the Law.
• Effect: Where the Commission is satisfied there is sufficient evidence of any listed case, it may apply to the Court for appointment of a manager to run all or part of the fund person's affairs relating to the collective investment fund.

The Order has been in force since 2008 and was amended in 2014 to update the Schedule; it remains a standing consolidated law with no periodic filing obligations for industry.

Applies to

fund persons (permit or certificate holders under the Collective Investment Funds (Jersey) Law 1988), collective investment fund managers and administrators

Related documents

• This document is made under Collective Investment Funds (Jersey) Law 1988