Collective Investment Funds (Recognized Funds) (Actions for Damages) (Jersey) Regulations 2008

Summary

This short 2008 Regulation implements Article 35 of the Collective Investment Funds (Jersey) Law 1988, which allows civil actions for damages for breach of specified regulatory provisions. It does not create new obligations itself, but defines which existing provisions count as 'specified provisions' that can give rise to a damages claim.

• Scope of specified provisions: Provisions of the Collective Investment Funds (Jersey) Law 1988, the Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Jersey) Order 1988, and the Collective Investment Funds (Recognized Funds) (Rules) (Jersey) Order 2003 are designated as specified provisions for Article 35 purposes.
• Limited to certain functionaries: These specified provisions only apply insofar as they relate to a functionary acting as a manager, trustee, custodian or depositary in relation to a recognized fund.

In effect, the Regulation delineates the boundaries of potential civil liability under Article 35 for these categories of functionary in respect of recognized funds; it contains no filing, reporting or other compliance obligations of its own.

Applies to

managers of recognized funds, trustees of recognized funds, custodians of recognized funds, depositaries of recognized funds

Related documents

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