Collective Investment Funds (Restriction of Scope) (Jersey) Order 2000

Summary

This Order carves out certain special purpose investment vehicles from the definition of a collective investment fund under the Collective Investment Funds (Jersey) Law 1988. It targets schemes whose sole or main purpose is the securitisation or repackaging of assets through the issue of securities (including LLC interests and non-equity shares), removing them from Jersey's fund regulatory regime provided specific conditions are met.

• Who it affects: Promoters, issuers and arrangers of special purpose investment schemes engaged in securitisation or asset repackaging, and any collective investment fund structure that might otherwise be caught by the 1988 Law.
• Exemption condition: The scheme must be established for a special purpose (securitisation or repackaging of assets involving issue of securities) to fall outside the definition of a collective investment fund.
• Mandatory disclosure: The listing particulars or offer document for the securities must include, in bold type face, the prescribed warning text set out in the Schedule (or a version modified with the Jersey Financial Services Commission's written agreement), stating the investments are not a collective investment fund and are suitable only for financially sophisticated investors.
• Defined terms: The Order defines key terms such as investment scheme, LLC interest, non-equity LLC interests, non-equity shares, securities and special purpose, which determine whether a structure qualifies for the exclusion.

The Order has been amended several times, most recently by the Control of Borrowing (Jersey) Amendment Order 2026 effective 13 April 2026, mainly to update terminology following changes to LLC and limited partnership legislation; the core exclusion mechanism and disclosure requirement remain in force.

Key obligations

• Where an investment scheme relies on this Order to avoid being classed as a collective investment fund, its listing particulars or offer document must include, in bold type face, the exact text set out in the Schedule (or a version modified with the JFSC's written agreement) describing the investment as unsuitable for anyone other than financially sophisticated investors.

Applies to

special purpose investment schemes, issuers of securitised or repackaged asset securities, promoters/arrangers of securitisation vehicles, collective investment funds potentially caught by the Collective Investment Funds (Jersey) Law 1988

Related documents

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