Financial Services (Collective Investment Funds) (Exemptions) (Jersey) Order 2007

Summary

This Jersey Order creates a limited exemption from registration requirements under the Financial Services (Jersey) Law 1998 for certain non Jersey domiciled companies that issue units in collective investment funds. It defines who qualifies as a prescribed person for this exemption and specifies which parts of the Law still apply to them despite the exemption.

• Who qualifies: A company is a prescribed person if it is a company issuing units for purposes of the Collective Investment Funds (Jersey) Law 1988, is incorporated outside Jersey, and does not have an established place of business in Jersey.
• What counts as an established place of business: Includes a Jersey branch or office of the company; it does not include merely holding director meetings in Jersey or having a manager, director or administrator ordinarily resident in Jersey.
• Scope of the exemption: Prescribed persons are exempted only from Article 7(1) of the Financial Services (Jersey) Law 1998, not from registration generally.
• Continuing obligations: Articles 12, 23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Law continue to apply to prescribed persons in the same way as they apply to registered persons.

The Order took effect on 23 February 2007 and remains in force in its consolidated form as of the point in time shown (1 January 2019 to current). It does not impose filing deadlines but modifies which statutory obligations a qualifying non Jersey fund company must continue to meet.

Key obligations

• A non-Jersey domiciled company issuing units that qualifies as a prescribed person must continue to comply with Articles 12, 23, 24, 25, 26, 28, 32 to 39 and 41 of the Financial Services (Jersey) Law 1998 as if it were a registered person, notwithstanding its exemption from Article 7(1).

Applies to

non-Jersey domiciled companies issuing units in collective investment funds, registered persons under the Financial Services (Jersey) Law 1998 (by reference)

Related documents

• This document is made under Financial Services (Jersey) Law 1998