PRESS RELEASE 27 July 2009
CONSULTATION PAPER ON THE INTRODUCTION OF CODES OF PRACTICE FOR
The Jersey Financial Services Commission today published a consultation paper. The paper can be found on the Commission website on www.jerseyfsc.org.
The paper sets out the proposal to introduce codes of practice in respect of an unclassified collective investment fund, in relation to which a current certificate has been granted under Article 8B of the Collective Investment Funds (Jersey) Law 1988 (a “certified fund”). Codes of practice for fund services business (“FSB Codes”) were introduced in November 2007 and the current proposal complements the FSB Codes for locally-based fund service providers by applying to the fund vehicle itself.
For clarification, the proposed Codes of Practice for Certified Funds will not apply to collective investment funds that are:
non-Jersey funds; recognized funds; and unregulated funds.
John Harris, Director General of the Commission, said:
“This proposal is a further step in the regulation of funds in Jersey and completes the initiative to overhaul regulation of funds and functionaries started in 2007. It aims to make our regulation more effective while reducing the administrative burden on both the Commission and the industry.”
- Ends -
For further information please contact: -
David Banks - Director, Securities
Tel: + 44 (0) 1534 822000
Fax: + 44 (0) 1534 822001