PRESS RELEASE 16 August 2011
FEEDBACK ON CONSULTATION PAPERS:
NO. 5 2009 – CERTIFIED FUND PROSPECTUSES; AND
NO. 7 2009 - CODES OF PRACTICE FOR CERTIFIED FUNDS
The Jersey Financial Services Commission (the “Commission”) has today issued two Feedback Papers on:
- Consultation Paper No. 5 2009: Certified Fund Prospectuses; and
- Consultation Paper No. 7 2009: Codes of Practice for Certified Funds.
Feedback Paper on Consultation Paper No.5 2009: Certified Fund Prospectuses
This Feedback Paper provides the Commission’s response to Industry’s comments on the proposals to improve disclosure in prospectuses for all types of certified fund. It is intended that the improved disclosure will be effected by:
introducing a new Order: the Collective Investment Funds (Certified Funds - Prospectuses) (Jersey) Order 201-
(the “Prospectus Order”);
amending the Companies (General Provisions) (Jersey) Order 2002 (the “General Provisions Order”); and
revoking the Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey) Order 1995.
The intention is for the Prospectus Order and amendments to the General Provisions Order to become effective six months after the Prospectus Order is made by the Minister for Economic Development.
Feedback Paper on Consultation Paper No. 7 2009: Codes of Practice for Certified Funds
This Feedback Paper provides the Commission’s response to Industry’s comments on the proposal to introduce Codes of Practice for Certified Funds (the “Certified Fund Codes”). The key benefit of the introduction of Certified Fund Codes is the simplification of administrative processes whilst maintaining the regulation of fund service providers and certified funds in a manner that is consistent with international standards.
The intention is for the Certified Fund Codes to be introduced towards the end of 2011.
Copies of the two Feedback Papers, along with revised versions of the Prospectus Order and the latest draft of the Certified Fund Codes can be viewed on the Commission’s Website by utilising the hyperlinks above.
- Ends -
For further information please contact: -
David Banks - Director, Securities
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822040
NOTES TO EDITORS
Certified fund means a Jersey 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, as amended.
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The four Regulatory Laws are: the Banking Business (Jersey) Law 1991; the Collective Investment Funds (Jersey) 1988; the Financial Services (Jersey) Law 1998; and the Insurance Business (Jersey) Law 1996.
Money service business includes money exchange, money transmission and cheque cashing activities.