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Industry update

Collective Investment Funds Updated (Unregulated Funds) (Amendment No. 3) (Jersey) Order 2018

This update affects:

  • Service providers to Unregulated Funds
  • Fund Services Businesses

Background

1 August 2016

  • The Jersey Financial Services Commission (JFSC) and Government of Jersey issued a consultation paper on the ‘Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes’ (the CP) which set out, amongst other things, the proposal that new notifications for Unregulated Exchange-Traded Funds (notifications made pursuant to Schedule 2 of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 (the UFO)) will no longer be accepted by the Registrar.

15 March 2017

  • The JFSC and Government of Jersey issued a feedback paper to the CP which set out the intention to prepare an amendment to the UFO to prevent any person from serving notice on the Registrar pursuant to Schedule 2 of the UFO, and setting out a structuring solution for narrowly held REIT structures in the form of the existing Unregulated Eligible Investor Fund.

25 January 2018

  • The third amendment to the UFO (the Amendment No. 3) was made by the Chief Minister. This amendment comes into force today, 1 February 2018.

Amendment No. 3

This Industry update is to notify Industry and interested parties that in line with Amendment No. 3, from 1 April 2018, no new notifications of Unregulated Exchange-Traded Funds pursuant to Schedule 2 of the UFO will be accepted by the Registrar. In practice, this means that the last date for filing such a notification is Thursday 29 March 2018.

Please note that existing Unregulated Exchange-Traded Funds (notified to the Registrar prior to 1 April 2018) will be able to continue in operation until the end of their natural life.