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Search News and Articles
Channel Islands Stock Exchange (CISX) Rule Change Update
Ogier Corporate Finance Limited (OCFL) is the market leader in providing listing agent services for the listing of securities on the Channel Islands Stock Exchange (CISX or the Exchange) having sponsored over 445 listings.
Channel Island Stock Exchange, LBG - Listing of Securities of Investment Funds
The Channel Islands Stock Exchange, LBG (the Exchange or CISX) commenced operations on 27 October 1998 and is intended to provide recognised facilities for the listing and trading of securities issued by companies and investment funds.
Investment funds in Guernsey
The investment funds industry in Guernsey has achieved significant growth in recent years. Statistics show that as at 30 June 2011 there was £274.5 billion of assets under management in Guernsey.
Guernsey investment funds: authorised or registered - which to choose?
On 15th December 2008, changes were made to the regulation of investment funds in Guernsey. Those changes created two regulatory regimes for collective investment schemes in Guernsey:
• registered investment schemes; and
• authorised investment schemes.
This briefing note analyses the differences between the two regimes.
MULTI-JURISDICTIONAL GUIDE 2012 FINANCE
Guernsey
Ben Morgan and Geoff Ward-Marshall - Carey Olsen
MULTI-JURISDICTIONAL GUIDE 2012 INVESTMENT FUNDS
Guernsey
Tom Carey and Tony Lane - Carey Olsen
RETAIL FUNDS
1. What is the structure of the retail funds market? What have been the main trends over the last year?
A Guide to Funds and Private Equity in Guernsey
Table of Contents
Introduction to Guernsey 1
About Carey Olsen 2
Fund Regulations in Brief 2
Investment Business 3
Collective Investment Schemes 3
Guernsey Qualifying Investor Funds
This memorandum has been prepared for the assistance of clients considering establishing a fund under the laws of Guernsey. It is intended to provide only a summary of the main legal requirements and general principles applicable to establishing a fund in Guernsey and it is not intended to be comprehensive in its scope. It is recommended that a client seeks legal advice on any proposed transaction prior to taking steps to implement it.
Code of Corporate Governance
Introduction The Guernsey Financial Services Commission (the GFSC) has recently issued the final form of the Code of Corporate Governance for the Finance Sector (the Code) which will take effect from 1 January 2012. Its stated purpose is to provide boards and individual directors with "a framework for sound systems of company governance".
Guernsey’s finance industry ‘is in good health’
New data: funds reach record high; insurance sector shows growth; mixed news for banking
Guernsey Insurance Overview
Although Guernsey has a distinctive French-Norman legal heritage, its 20th century corporate and commercial laws have largely been based on equivalent UK legislation. Consequently, much of Guernsey's legislation in this area will be familiar to those used to dealing with the UK or other common law systems. Indeed, the decisions of the courts of the United Kingdom, Australia and other Commonwealth countries are frequently relied upon in the Guernsey court.
Guernsey Funds June 2010
The Guernsey Financial Services Commission ("GFSC") applies three criteria in determining whether or not an entity is a collective investment scheme or fund. These criteria are as follows:
A Guide to Funds and Private Equity in Guernsey
The Bailiwick of Guernsey comprises the inhabited islands of Guernsey, Alderney, Sark, Herm, Jethou and Brecqhou. The islands are situated in the Bay of St. Malo, with their closest point being 8 miles (13 km) from the Cherbourg peninsula. The Bailiwick is in the same time zone as the United Kingdom.
Guernsey Funds
The Guernsey Financial Services Commission ("GFSC") applies three criteria in determining whether or not an entity is a collective investment scheme or fund. These criteria are as follows:
GUERNSEY AS A LEADING TRUST JURISDICTION
The Island of Guernsey is 24 square miles in size with a population of 65,000. It is situated in the English Channel just off the north west coast of France, in the Bay of St Malo and just 75 miles south of Weymouth in England. It is governed by the States of Guernsey. The Channel Islands are divided into two Bailiwicks; Jersey and Guernsey (the latter of which also comprises the smaller islands of Alderney, Sark, Herm and Jethou).
Use of Trusts in Guernsey
Guernsey is a self-governing dependency of the British Crown and does not form part of the United Kingdom. By constitutional convention established over some 900 years the Island has complete autonomy in all matters of internal government, including taxation. The legal system is derived in part from the customary laws of Normandy but has been strongly influenced by English law in trust, company and commercial matters and the Judicial Committee of the Privy Council remains the Island’s ultimate court of appeal.
New Rules for Guernsey Investment Fund Licensees
The principal law governing investment funds and licensees in Guernsey is The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”). This law was overhauled in 2008 primarily to bring the regimes for open and closed ended investment schemes under one law. New rules were published and came into force at the end of last year; the Authorised Closed Ended Investment Schemes Rules 2008; the Registered Collective Investment Scheme Rules 2008; and the Prospectus Rules 2008.
Transition to New Guernsey Funds Regime
This memorandum has been prepared for the assistance of clients considering carrying out investment fund business in Guernsey. It is intended to provide only a summary of the main legal requirements and general principles applicable to investment fund business in Guernsey and is not intended to be comprehensive in its scope. It is recommended that a client seeks legal advice on any proposed transaction prior to taking steps to implement it.
Guernsey becomes world’s fourth largest captive domicile
Guernsey becomes world’s fourth largest captive domicile
Guernsey - New Fund and Prospectus Rules
Following the recent changes to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the “POI Law”) and the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959, as amended (“COBO”) (as summarised in the recent Carey Olsen Client Briefing “Protecting Investors”) the Guernsey Financial Services Commission (the “GFSC”) has published new rules (the “New Rules”) to govern:
New Guernsey Fund Rules
The Protection of Investors (Bailiwick of Guernsey) (Amendment) Law 2007 (the "Amendment Law") came into force on 29 October 2008. In addition to amending the Protection of Investors (Bailiwick of Guernsey) Law 1987 (as amended) (the "POI Law"), the Amendment Law repealed those parts of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959 ("COBO") which were relevant to funds business. Whereas closed-ended funds were previously dealt with under COBO, both open-ended and closed-ended funds are now regulated in Guernsey by the POI Law.
New Era of Banking Supervision awaits
As we live through the impact of credit crunch Michael Sproule of Atkinson Ferbrache Richardson foresees a tougher regime of performance standards for Banks and their Boards in meeting the requirements of best practice.
Guernsey Funds
The Guernsey Financial Services Commission ("GFSC") applies three tests in determining whether or not an entity is a fund:
Trust Guernsey
Trusts are increasingly used as the prevalent feature of international estate planning. Partly this is a result of the Hague Convention on the Recognition of Trusts giving trusts more publicity and making those in civil law jurisdictions more comfortable with them; partly it derives from the increasing international mobility of people who want trusts as a flexible and reliable means of holding assets and managing their disposition in lifetime and devolution on death.
