Caroline Chan and Val Rouse of Ogier discuss the changes to the
Class B rules in Guernsey and what this means in practice for
Guernsey funds.
The vast majority of open-ended funds in Guernsey tend to be
established as Class B schemes because of the flexibility of the
regime, which has operated successfully since 1990. It has only
recently been updated for the first time. The Authorised Collective
Investment Schemes (Class B) Rules, 2013 (Class B Rules) came into
operation on 2 January 2014 and this article discusses certain of
the changes that have been made and the main points to note.
If they have not already done so, Class B scheme service
providers will need to take certain action. Scheme particulars must
be updated by no later than 2 January 2015 and any derogation
granted under the previous rules which continues to be required
must be reapplied for within the same timeframe, otherwise it will
lapse. If principal documents require updating, this must
