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. The Authorised Rules cover not dissimilar ground to the existing rules for open ended investment schemes, e.g. the Class B Rules. A fund which is authorised is regarded as supervised at the highest level in Guernsey and must comply with the Authorised Rules if closed ended and the Class B Rules if open ended. (In respect of open ended investment schemes there are also the Class A Rules and the Class Q Rules which might be chosen in place of the Class B Rules). A fund which is registered