Brief Outline On The Regulations Of Fund Functionaries

On 14th November 2007, the regulation of fund functionaries acting for unclassified funds (other than a company issuing units) was transferred from the Collective Investment Funds (Jersey) Law 1988 ('CIF' law), to the Financial Services (Jersey) Law 1998 ('FSJ' law) with a new class of business being created called 'Fund Services Business'.

At the same time, Codes of Practice came into force, which covers the responsibility of fund functionaries to demonstrate appropriate levels of 'fitness and propriety' in areas such as:

• Corporate Governance
• Internal systems and controls
• Financial resource
• Reporting

Within the grandfathering provisions of the transfer, those entities that already held fund functionary licences under the existing CIF legislation were automatically granted a licence under the FSJ regime.