Codes Of Practice For Certified Funds

INTRODUCTION

The Jersey Financial Services Commission (the 'JFSC') has recently introduced Codes of Practice for Certified Funds (the 'Codes') which enhance the framework for the regulation of funds under the Collective Investment Funds (Jersey) Law 1988 (the 'Law').

The Codes were introduced under Article 15 of the Law, and apply to all unclassified funds issued with a certificate under Article 8(B) of the Law ('Certified Funds'). This includes any fund structured as an openended unclassified collective investment fund offered to the general public (an 'OCIF'), an Expert Fund and a Listed Fund (in each case, established pursuant to the applicable guide issued by the JFSC) and also includes closed ended funds offered to the public, but excludes any non-Jersey fund; recognized fund (i.e. retail funds offered in the UK); unregulated fund; and private fund.