The Collective Investment Schemes (Class B) Rules 1990 (“the 1990 Rules”) came into operation on 1 October 1990.  Whilst the 1990 Rules have been subject to various amendments they have not previously been the subject of a detailed review.  In light of amendments made to the rules relating to Class A open-ended collective investment schemes and the introduction of rules covering authorised closed-ended investment schemes and registered collective investment schemes it was considered appropriate to conduct such a review of the 1990 Rules.

It was against that background that a working party consisting of industry representatives from the open-ended fund sector and the Investment Business Division was established to review the 1990 Rules.  We would like to thank the industry representatives for the significant contribution they have made to this project.

Having considered the review undertaken by the working party the Commission has produced the revised rules and is currently seeking written feedback from Investment licensees on these revised rules.  A more detailed consultation paper is attached which outlines particular areas of the revised rules where the Commission would welcome feedback.

Consultation Paper

The Draft of the Authorised Collective Investment Schemes (Class B Rules) 2012

Please provide any comments on these rules to ClassBRules@gfsc.gg by close of business on Thursday 5 April 2012.

As part of the consultation process a meeting is to be held on Wednesday 22 February 2012 at St James Concert & Assembly Hall at 5 pm, at which Mark Le Page and Emma Bailey will present the draft rules and provide an opportunity for further discussion.  Please contact Sue Martin (smartin@gfsc.gg) if you wish to attend that meeting.

Carl Rosumek