COUNTRY

REGULATORY AUTHORITY

STATUS

AUSTRALIA

Australian Securities and Investments Commission,
Level 18, 1 Martin Place

Sydney NSW 2000
TEL: 00 61 2 9911 2000
FAX: 00 61 2 9911 2634

Agreement signed by ASC and GFSC, June 1996, to allow Class A schemes to be marketed in Australia.

BELGIUM

Commission Bancaire et Financière
99, Avenue Louise,
1050, Brussels.
TEL: 00 32 2 535 2211
FAX: 00 32 2 535 2323

As of May 2000, the CBF is satisfied that Class A schemes are comparable to UCITS and may be marketed in Belgium. Class B schemes considered on case-by-case basis but closed ended schemes not allowed.

HONG KONG

Securities and Futures Commission,
8/F Chater House

8 Connaught Road Central

HONG KONG

ouseHTEL: 00 852 2840 9267
FAX: 00 852 2877 0318

Class A schemes are granted certain waivers from standard HK regulatory requirements. Class B schemes are considered on a case-by-case basis.

THE NETHERLANDS

De Nederlandsche Bank,
P O Box 98,
1000 AB Amsterdam.
TEL: 00 31 20 524 3331
FAX: 00 31 20 524 3669

Memorandum of Understanding signed by DNB and GFSC, August 1993. DNB will consider applications from Guernsey open and closed ended schemes.

REPUBLIC OF IRELAND

Central Bank of Ireland,
P O Box 559,
Dame Street,
DUBLIN 2.
TEL: 00 353 1 671 6666
FAX: 00 353 1 671 6528

Class A schemes will receive marketing approval subject to satisfactory completion of CBI’s notification requirements. Class B schemes will be considered on a case-by-case basis.

JAPAN

Securities and Exchange Surveillance Commission
Coordination and Inspection Division
3-1-1 Kasumigaseki, Chiyoda-ku
Tokyo 100-0013
JAPAN
TEL:  00 81 3 3581 7868
FAX: 00 81 3 5251 2136

FSA-recognised Class A schemes are eligible for public marketing in Japan. Guernsey Class B schemes may also be marketed to Japanese investors subject to regulatory approval.

SOUTH AFRICA

Financial Services Board,
Rigel Park,
446 Rigel Avenue South Erasmusrand,
Pretoria,
SOUTH AFRICA
TEL: 00 27 12 428 8000
FAX: 00 27 12 347 0221

Guernsey authorised funds are required to enter into a representative agreement or maintain a representative office and to satisfy the FSB that they are regulated to an equivalent standard to South Africa funds. Guernsey Class A schemes and also some Class B schemes have been accepted.

SWEDEN

Financial Supervisory Authority
Postbox 6750
Sveavagen 167
Sweden
TEL: 00 46 8 787 8000
FAX: 00 46 8 24 13 35

If a manager carries out marketing at ‘arms length’ (eg. Advertising or promoting, with no permanent staff in Sweden) no authorisation is required from F-I. The manager must comply with the Marketing Practices Act 1995. If selling or redeeming through a branch or local subsidiary/agent, F-I authorisation is required.

SWITZERLAND

Swiss Federal Banking Commission
Schwanengasse 12
Postfach CH-3001
Bern

SWITZERLAND

TEL:00 41 31 322 6911
FAX:00 41 31 322 6926

Equivalency of Guernsey regulation/supervision to Swiss standards recognised by SFBC in January 1994. Applications to SFBC must be made by a body holding the appropriate licence. A Swiss bank must be appointed as paying agent.

UNITED KINGDOM

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
TEL: 020 7066 1000
FAX: 020 7066 1099

Class A schemes are eligible to obtain recognition from the UK Financial Services Authority ("the FSA") under section 87 of the UK Financial Services Act 1986 in consequence of the designated territory status granted to the Bailiwick of Guernsey in 1988. Class B and Class Q schemes may not be marketed to the general public in the UK, but may be offered to sophisticated investors if they meet the requirements of the relevant UK regulations.