Following initial discussions with the UK Financial Services Authority and HM Treasury late last year, the Investment Business Division initiated a project to revise the existing Guernsey Class A open-ended fund rules to bring them into line with more liberal developments in the European Union. The following revised rules, based on the UK’s New Collective Investment Scheme Sourcebook, have been considered by a working party consisting of industry representatives from the open-ended fund sector and the Investment Business Division. The Commission is currently seeking written feedback from Investment licensees on these revised rules.
After the consultation process the revised rules will have to be formally submitted to the UK’s Financial Services Authority for confirmation that the new rules provide equivalent protections to those accorded by UK rules, followed by a request to HM Treasury for a new Statutory Instrument designating the rules so that funds operating in accordance with them may be freely marketable in the UK.
Consultation On The Draft Of The Collective Investment Schemes (Class A) Rules 2008
Please provide any comments on these rules to Emma Bailey by close of business on 30 November 2007.
Director of Investment Business