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Reminder Notice to Designated Managers

7th April 2009

Further to Carl Rosumek’s letter of 19 December 2009 advising of the introduction of the Authorised Closed-ended Investment Scheme Rules 2008, the Registered Collective Investment Scheme Rules 2008 and the Prospectus Rules 2008 following the implementation of applicable sections of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended this notice is a reminder that responses to that letter are required by 30 April 2009 to cover each scheme.

 

Under the transitional provisions in the Authorised Closed-ended Investment Schemes Rules 2008 and the Registered Collective Investment Scheme Rules 2008, an existing closed-ended collective investment scheme is deemed to have been granted an authorisation declaration in accordance with section 8 of the Law and rule 6.02 of the Authorised Closed-ended Investment Schemes Rules 2008 on the date when it in fact obtained consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinances 1959 to 1989, as if the Authorised Closed-ended Investment Schemes Rules 2008 had been in operation on that date. Alternatively, an existing closed-ended collective investment scheme may elect prior to 30 April 2009 to be treated as a registered closed-ended collective investment scheme under the Registered Collective Investment Scheme Rules 2008.

 

Similarly the transitional provisions allow for an existing open-ended investment scheme to elect, prior to 30 April 2009, to be treated as a registered open-ended collective investment scheme under the Registered Collective Investment Scheme Rules 2008.

 

Designated managers are requested to confirm how each of the funds that they administer are to be treated, and, if required, to request an election under the transitional provisions by 30 April 2009.

 

Those closed-ended collective investment schemes that have not elected prior to 30 April 2009 will be issued with a declaration of authorisation by default. Any authorised closed-ended fund which wishes to become a registered collective investment scheme after 30 April 2009 will have to submit a new application together with the requisite fee.

 

 

Any queries should be directed to Louise Bougourd or Dawn Phillips.