Collective Investment Funds (Unregulated Funds) (Amendment No. 3) (Jersey) Order 2018

Made                                                                      25th January 2018

Coming into force                                                   1st February 2018

THE CHIEF MINISTER, in pursuance of Articles 3 and 20 of the Collective Investment Funds (Jersey) Law 1988[1] and on the recommendation of the Jersey Financial Services Commission, orders as follows –

1        Interpretation

In this Order “principal Order” means the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008[2].

2        Schedule 1 amended

In Schedule 1 to the principal Order, in paragraph 5 –

(a)     for sub-paragraph (2)(a) there shall be substituted the following clause –

“(a)    no market makers have been appointed by a fund company or by another person on behalf of the fund, except, subject to clauses (b), (c), (d) and (e), where the fund company is a United Kingdom real estate investment trust and units in the fund company are listed –

(i)      on one or more of the exchanges or markets listed in Schedule 4, or

(ii)      in the case of a United Kingdom real estate investment trust, on a recognized stock exchange (within the meaning given by section 1005(1) of the Income Tax Act 2007 (c. 3) of the United Kingdom);”;

(b)     in sub-paragraph (3) –

(i)      at the end of the definition “securities market” for the full stop there shall be substituted a semi-colon,

(ii)      after the definition “securities market” there shall be added the following definition –

“ ‘United Kingdom real estate investment trust’ means a fund company that has provided a notice under section 523 or 524 of the Corporation Tax Act 2010 (c. 4) of the United Kingdom.”.

3        Schedule 2 amended

In Schedule 2 to the principal Order, in paragraph 3(1), after the word “registrar” there shall be added the words “before 1st April 2018”.

4        Schedule 4 amended

In Schedule 4 to the principal Order –

(a)     in the sub-heading for the words “(Paragraph 4(1) of Schedule 2)” there shall be substituted the words “(Paragraph 5(2)(a)(i) of Schedule 1 and Paragraph 4(1) of Schedule 2)”;

(b)     in the list of exchanges and markets for the item “Channel Islands: Channel Islands Stock Exchange” there shall be substituted the following item –

“Channel Islands: The International Stock Exchange”.

5        Citation and commencement

This Order may be cited as the Collective Investment Funds (Unregulated Funds) (Amendment No. 3) (Jersey) Order 2018 and shall come into force 7 days after it is made.

senator i.j. gorst

Chief Minister

 


 



[1]                                    chapter 13.100

[2]                                    chapter 13.100.95


Page Last Updated: 05 Apr 2018