(Investment Business Update Special November 1996)
Because of Guernsey's Designated Territory status, which was granted in 1988, Guernsey Class A schemes are recognised by the UK's Securities and Investments Board and, thus, are able to be marketed to the public in the UK. The types of Class A schemes included under the Designation Order are securities schemes, money market funds, fund of funds and umbrella funds.
In addition to the UK, there are six other countries in which the Class A funds may be marketed to the public and these are: Hong Kong, Japan, The Netherlands, The Republic of Ireland, Switzerland and, most recently, Australia. The reason for this marketing capability is that the Commission successfully negotiated agreements with each respective authority in response to local fund managers' marketing requirements.
To have obtained approval from seven countries is further evidence of international confidence in Guernsey's reputation as a well-regulated centre. Guernsey has the distinction of being the first European offshore centre to have achieved official recognition for Class A schemes to be marketed in Australia. Indeed, no continental EU member has been so recognised.
At the present time, the Commission is negotiating reciprocity arrangements with Belgium and pursuing similar agreements with Germany, Italy, Spain and Denmark.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: info@gfsc.guernseyci.com
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
