The Guernsey Financial Services Commission has published a
consultation on a draft update to Guernsey's Collective
Investment Schemes (Class B) Rules 1990 ("the 1990
While the 1990 Rules have been subject to various amendments
they have not previously been the subject of a detailed review.
Class B schemes, which are the most common form of open-ended
collective investment schemes in Guernsey, range from retail funds
aimed at the "general public" via institutional funds to
the strictly private funds established for a narrow range of
investors, and their investment objectives and risk profiles are
The results of that review are a set of draft 2012 Class B Rules
("Draft Rules"). Significantly the consultation paper
notes that the Rules continue to place emphasis on
sufficient disclosures being made in documentation offered to
investors being given sufficient time after notification of a
change to the operation or management of the scheme to redeem their
holdings should they wish to do so.
In addition, a number of areas where the GFSC's prior
approval was required have been amended to simply require
The GFSC has stated an intention for the Draft Rules to come
into effect during the second quarter of 2012 and have requested
comments on a number of specific issues as well as more general
comments on the Draft Rules. Both the consultation Paper and the
full text of the Draft Rules are available here.
Comments must be provided to GFSC by close of business on
Thursday 5 April 2012.
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