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.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
This article will explore existing real estate property management solutions, focusing on the top private equity real estate platforms in the marketplace, including subject matter expert's viewpoints on the existing software infrastructure.
Over 150 attendees from both New York and the Cayman Islands recently gathered at the 4th annual Cayman Finance New York Breakfast Briefing held at the Harvard Club of New York City at which Cayman Finance CEO Mr Jude Scott described Cayman as "the premier global financial hub".
A professional director for a hedge fund might take an instinctive view that board observer rights are not desirable given the traditional view of separation of capital ownership and those responsible for fund governance.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).