The Investment Funds (Specified Jurisdiction Fund) ( Japan) Order 2012 (the "SJF Japan Order") and the Investment Funds (Specified Jurisdiction Fund) ( Japan) Rules 2012 (the "SJF Japan Rules") effective as of 4 June 2012 is another example of Bermuda's continued innovative and global approach to investment fund products aimed at attracting foreign retail investment in Bermuda.
The SJF Japan Rules apply to a fund authorised and classified in accordance with paragraph 5 of the SJF Japan Order as a specified jurisdiction fund for Japan. A fund will not qualify for such classification unless its units, which have been or are intended to be offered by way of a public offering of securities, are offered in compliance with the law of Japan.
The law of Japan (a) relating to units of a fund which have been or are intended to be offered to the public in Japan by way of a public offering of securities (referred to in Japan as "yukashoken-no-boshu") and (b) defined under the Financial Instruments and Exchange Law of Japan, is recognized as the applicable law in Japan for the purpose of the operations of a fund that qualifies as a specified jurisdiction fund for Japan under the SJF Japan Rules.
Appleby has a dedicated Funds & Investment Services team in Bermuda. We will be issuing a Brief in due course. In the meantime, we are happy to provide further information and clarification on the SJF Japan Order and SJF Japan Rules and its effect.
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.
