Answer ... A Jersey certified fund would be required to issue a prospectus that complies with the content requirements of the CFPO and that would be approved by the JFSC.

A Jersey Private Fund is not required to have an offering document, but may do so as long as it contains all the information that investors and their advisers would reasonably require and would expect to find for the purpose of making an informed judgement about the merits of purchasing units in the fund and the nature and levels of risks accepted by making such a purchase. Any offer document that relates to a Jersey Private Fund does not need to be submitted to or approved by the JFSC.

Where a Jersey fund is to be marketed into Europe the fund may need to obtain an AIF certificate under the Alternative Investment Funds (Jersey) Regulations and comply with Jersey's AIF Codes, which broadly mirror the requirements of AIFMD in terms of disclosure, reporting and asset-stripping.

Non-Jersey funds may circulate offers in Jersey but a consent from the JFSC under COBO may be required.

Answer ... A Jersey certified fund must submit an application to the JFSC enclosing the prospectus confirming that it complies with the content requirements of the CFPO, and if relevant the Jersey AIF Codes and applicable sections of the Fund Codes.

Answer ... Applications for approval of a certified fund, which would include the submission of a CFPO-compliant prospectus, can be approved by the JFSC within three working days.

Answer ... Jersey domiciled investment funds can be marketed to the appropriate category of investor, i.e. an expert fund can be marketed to 'expert investors' and JPFs can be marketed to 'professional investors' or 'eligible investors' (subject, in the case of JPFs, to no more than 50 offers to invest being made). Jersey Listed funds can be marketed to professional or experienced investors or investors who have taken appropriate professional advice.

Answer ... Offering document content requirements for Jersey public funds are set out in the CFPO and relevant sections of the Fund Codes, and if relevant the Jersey AIF Codes.

Whether or not the requirement to produce a prospectus applies in respect of the various types of funds is set out in the relevant legislation and/or regulation governing the relevant fund product. Broadly Expert Funds, Unclassified Collective Investment Funds, Listed Funds and Eligible Investor Funds are required to produce CFPO compliant prospectuses that also comply with the Fund Codes. There is no requirement for JPFs to produce any form of marketing document, but if an offering document is produced it must not be misleading and must contain all of the information on the fund an investor would reasonably expect to see.

The CFPO sets out the content requirements for Jersey funds required to issue prospectuses (such as expert funds). Broadly these include details of matters such as the identity of the key stakeholders, valuation methodology, fund strategy, conflicts of interest, how fund assets will be held and various statutory statements. Where a prospectus is required additional content requirements may be set out in the relevant sections of the Fund Codes. Additional information may also need to be included to ensure compliance with the AIF Codes (where the fund will be an AIF marketing into Europe). Aside from prospectuses, the FSB Codes and Fund Codes also contain requirements around advertising.

Answer ... Each of the Fund Codes and FSB Codes provide that a fund/registered person must not make statements that are misleading, false or deceptive, and the Codes contain requirements in relation to advertisements that relate to funds.

Answer ... Subject to certain exemptions, non-Jersey domiciled funds circulating offers in Jersey are required to obtain a COBO Consent from the JFSC. Certain investor warnings may also need to be included in any marketing material distributed to Jersey investors.

Answer ... There is no requirement under Jersey law for local marketing entities to be appointed.

Answer ... Recognised Funds, Unclassified Collective Investment Funds and Listed Funds can be marketed to retail investors subject to certain requirements, for example, in relation to Listed Funds that the investors have taken appropriate professional advice. Regulated managers can invest on behalf of retail investors in Expert Funds and JPFs if they are satisfied that the investment is suitable for the underlying investor and that the underlying investor is able to bear the economic consequences of investment in the fund, including the possibility of the loss of their entire investment.