The Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Jersey) Order 1988

Statutory Instruments

1988 No. 2149

FINANCIAL SERVICES

The Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Jersey) Order 1988

Made

8th December 1988

Laid before Parliament

9th December 1988

Coming into force

30th December 1988

Whereas the Secretary of State is satisfied that the law under which collective investment schemes of the classes specified in this Order are authorised and supervised in the Bailiwick of Jersey affords to investors in the United Kingdom protection at least equivalent to that provided for them by the provisions of Chapter VIII of Part I of the Financial Services Act 1986(1) in the case of an authorised unit trust scheme:

Now, therefore, the Secretary of State in exercise of the powers conferred on him by section 87 of the Financial Services Act 1986 and of all other powers enabling him in that behalf hereby makes the following Order –

1.  This Order may be cited as the Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Jersey) Order 1988 and shall come into force on 1988.

2.  The Bailiwick of Jersey is designated for the purposes of section 87 of the Financial Services Act 1986 in respect of any collective investment scheme managed in and authorised under the law of the Bailiwick which is a scheme of a class specified in the Schedule to this Order.

Francis Maude

Parliamentary Under Secretary of State,

Department of Trade and Industry

8th December 1988

Article 2

SCHEDULE CLASSES OF SCHEME

1.  Any scheme which is—

(a) an authorised securities fund; or

(b) a money market fund; or

(c) a fund or funds; or

(d) an umbrella fund but only an umbrella fund each separate part of the property of which would, if it were the property of a single collective investment scheme authorised in the Bailiwick of Jersey, be the property of a scheme falling within sub-paragraph (a), (b) or (c) above.

2.  In paragraph 1 of this Schedule the expressions “authorised securities fund”, “fund of funds”, “money market fund” and “umbrella fund” have the meanings respectively given to them in Article 1(1) of the Collective Investment Funds (Recognized Funds) (General Provisions) (Jersey) Order 1988(2).

Explanatory Note

(This note is not part of the Order)

This Order designates the Bailiwick of Jersey for the purposes of section 87 of the Financial Services Act 1986 in respect of schemes managed in and authorised under the law of the Bailiwick which are of a class falling within the Schedule to the Order.

(1)

1986 c. 60.

(2)

R&O 7815: an order made by the Finance and Economics Committee of the States of Jersey in pursuance of Articles 10, 13 and 17 of the Collective Investment Funds (Jersey) Law 1988 (L.6/88).