The Channel Islands Stock Exchange (“CISX”), which is based in Guernsey, commenced operations in October 1998, since when it has approved over 4,000 securities for listing with a total market capitalisation of over US$50 billion. Some of the strengths of the CISX are competitive pricing, responsive and approachable market authority that meets daily to consider its applications for listings, a highly personalised approach, international standards of issuer regulation, enhanced marketability and added value service, as well as a premier location. This Factsheet summarises some of the important factors when considering listing Eurobonds on the CISX, CSX or LuxSE.

Free Collas Crill presentation to your staff

John F Kennedy once said, "The problems of the world cannot possibly be solved by sceptics or cynics whose horizons are limited by the obvious realities. We need men who can dream of things that never were and ask why not?"

The AIFM Directive, coming into force on 22 July 2013, will be one of the most important and far reaching EU fund initiatives we have seen. Jersey will simultaneously introduce initiatives which will allow us to take full advantage of our Third Country status in relation to the AIFM Directive. 

At Collas Crill we believe the AIFM Directive will bring positive change to Jersey. Afterall, why not? The dual landscape of fund products required to be compliant with the regulatory initiative and those that do not will give rise to fresh, creative thinking.

Equip your staff with knowledge and information by taking advantage of our free, 1 hour presentation, on the AIFM Directive and Jersey initiatives.

The presentation can be at a time and location suitable to you and your colleagues.

Please call Angela on 01534 601 759 or email angela.dingle@collascrill.com for more information or to make your presentation booking.

We would also be delighted to hear from you should you wish for Collas Crill to make a presentation on other topics of interest to your business.

In the June issue of the STEP Journal Collas Crill consultant, Edward Stone, looks at how a specialist Guernsey vehicle can be used to simplify private trust company structures.

What is Collas Crill’s pensions and employee benefits service? It is a comprehensive legal service to assist businesses and service providers with the establishment and ongoing administration of both international and locally focused pension and employee incentive plans.

This guide outlines the legal and regulatory issues related to the carrying on of administration business in or from within Jersey. This is intended as a general guide, however, specific reference to fund structures is included.

This guide outlines the legal issues related to the appointment of a nominee director, subsequent to nomination pursuant to a shareholders agreement or otherwise, and the extent to which such director may be regarded as subject to the wishes of the nominator in addition to or in the place of his fiduciary duties.

This guide outlines the legal and regulatory issues related to the carrying on of investment advisory or management business in or from within Jersey. This is intended as a general guide, however, specific reference to fund structures is included.

The Guernsey Investment Fund Association (GIFA) is holding a free technical training event in London next month, designed to appeal to professionals working in the funds industry who have an interest in Guernsey.

Supported by Guernsey Finance, the Guernsey Technical Update is an afternoon event on 21 November at a City venue. You can read more in this brochure.

Among the speakers is our own Paul Wilkes, group partner and funds specialist at Collas Crill, who will speak on the regulatory framework for Guernsey funds and key benefits of the Guernsey legal regime, including recent and upcoming developments.

To book your place please contact Jennifer Baudains:
e: j.baudains@guernseyfinance.com
t: +44 (0)1481 720071 

Collas Crill investment funds experts Mark Rawlins and Adrian Odell consider how investors and managers are complementing traditional investment strategies, noting a growing popularity in funds targeting art and diamonds and other precious gem stones. This is coupled with a growth in disputes and restructuring across funds of all investment classes, they say.

The Jersey Financial Services Commission has recently introduced Codes of Practice for Certified Funds which enhance the framework for the regulation of funds under the Collective Investment Funds (Jersey) Law 1988. The Codes apply to all Uncertified Funds. This includes any fund structured as an open-ended unclassified collective investment fund offered to the general public, an Expert Fund and a Listed Fund and also includes closed-ended funds offered to the public, but excludes any non-Jersey fund; recognized fund; unregulated fund; and private fund. The Codes have been introduced by the JFSC for the stated purpose of establishing sound principles and providing practical guidance in respect of any Certified Fund and any provision of the Law or any regulations or orders made under the Law.

As it currently stands, different legislative regimes apply to the content of a prospectus issued by a Jersey Certified Fund, depending on the Certified Fund’s legal form and whether or not it is open or closed ended. The current legislation is contained in the Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey)(Order) 1995 and the Companies (General Provisions) (Jersey) Order 2002. Whilst generally fit for purpose, these two orders are now dated and do not provide sufficient regulatory oversight or ease of use for modern funds practice. Accordingly, a new prospectus order has been made, entitled the Collective Investment Funds (Certified Funds – Prospectuses) (Jersey) Order 2012. The CFPO will come into force on 17 November 2012 and will replace the UFPO and the CGPO. The UFPO will be revoked, and the CGPO will cease to apply to Certified Funds.

After many false starts, the metrics are now better now than they have been for a long, long time, says Collas Crill partner Mark Rawlins as he reports on a funds resurgence.

Welcome to the first issue of the Collas Crill Funds Update for 2012. This issue sees us address a number of legislative and regulatory developments in both islands. For Jersey Adrian Odell details the Private Placement Funds regime and...

In January 2012 the JFSC launched a new private placement funds regime, making it quicker and easier to establish close-ended funds, including property funds and private equity funds, for offer to not more than 50 persons, all of which are professional investors or sophisticated investors. This pragmatic new regime allowing regulatory consent to be obtained within 3 days has been warmly welcomed by Jersey’s funds industry as a new addition to the broad range of fund products already offered by Jersey.