Purpose Codes of Practice for Certified Funds – The Codes of Practice for Certified Funds (the “Certified Funds Codes”) became effective on 2 April 2012. The Certified Funds Codes can be viewed on the Commission’s Website at www.jerseyfsc.org

Contrary to a recent press report, the purpose of the Certified Funds Codes is two-fold.

1. The first is to incorporate the standard conditions attaching to certified fund certificates. The new style certificates are now considerably shorter and only include any conditions peculiar to a particular fund.
2. The second purpose is to incorporate recommendations made by the IMF in 2003, to reduce the time for filing fund accounts from ten months to seven bringing the Commission more into line with other jurisdictions, and to track certain changes introduced by the International Organisation of Securities Commissions (“IOSCO”) in its revised international Principles for Securities Regulation, notably the new principles on hedge funds.

The Certified Funds Codes incorporate

• the Jersey Expert Fund Guide,
• the Jersey Listed Fund Guide and
• the Open-ended Collective Investment Fund Guide,

these documents remain available to download separately from the Certified Funds Codes themselves.

No changes of any substance have been made to the Guides.

http://www.jerseyfsc.org/pdf/2012_Dear_CEO_letter_re_Funds.pdf