Changes to the Guernsey Class B Rules

The Authorised Collective Investment Schemes (Class B) Rules 2013 came into operation on 2 January 2014, replacing the Collective Investment Schemes (Class B) Rules 1990. This note discusses certain aspects of the changes that have been made.

As a result of the changes, Class B scheme service providers will need to take action. In particular, it should be noted that the transitional provisions require that: scheme particulars must be updated in compliance with the Class B Rules by no later than 1 January 2015; and principal documents will need to be reviewed and amended as necessary to comply with the Class B Rules by no later than 1 January 2016.

There are no specific transitional provisions to deal with differences under the new regime, for example, stating that the previous regime under the 1990 Rules in respect of particular matters will continue until such time as the fund documents are updated as described above…

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