Investment funds in Guernsey
The investment funds industry in Guernsey has achieved significant growth in recent years. Statistics show that as at 31 December 2013 there were £266bn of assets under management in Guernsey. The island has developed into a leading jurisdiction for the establishment of investment funds and a large number of Guernsey funds are listed on the London and other stock exchanges. Guernsey and Jersey have established The Channel Islands Securities Exchange where special procedures exist to enable the relatively easy listing of Guernsey and Jersey funds.
There are a wide variety of funds under management in Guernsey including equities funds, bond funds, money market funds, commodities and futures funds, hedge funds, property funds, feeder funds, umbrella funds, private equity and venture capital funds and emerging markets funds. In addition, there are a large number of institutional investment schemes established in Guernsey that have become increasingly popular for use as special-purpose vehicles in asset securitisation, real property and other specialised schemes.
The growth of the investment funds industry in Guernsey is attributable in part to the policies of the Guernsey authorities and the flexibility of the regulatory system. Growth is also attributable to the high quality of services available in Guernsey in relation to fund management and custody. The Protection of Investors (Bailiwick of Guernsey) Law 1987 (as amended) sets up a modern statutory structure for the regulation and administration of collective investment schemes in Guernsey. The law provides a framework for investor protection while retaining the flexibility to adapt quickly to changing market conditions…
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These two cases are helpful in terms of how the court sees the inter-relationship between the new article 47 test for mistake and the pre-existing provision of the TJL at article 11.
On 24 November 2014 Guernsey’s Legislation Select Committee passed the Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2014 with immediateeffect.