Regulation of Jersey fund offers
The extent to which an offer document for a Jersey fund is regulated depends on the type of fund and how widely the offer document will be circulated — in other words, is it a public or private offer? In addition to complying with the applicable legislation, Jersey fund offer documents must also comply with any relevant guides issued by the Jersey Financial Services Commission (JFSC).
The CIF Law governs the content and circulation of prospectuses of funds that fall within the definition of a publicly-offered collective investment fund (broadly speaking, a fund that is to be listed or offered to more than 50 potential investors). This would include Recognized Funds and Certified Funds. A prospectus is defined in the CIF Law as a notice, circular, advertisement, or other invitation, offering to the public for subscription, sale or exchange any units; and also any document or advertisement issued by or on behalf of a functionary presenting to the public a description of, or other information about, a collective investment fund.
Under the CIF Law, the following orders (a form of subordinate legislation) have been made which lay down specific requirements as to the content of prospectuses…
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