15 March 2013

This briefing considers the circumstances in which regulatory consent is required by a non-Jersey fund for the circulation of an offer document or other marketing activities in Jersey.

In addition to COBO Consent being required for the raising of money in Jersey by the issue and registration of shares, units or partnership interests (as the case may be) of a Non-Jersey Fund,  COBO Consent may also be required for the circulation in Jersey of a Non-Jersey Fund offer document. COBO Consent is required for the circulation in Jersey of an offer document of a non-Jersey corporate or unit trust fund unless the offer:

does not constitute an offer to the public — ie the offer is addressed exclusively to a restricted circle of persons;

is valid in the UK or the Bailiwick of Guernsey (An offer is valid in the UK if an identical offer to that made in Jersey is for the time being circulated in the UK without contravening certain legislation, including the Financial Services and Markets Act 2000 or the Companies Act 1985 in the UK) and the offer is circulated in Jersey only to persons similar to those to whom and in the manner similar to that in which it is for the time being circulated in the UK or the Bailiwick of Guernsey, as the case may be…

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