Servicing non-Jersey funds in Jersey
Since the introduction of the FSB Codes and related changes to the funds legislation in Jersey, in most cases a Jersey entity that wishes to carry on fund services business in relation to a publicly offered non-Jersey fund will be able to do so entirely under its FS Law registration acting in accordance with the FSB Codes. This briefing distinguishes between non-Jersey funds that are publicly offered and those that are not.
Any entity proposing to carry on Fund Services Business in Jersey in respect of a publicly-offered Non-Jersey Fund must be registered to conduct Fund Services Business under the FS Law. A Fund Service Provider acting for a publicly-offered Non-Jersey Fund must comply with the full FSB Codes unless it is a Managed Entity acting for a Non-Jersey Fund “materially equivalent” to a Jersey Expert Fund in which case it need only comply with the core principles of the FSB Codes plus the standard conditions attached to its registration under the FS Law. A Fund Service Provider is required to notify the JFSC that it has been appointed to act for a new publicly-offered Non-Jersey Fund…
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A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.