When it comes into force in November, the Collective Investment Funds Order 2012 will require all prospectuses for certified funds to comply with new content requirements irrespective of the type of fund vehicle that is used or whether the fund is open-ended or closed-ended.
Currently, two orders regulate certified fund prospectuses in Jersey, namely the UFPO, which applies to certain open-ended certified funds excluding limited partnership funds; and the CGPO, which applies only to certified funds constituted as closed-ended companies.
This leaves a few fund vehicles, notably open-ended and closed-ended limited partnerships and closed-ended unit trusts, without any specific Jersey statutory requirements with regard to the content of their prospectus.
The new order aims to bring together in a single the regulation of prospectuses for certified funds by amalgamating provisions previously in the UFPO or the CGPO. It will also update the requirements for the content and presentation of a prospectus for a certified fund and extend the application of the requirement to all certified funds.