GUERNSEY: Guernsey FSC publishes Authorised Collective Investment Schemes (Class B) Rules

Wednesday October 2 2013

The Guernsey Financial Services Commission (FSC) has published new Class B Rules for open-ended collective investment schemes authorised as Class B funds under section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended. The Class B Rules are primarily designed to apply to investment fund products that will not be affected by the AIFMD. The new Class B Rules replace the existing Rules prepared in 1990.

To assist the Commission and the Working Party involved in the legislative process, a consultation was concluded on 5 April 2012. However, consideration of possible changes to the rules was temporarily suspended in light of the substantive work being undertaken by the Commission in relation to the EU’s Alternative Investment Fund Managers Directive (AIFMD). It then became clear to the FSC that it would be more appropriate to introduce the two regimes together. The FSC has warned that relevant firms will need to be conscious of the impact of AIFMD on applicable products as well as the new Class B Rules.

Click on the below link for the Class B Rules of 2013.