GUERNSEY Law and Practice Contributed by: Matthew Brehaut, Carey Olsen
• a description of the fund; • its investment objective and policy; • reporting, distributions and accounting dates; • characteristics of the units; • particulars of the manager; • particulars of the directors where the fund is a company; • particulars of the trustee; • particulars of any investment adviser; • the name of the auditor; • material contract summaries; • details of the name and address of the regis - trar; • details of payments to be made out of fund property; • disclosure of any decision to treat income expense payments as a capital expense; • an estimate of the expenses to be incurred by a company fund in respect of its movable and immovable property; • details of the valuation policy and procedures; • details of the dealing policy and procedures; • for a single-priced fund, disclosures in respect of dilution; • the manager’s normal basis of pricing (for - ward and historic); • details of any preliminary charge; • details of any redemption charge; • information on the umbrella fund, if relevant; • application of the prospectus contents to an umbrella fund; • details of any marketing arrangements into the EEA; and • any other material information reasonably required by an investor to make an informed investment decision. For a Class B fund, the fund’s information par - ticulars must state/contain: • the name and structure of the fund;
• the names and addresses of key service pro - viders to the fund; • the investment objectives and restrictions; • the hedging powers and restrictions (or an appropriate negative statement); • the borrowing powers and restrictions (or an appropriate negative statement); • certain accounting and reporting matters; • the issue and redemption procedure; • the valuation procedure; • holders’ rights; • the distribution policy; • directors’ and other material interests; • fees and expenses; • sufficient risk warnings; • the fund’s tax status and tax treatments in jurisdictions where it will be marketed; and • any other material information reasonably required by an investor to make an informed investment decision. For a Class Q fund, the fund’s offering docu - ments must state: • the name and status of the fund as a Class Q fund; • the names and addresses of key service pro - viders to the fund; • a definition of qualifying professional inves - tors and a statement that only qualifying professional investors are eligible to invest; • the constitution and objectives of the fund; • the characteristics of units in the fund; • disclosures in respect of the valuation of the property, charges and distributions; • the sale and redemption procedure; • when annual accounts will be published; • sufficient risk warnings; and • any other material information reasonably required by an investor to make an informed investment decision.
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