JERSEY Law and Practice Contributed by: Nienke Malan and Christopher Griffin, Carey Olsen
3.3.5 Rules Concerning Pre-Marketing of Retail Funds Please refer to 2.3.5 Rules Concerning Pre- Marketing of Alternative Funds . 3.3.6 Rules Concerning Marketing of Retail Funds There are no specific restrictions. The OCIF Guide seeks to contain the criteria that the JFSC expects to be met in relation to an OCIF which is to be marketed to members of the general public, and who might be regarded as inexpe - rienced in matters of investment and least able to bear the consequences of any loss of their investments. 3.3.7 Marketing of Retail Funds Please refer to 2.3.5 Rules Concerning Market- ing of Retail Funds . 3.3.8 Marketing Authorisation/Notification Process Please refer to 2.3.6 Rules Concerning Market- ing of Alternative Funds . 3.3.9 Post-Marketing Ongoing Requirements Please refer to 2.1.4 Disclosure Requirements . 3.3.10 Investor Protection Rules Please refer to 2.3.10 Investor Protection Rules and 3.4 Operational Requirements . Given the nature of an OCIF’s potential investors, the OCIF Guide is more prescriptive in terms of structural and investment restrictions than is the case for non-retail funds (for example, an OCIF may not lend, guarantee or otherwise become liable for any obligations or indebtedness of any person without the prior, written consent of its trustee or custodian). The JFSC’s prior consent is typically required for any material changes to the fund documents.
3.3.11 Approach of the Regulator Please refer to 2.3.11 Approach of the Regula- tor . The JFSC typically takes a more stringent approach when considering issues which arise or material changes in the context of an OCIF. 3.4 Operational Requirements Please refer to 2.4 Operational Requirements and 3.3.2 Requirements for Non-Local Service Providers . The OCIF Guide contains specific requirements in relation to the valuation and pricing of an OCIF’s assets and matters such as meetings, charges and fees, investment limits, borrowing powers, the frequency of dealing and redemp - tions. Additionally, the OCIF Guide applies safe - guards in certain cases – for example, where an OCIF permits the issuance of units to investors for assets other than cash. 3.5 Fund Finance Please refer to 2.5 Fund Finance . In the case of an OCIF, there are certain additional restric - tions (for example, a feeder fund or a fund of funds may only borrow up to 10% of its NAV on a temporary basis for the purposes of meet - ing redemption requests or defraying operating expenses). 3.6 Tax Regime Please refer to 2.6 Tax Regime . 4. Legal, Regulatory or Tax Changes 4.1 Recent Developments and Proposals for Reform In light of the UK’s departure from the EU, Jer - sey’s regulatory framework continues to provide stability and a degree of certainty for investment
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