Introduction a) Data protection and privacy laws will be reformed across Europe when Regulation (EU) 2016/679, commonly known as the General Data Protection Regulation (GDPR), comes into force on 25 May 2018. The GDPR builds on existing legislation and seeks to harmonise and enhance data protection and privacy laws across the EU. It also introduces […]

Complaint numbers for July – September 2017 have been published on CIFO’s website. Brief headlines are given here, for further information, please see the report. In this third quarter of 2017, 119 complaints were received and 29 new case files were opened – these are complaints that are within CIFO’s mandate as set by law. Most […]

On 18 August 2016, the Board of the International Organisation of Securities Commissions (IOSCO) published a consultation report on good practices for the termination of investment funds, proposing a set of good practices (15 in total) for the voluntary termination of investment funds. The aim of this consultation is to obtain feedback from stakeholders on […]

On 25 August 2016, the Board of the International Organisation of Securities Commissions (IOSCO) published the final report on good practice for fees and expenses of collective investment schemes (CIS). The aim of this report is to identify common international examples of good practice that can be applied to CIS fees and expenses. Scope This […]

The FCA has published guidance following a number of investment funds announcement of temporary suspensions of trading in their property portfolios and feeder funds. The guidance reminds fund managers of their obligations to investors, and sets out the FCA’s expectations in relation to dealing with suspensions. The FCA reminds managers that: if they dispose of […]

FCA’s Director of Markets Policy and International, David Lawton, has spoken at the Financial Risk International Forum on systemic risk posed by investment funds to the financial system, and the regulatory changes that might limit these risks. Mr Lawton identifies the ability to manage fund redemptions in an orderly way, particularly in the context of […]

The Funds Supervision Team has introduced a fund services business (“FSB”) Annual Compliance Return which requests information on the registered person’s business on an annual basis, bringing it into line with other sectors. http://www.jerseyfsc.org/word/FSB-Annual-Compliance-Return-September-2015.doc The information contained in the form will be used to assist our supervision of FSBs. The form should be completed by […]

There is no specific model for corporate governance that must be applied to Jersey-based investment funds. Codes of practice issued (or to be issued shortly) by the Jersey Financial Services Commission (JFSC) (the Jersey codes) require that both a Jersey-regulated corporate fund and a Jersey-based fund service provider (for example, manager, administrator, custodian) must have […]