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Funds Services Business - Coggle Diagram
Funds Services Business
Fund - A fund is a way of investing money with other people to participate in a wider range of investments than those feasible for most individual investors
Section 2.10 of the Financial Services (Jersey) Law 1998 states that a person carries on fund services business if by way of business the person is:
A manager, manager of a managed entity, administrator, registrar, investment manager or investment adviser
A distributor, subscription agent, redemption agent, premium receiving agent, policy proceeds paying agent, purchase agent or repurchase agent
A trustee, custodian or depositary
A member (except a limited partner) of a partnership, including a partnership constituted under the law of a country outside Jersey
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Recognized Funds are regulated through the granting or refusal to grant a certificate to the fund and permits to the functionaries of the fund
Considerations
- Protection to public
- Economic interests &
reputation of the Island
- Whether application and
principle persons are "fit & proper"
- Nature of the CIF
- The functionaries of the fund
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COBO only Fund
Definition
- do not come within the definition of a collective investment fund (<50)
- consent of commission to be obtained
- Control of Borrowing (Jersey) Order 195
Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 enacted in February 2008. - Establishes requirements for two types of unregulated collective investment fund
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