Collective
Investment Funds (Restriction of Scope) (Jersey) Order 2000
1 Interpretation[1]
In this Order –
“1958 Order”
means the Control of
Borrowing (Jersey) Order 1958;
“investment scheme”
includes any investment arrangement;
“Law” means
the Collective
Investment Funds (Jersey) Law 1988;
“LLC interest” means an interest in a
limited liability company registered under the Limited
Liability Companies (Jersey) Law 2018;
“non-equity LLC interests” means LLC
interests where –
(a) any
of the rights of the LLC interests to receive payments are for a limited amount
that is not calculated by reference to the limited liability company’s
assets or profits or the distributions on any class or series of equity LLC
interest;
(b) any
of the rights of the LLC interests to participate in a surplus in a winding-up
are limited to a specific amount that is not calculated by reference to the
limited liability company’s assets or profits, and such limitation had a
commercial effect in practice at the time the LLC interests were issued or, if
later, at the time the limitation was introduced; or
(c) the
LLC interests are redeemable either according to their terms, or because the
holder, or any party other than the issuer, can require their redemption;
“non-equity shares”
means shares where –
(a) any
of the rights of the shares to receive payments are for a limited amount that
is not calculated by reference to the company’s assets or profits or the
dividends on any class of equity share;
(b) any
of the rights of the shares to participate in a surplus in a winding-up are
limited to a specific amount that is not calculated by reference to the
company’s assets or profits, and such limitation had a commercial effect
in practice at the time the shares were issued or, if later, at the time the
limitation was introduced; or
(c) the
shares are redeemable either according to their terms, or because the holder,
or any party other than the issuer, can require their redemption;
“relevant consent”,
in respect of an investment scheme, means –
(a) in
the case of a body corporate (other than a limited liability company registered
as a body corporate under the Limited
Liability Companies (Jersey) Law 2018),
the consent of the Commission –
(i) under Article 4
of the 1958 Order to the issue of securities in connection with the scheme,
(ii) under
Article 4 of the 1958 Order to the raising of money in Jersey by the
issue of such securities, or
(iii) under Article 2 of the 1958
Order to the issue of non-equity shares;
(b) in
the case of a unit trust, the consent of the Commission under Article 9(1)
of the 1958 Order to the issue of securities in connection with the scheme
or to the raising of money in Jersey by the issue of such securities;
(c) in
the case of a limited partnership, the consent of the Commission under Article 10
of the 1958 Order to the creation of securities in connection with the
scheme or to the raising of money in Jersey by the creation of such securities;
or
(d) in
the case of a limited liability company, the consent of the Commission under Article 4A
or Article 11A of the 1958 Order to the creation of securities in
connection with the scheme or to the raising of money in Jersey by the creation
of such securities;
“securities”
means bonds, notes, commercial paper, debentures, debenture stock, instruments
creating or acknowledging indebtedness, units, LLC interests including
non-equity LLC interests or interests under a limited partnership but does not
include shares, apart from non-equity shares;
“special purpose”,
in respect of an investment scheme, means that the only or principal purpose of
the scheme is the securitization or repackaging of assets that involves the
issue of securities.
2 Restriction
of scope
An investment scheme does
not constitute a collective investment fund for the purposes of the Law
if –
(a) it
was established for a special purpose;
(b) the
relevant consent has been issued in respect of the scheme; and
(c) the
listing particulars or offer document relating to the securities includes in
bold type face –
(i) the
text set out in the Schedule, or
(ii) such
text as modified in accordance with the written agreement of the Commission.[2]
3 Citation
This Order may be cited
as the Collective Investment Funds (Restriction of Scope) (Jersey) Order 2000.