THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 4 and 42 of the Financial Services (Jersey) Law 1998[1] and on the recommendation of the Jersey Financial Services Commission, has made the following Order –

“3C   Company that is general partner or trustee of unregulated fund

(1)     The activities of a company in respect of which the following requirements are met –

(a)     the only activities of the company are for one of the following purposes –

(i)      the purpose of acting as a general partner of one limited partnership, where the partnership is an unregulated fund,

(ii)      the purpose of acting as a trustee of one unit trust, where the trust is an unregulated fund,

(iii)     the purpose of acting as one or both of the following –

(A)    a general partner of one or more limited partnerships, where each partnership is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement,

(B)     a trustee of one or more unit trusts, where each trust is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement;

(b)     a person registered to carry on one or more classes of fund services business, including at least the class of manager of a managed entity, provides the registered office of the company;

(c)     the name of the company is notified to the Commission.

(2)     A company does not fail to meet the requirements set out in sub-paragraph (1)(a) in relation to an unregulated fund only because it –

(a)     invests in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part); or

(b)     holds any interest in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part) other than an interest referred to, or implicit in, sub-paragraph (1)(a).”.

“18A Company that is general partner or trustee of unregulated fund

(1)     The activities of a company in respect of which the following requirements are met –

(a)     the only activities of the company are for one of the following purposes –

(i)      the purpose of acting as a general partner of one limited partnership, where the partnership is an unregulated fund,

(ii)      the purpose of acting as a trustee of one unit trust, where the trust is an unregulated fund,

(iii)     the purpose of acting as one or both of the following –

(A)    a general partner of one or more limited partnerships, where each partnership is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement,

(B)     a trustee of one or more unit trusts, where each trust is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement;

(b)     a person registered to carry on one or more classes of fund services business, including at least the class of manager of a managed entity, provides the registered office of the company;

(c)     the name of the company is notified to the Commission.

(2)     A company does not fail to meet the requirements set out in sub-paragraph (1)(a) in relation to an unregulated fund only because it –

(a)     invests in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part); or

(b)     holds any interest in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part) other than an interest referred to, or implicit in, sub-paragraph (1)(a).

18B   Certain managers of managed entity

The activities –

(a)     of a person registered to carry on a class of fund services business, being a class that is or includes that of manager of a managed entity; and

(b)     to the extent that they are carried on for a company whose activities are, by virtue of paragraph 3C, 18A or 21, not to be treated as one or more classes of financial service business.”.

“part 4 – fund services business

21      Company that is general partner or trustee of unregulated fund

(1)     The activities of a company in respect of which the following requirements are met –

(a)     the only activities of the company are for one of the following purposes –

(i)      the purpose of acting as a general partner of one limited partnership, where the partnership is an unregulated fund,

(ii)      the purpose of acting as a trustee of one unit trust, where the trust is an unregulated fund,

(iii)     the purpose of acting as one or both of the following –

(A)    a general partner of one or more limited partnerships, where each partnership is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement,

(B)     a trustee of one or more unit trusts, where each trust is an unregulated fund that, together with one or more other unregulated funds that are limited partnerships or unit trusts and each have the company as a general partner or a trustee, constitute a part, or the whole, of a single scheme or arrangement;

(b)     a person registered to carry on one or more classes of fund services business, including at least the class of manager of a managed entity, provides the registered office of the company;

(c)     the name of the company is notified to the Commission.

(2)     A company does not fail to meet the requirements set out in sub-paragraph (1)(a) in relation to an unregulated fund only because it –

(a)     invests in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part); or

(b)     holds any interest in the unregulated fund (or in another component of a scheme or arrangement of which the unregulated fund is part) other than an interest referred to, or implicit in, sub-paragraph (1)(a).”.