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The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003 © Crown Copyright 2003 Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament. The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users. It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document. The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003, ISBN 0110460588. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail: customer.services@tso.co.uk. Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions. To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
Whereas the Treasury have asked the Authority for a report of the kind specified by section 270(5)(a) of the Financial Services and Markets Act 2000[1] ("the Act") in relation to each of Guernsey, Jersey and the Isle of Man; the Authority has provided the Treasury with those reports; and the Treasury have had regard to those reports in deciding whether to make this Order; Whereas the Treasury are satisfied that, in relation to each of Guernsey, Jersey and the Isle of Man, the conditions specified by section 270(2) of the Act are satisfied; The Treasury, in exercise of the powers conferred upon them by sections 270, 426 and 428(3) of the Act, hereby make the following Order: Citation and commencement 1. This Order may be cited as the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003 and comes into force on 21st May 2003. Designation of terrorities 2. Guernsey, Jersey and the Isle of Man are designated for the purposes of section 270 of the Act (collective investment schemes authorised in designated countries or territories). Specification of classes of collective investment schemes 3. - (1) The following classes of collective investment scheme are specified for the purposes of subsection (1)(b) of section 270 of the Act -
(ii) a protected cell scheme;
(b) where the scheme is managed in, and authorised under the law of, Jersey, any scheme which is a recognised fund within the meaning of the Collective Investment Funds (Recognised Funds) (Rules) (Jersey) Order 2003[2] and which is not a feeder-fund; and
(2) For the purposes of this article -
(b) "protected cell scheme" means a collective investment scheme which, under the law of Guernsey, has been incorporated as, or converted into, a protected cell company under the Protected Cell Companies Ordinance 1997[5] (as last amended by the Protected Cell Companies (Amendment) Ordinance 1998[6]).
Revocation of transitional provisions (This note is not part of the Order) This Order designates territories, and specifies classes of collective investment scheme, for the purposes of section 270 of the Financial Services and Markets Act 2000 ("the Act"). An operator of a collective investment scheme which falls within a class specified by this Order and which is managed in, and authorised under the law of, a territory outside the United Kingdom which is designated by this Order, may give notice to the Financial Services Authority that he wishes the scheme to be recognised. If the Financial Services Authority gives its approval to the scheme being recognised, the scheme is a "recognised scheme" for the purposes of Part XVII of the Act. Guernsey, Jersey and the Isle of Man are designated by this Order. Any collective investment scheme which is managed in Guernsey and an authorised scheme under the Collective Investment Schemes (Class A) Rules 2002 (made by the Guernsey Financial Services Commission) is designated by this Order, unless that scheme is a feeder-fund or a protected cell scheme (as defined by this Order). Any collective investment scheme which is managed in Jersey and a recognised fund under the Collective Investment Funds (Recognised Funds) (Rules) (Jersey) Order 2003, other than a feeder-fund, is designated by this Order. Any collective investment scheme which is managed in the Isle of Man and an authorised scheme under the Financial Supervision Act 1988, other than a feeder-fund, is designated by this Order. A copy of the Collective Investment Schemes (Class A) Rules 2002, Collective Investment Schemes (Class A) Rules 2002 (Amendment) Rules 2003, the Protected Cell Companies Ordinance 1997 and the Protected Cell Companies (Amendment) Ordinance 1998 can be obtained from the Guernsey Financial Services Commission, La Plaiderie Chambers, La Plaiderie, St. Peter Port, Guernsey, GY1 1WG. A copy of the Collective Investment Funds (Recognised Funds) (Rules) (Jersey) Order 2003 can be obtained from States Bookshop, States Greffe, Morier House, St. Helier, JE1 1DD. A copy of the Financial Supervision Act 1988 and the Corporate Service Providers Act 2000 (both of which are Acts of Tynwald) can be obtained from the Tynwald Library, Government Office, Bucks Road, Douglas, Isle of Man. Notes: [1] 2000 c. 8.back [5] Ordinance No. V of 1997.back [6] Ordinance No. XV of 1998.back [8] 1986 c. 60; repealed, subject to savings, by S.I. 2001/3649.back
ISBN 0 11 046058 8
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