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Walkers, the global offshore law firm of choice for investment banks, international law firms, collateral managers, and other financial institutions, announced the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008 came into effect yesterday. The Order was signed by the Minister for Economic Development on February 18, 2008 and permits Unregulated Eligible Investor Funds and Unregulated Exchange-Traded Funds to be established in Jersey by filing a notification with the Jersey Financial Services Commission (the "JFSC").

"We expect that UK- and European-based alternative investment managers, hedge fund managers, and institutions who have traditionally chosen other offshore jurisdictions as a domicile for their fund vehicles will be particularly interested in this unregulated funds class,” said Jonathan Heaney, a partner in Walkers' Jersey office. "The new regime is intended to provide another option to managers and promoters looking for an alternative funds domicile. Walkers' experience with global investment funds makes us well-positioned to counsel institutions and funds managers on how to use the new Jersey funds regime to the advantage of their clients around the world.”

Funds established in compliance with the requirements of the Order will not be regulated or subject to review by the JFSC. Instead, the service providers to the funds, not the JFSC, will be responsible for ensuring that the requirements of the Order are satisfied and continue ......................

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