On 6 July 2021, the Guernsey Green Fund (Amendment) Rules 2021 came into force and amended the existing Guernsey Green Fund Rules 2018 (the Green Fund Rules). The new provisions bring two helpful changes to the Green Fund Rules, which should together reduce the administrative burden on designated administrators in respect of closed-ended green funds and allow for greater flexibility in the making of certain disclosures for listed green funds.

Section 6 of the Green Fund Rules has been amended to provide that designated administrators are required to monitor the closed-ended green funds they administer against the applicable notified green criteria on a quarterly basis rather than on a monthly basis. The obligation to monitor green funds against applicable notified green criteria remains on a monthly basis for open-ended funds.

Section 8 of the Green Fund Rules has been amended to exempt a fund from the obligation to include certain disclosures in its prospectus where that fund is listed on a recognised stock exchange and has made commensurate disclosures by way of a stock exchange announcement.

For further information on this topic please contact Tim Clipstone, Bryon Rees or Richard Doyle at Ogier by telephone (+1 284 852 7300) or email ([email protected], [email protected] or [email protected]). The Ogier website can be accessed at www.ogier.com.