These were issued in draft form by the Jersey Financial Services Commission (the "Commission"), last year, for consultation with the funds industry. The CIF Codes will apply only to funds domiciled and regulated in Jersey.
The CIF Codes comprise a legally binding set of key principles (as opposed to detailed rules) each of which is expanded upon in a series of detailed provisions which include:
1. conducting business with integrity;
2. having the highest regard for the interests of investors;
3. being transparent in business arrangements with investors; and
4. maintaining and being able to demonstrate the existence of both adequate financial resources and adequate insurance.
With one or two exceptions the principles are effectively the same as those which already apply under the codes applicable to Jersey licensed fund services business.