How have the requirements under the Control of Borrowing (Jersey) Order 1958 (“COBO”) changed?
Certified funds, that is to say, unclassified funds in relation to which a certificate has been issued, are entirely exempted from the requirements of COBO. Whilst the Commission is still in the process of issuing such certificates, we would never the less take the view that any existing Jersey unclassified fund that is entitled to receive a certificate is able to enjoy the exemption with immediate effect. Existing COBO consents granted in relation to certified funds may therefore be disregarded. The requirements under COBO will continue to apply to non-domiciled funds and to Jersey funds that are in the process of applying for, but have yet to be granted, a certificate under CIF.
