When does a distributor need a FSB registration, and are there any exemptions for overseas distributors?
Acting as distributor was a regulated activity for which a permit was required under the CIF. Following the integration with the FSJL, acting as distributor is a regulated class of FSB (Class Z) for which a FSB registration is required. Where a distributor is established outside Jersey but acts as distributor within the Island, it will require a FSB registration unless it falls within one of the categories of exemption provided by the Financial Services (Fund Services Business – Overseas Persons Exemption) (Jersey) Order 200-]. Broadly, where a distributor is authorized by the UK Financial Services Authority, it may distribute fund material in Jersey provided the fund itself is a UCITS, a Class A Scheme in Guernsey or an Authorized Fund in the Isle of Man. It is intended to introduce the new Overseas Persons Exemption Order by mid 2008.
