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COLLECTIVE INVESTMENT FUNDS (UNREGULATED FUNDS) (JERSEY) ORDER 2008

We resolve these issues as follows. We show that a nonincreasing returns to scale (nrs) model is usually appropriate when modeling rational choice among investors. We show when multiple risk and return measures can justifiably be combined and identify some suitable measures. We show we need a nonlinear model to justify the assumption of convexity and to model diversification. We develop a method to approximate a solution to this model as accurately as needed using a sequence of linear models. Coherent measures of risk come up again and again in our discussion. They relate to investor preference because they help model stochastic dominance. They allow us to. | Collective Investment Funds Unregulated Funds Jersey Order 2008 Arrangement Jersey COLLECTIVE INVESTMENT FUNDS UNREGULATED FUNDS JERSEY ORDER 2008 Arrangement Article 1 Interpretation.3 2 Unregulated fund as scheme that does not constitute fund Article 3 7 of Law.4 3 Notice of unregulated fund.5 4 Commencement and citation.5 SCHEDULE 1 6 CONDITIONS FOR UNREGULATED ELIGIBLE INVESTOR FUND 6 1 Structure of fund.6 2 Functionaries registered.6 3 Notice of fund to registrar.7 4 Subscriptions to units.7 5 Exchange trading of units.7 6 Who is an eligible investor .8 7 Investment manager who invests in fund on behalf of non-eligible investors.12 8 Continued observance of conditions.12 SCHEDULE 2 13 CONDITIONS FOR UNREGULATED EXCHANGE-TRADED FUND 13 1 Structure of fund.13 2 Functionaries registered.13 3 Notice of fund to registrar.14 4 Exchange listing.14 5 Warning on offer document.14 6 Continued observance of conditions.14 SCHEDULE 3 15 WARNING TO ELIGIBLE INVESTOR 15 Page - 1 R O.28 2008 Collective Investment Funds Unregulated Funds Jersey Order 2008 Arrangement SCHEDULE 4 16 EXCHANGES AND MARKETS 16 Page - 2 R O.28 2008 Collective Investment Funds Unregulated Funds Jersey Order 2008 Article 1 Jersey COLLECTIVE INVESTMENT FUNDS UNREGULATED FUNDS JERSEY ORDER 2008 Made Coming into force 18th February 2008 19th February 2008 THE MINISTER FOR ECONOMIC DEVELOPMENT in pursuance of Articles 3 and 20 of the Collective Investment Funds Jersey Law 19881 and on the recommendation of the Jersey Financial Services Commission orders as follows - 1 Interpretation 1 In this Order - closed fund means a fund that is not open for redemptions at the option of holders of units in the fund financial service business has the same meaning as in the Financial Services Jersey Law 19982 functionary in relation to a fund means any person who is by way of business - a a manager manager of a managed entity administrator registrar investment manager or investment adviser b a distributor subscription .