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An offshore fund is a term which generally refers to a collective investment scheme domiciled in an offshore jurisdiction.〔(【引用サイトリンク】title=Offshore Mutual Fund - definition )〕 Like the term "offshore company", the term is more descriptive than definitive, and both the words 'offshore' and 'fund' may be construed differently. The reference to offshore, in the classic case, usually means a traditional offshore jurisdiction such as the Cayman Islands, Jersey or the British Virgin Islands. However, the term is also frequently used to include other corporate domiciles popular for cross border investment structuring, such as Delaware and Luxembourg. In the widest sense, offshore is sometimes used to include any type of cross border collective investment scheme, and popular fund domiciles such as Ireland may be included within the definition of offshore, notwithstanding their substantial size as a country. Similarly, although the reference to fund can be taken to include any sort of collective investment, within offshore jurisdictions themselves, the term offshore fund is often limited to purely open-ended investment funds (i.e. a fund where the investor can redeem his investment during the life of the fund) where the investment is by way of equity (rather than by debt). This is often because closed-ended investment funds (where the investor cannot redeem out), and funds where the investment is structured by way of debt, are not normally subject to the usual regulatory requirements for investments funds, and so are not treated as funds in the stricter sense of that word.〔For example, in the Cayman Islands, see the Mutual Funds Law (2013 Revision), section 2 (definitions of "equity interest" and "mutual fund").〕 Although the term is often used as a simply descriptive one, many onshore countries have specific definitions in their legislation or their tax codes for when an investment is treated as an offshore fund. For example, in the United Kingdom see the Offshore Funds (Tax) Regulations 2009,〔(【引用サイトリンク】title=Offshore Funds (Tax) Regulations 2009 )〕 and in the United States see section 871 of the Internal Revenue Code of 1986.〔(【引用サイトリンク】title=US Regulatory and Tax Considerations for Offshore Funds )〕 ==Structuring== Most offshore funds are formed as either an offshore company, partnership - typically a limited partnership - or (less commonly) unit trust in the relevant jurisdiction, and investments will characteristically be by way of equitable interest (i.e. shares, partnership interests or units). In addition to the fund itself, most offshore funds are required by local regulations to have various functionaries most of whom are also required to be licensed under applicable legislation. These include: * an administrator * a manager * a custodian * a prime broker * (in certain jurisdictions) an authorised representative〔See for example Securities and Investment Business Act 2010, section 61(1) (British Virgin Islands).〕 In certain cases exemptions will be available. For example feeder funds in a master-feeder structure are often exemption from the requirement to appoint a custodian, and the requirement to maintain a custodian may be waived where the prime broker also fulfils the role of custodian. Most jurisdictions also require that offshore funds submit audited accounts to the regulatory annually. Almost all jurisdictions require directors of offshore funds to satisfy regulatory criteria in relation to fit and proper persons, but some jurisdictions also require directors to be separately licensed.〔Cayman Islands Director Registration and Licensing Law (2014)〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Offshore fund」の詳細全文を読む スポンサード リンク
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