The Jersey Financial Services Commission (JFSC) and the States of Jersey (Government) issued a joint feedback paper on their consultation on proposals for substantial amendment to Jersey’s private funds regulation and published the new Jersey Private Fund Guide. The changes are the next step in an overhaul of the universe of regulation of investment funds in Jersey. Later in the year a consultation is expected on changes to the public fund regulatory environment and the introduction of a manager led product (the JRAIF) which will not be required to adhere to the Code of Practice for Jersey Certified funds (being supervised through its Alternative Investment Fund Manager (AIFM) and complying with the applicable sections of the Alternative Investment Fund Managers Directive). In addition the JFSC and Government plan to review the effectiveness of investment fund related exemptions to the Financial Services (Jersey) Law 1998, as amended (FSJL) along with certain other supervisory aspects of related legislation.

Private fund simplification

The measures announced on 15 March 2017 are the rationalisation and consolidation of Jersey’s private and unregulated fund sector with the:

1. Introduction of a Jersey Private Fund (JPF) guide effective 18 April 2017 and exclusion of private non-fund structures from authorisation by the JFSC;

2. Introduction of a new and universal professional investor definition;

3. Introduction of modern regulatory powers in the Control of Borrowing (Jersey) Law 1947 (COBO Law);

4. Phasing out of Private Placement Funds (PPFs), Very Private Funds (VPFs) and COBO only funds; and

5. Phasing out unregulated exchange traded funds.

To view further discussion on each of these please click the read more button.

Read More

Share
Twitter LinkedIn Email Save as PDF
More Publications
5 Jan 2022 |

Trustee Knowledge Series: Advanced Paper Six: Overview of protectors 'ad serviendum ac protegendum”

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

25 Nov 2021 |

Regulatory Approach to ESG across the Crown Dependencies

New requirements may require investment products to display a label reflecting their sustainability ...

24 Nov 2021 |

'Jersey's Relationship with India: Political, Commercial and Cultural Connections'

Jersey First for Finance has recently published a guide entitled ‘Jersey’s relationship with Ind...

18 Nov 2021 |

Trustee Knowledge Series: Advanced Paper Five - Trusts with Reserved Powers

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

11 Oct 2021 |

Trustee Knowledge Series: Advanced Paper Four: The proper law and place of administration of trusts and courts with exclusive jurisdiction

Over the next twelve months, Appleby Private Client & Trust Partner David Dorgan will author and...

7 Oct 2021 |

Jersey: an evolving global platform: Jersey First for Finance 2021

This article, taken from Jersey ~ First for Finance ‒ Celebrating 60 Years of Finance 1961-2021 wa...

4 Oct 2021 |

Navigating the Jersey M&A landscape (2 of 3)

This is the second of a series of three articles, each dealing with topics to be considered when buy...

Contributors: Andrew Weaver
22 Sep 2021 |

Minute Writing Training

Trustees are under a statutory duty to keep accurate records of their trusteeship, but what does tha...

15 Sep 2021 |

Navigating the Jersey M&A landscape

This is the first of a series of three articles, each dealing with topics to be considered when buyi...

Contributors: Andrew Weaver
2 Sep 2021 |

Duties of Trustees

The relationship of trustees to beneficiaries is viewed as fiduciary, meaning there are certain equi...