Jersey gets a new edge in funds industry

Thursday 16 March 2017

Jersey’s competitiveness as a jurisdiction in which to establish funds has been enhanced with the introduction of a new regulatory framework for private funds.

The Jersey Private Fund, which was announced by the Jersey Financial Services Commission this week, consolidates and streamlines Jersey’s private fund offering.

It is said to provide a more flexible and versatile framework as it will enable funds with up to 50 investors to take advantage of a fast-track authorisation process and lighter ongoing regulatory requirements.

The framework ensures continued compliance with international standards by requiring the appointment of a Jersey-based administrator.

PICTURE: Geoff Cook, CEO of Jersey Finance

Mr Cook said: "Jersey’s funds industry has shown strong growth over the past five years, and the new regime positions us for continued growth. Our industry is built on speed to market and expertise combined with appropriate regulatory oversight, and by offering a 48-hour authorisation for funds with up to 50 investors, this product will further cement our position as a market leader."

The Jersey Private Fund will also be available to managers seeking to market funds into Europe through National Private Placement Regimes as this is a route which has been a strong growth area for Jersey’s funds industry.

PICTURE: Mike Byrne, Chair of Jersey Funds Association

Mr Byrne said: “As a forward-thinking jurisdiction providing bespoke alternative fund solutions, we recognise that we need to continue to innovate and enhance our funds environment to set us apart from other jurisdictions.

The new Jersey Private Fund is an example of that and comes following significant engagement between industry, regulator and government, aimed at making our overall funds offering clearer and simpler whilst at the same time giving fund managers and investors greater choice.”