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The Jersey Financial Services Commission (JFSC) has launched an online application tool for Jersey Private Funds (JPF), which they claim is ground-breaking for both themselves and the industry, as it will transform the way in which applications are processed for new licences.
The launch is a part of the JFSC’s Change Programme and its e-enablement strategy; it is hoped it will speed up application turnaround times and improved efficiencies.
Jill Britton (pictured), Director of Supervision, commented: “The JPF online application is really exciting and hugely important for the island, as it lays the foundation blocks for enabling our future online capabilities, as a regulator, and is the first step in providing end-to-end authorisations for new licenses across all sectors that we supervise.”
In order to develop the application and test the portal prior to launch, the JFSC worked with an external user group of financial services firms, including Langham Hall Fund Management.
Paul Monahan, Director of Langham Hall, said: “The JFSC’s new online portal looks set to change how Industry interacts with our regulator and all applications and notifications will be paper-free by early 2019. The system is autonomous and provides the potential for instant approvals for suitable applicants, which could be a real game- changer when it comes to application timescales.”
Jersey Private Funds were introduced in March 2017 to provide institutional and professional investors with a more streamlined, fast-track regime. The structure proved popular with the 100th structure registered almost exactly a year after the product was launched.
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