Jersey prepares to unveil unregulated fund regime
Building on the success of its Expert Funds regime for alternative investment vehicles, Jersey is preparing to announce plans to launch various new categories of Unregulated Funds that will be outside the scope of the island's regulatory regime, provided certain conditions are met.
Jersey Finance technical director Robert Kirkby, who has been involved with the industry working party responsible for the new regime, says: 'The industry has recognised that it must continually innovate and redefine the scope of its regulatory platform, and with the scheduled addition of the Unregulated Funds regimes alongside the existing streamlined offering, we believe we will achieve that objective.'
The proposed changes are scheduled to be unveiled next week at a public seminar and debate in London entitled Jersey - The Flexible Alternative. Organised by the island's financial promotion organisation, Jersey Finance, the annual Jersey London conference will take place at No. 4 Hamilton Place in Mayfair, London W1J 7BQ on October 3, starting at 4.30 p.m. and followed by a reception.
Jersey representatives on the platform next week will be joined by leading fund specialists from Luxembourg and Switzerland at an event designed to encourage debate about the issues affecting the funds industry generally and the role and advantages of jurisdictions such as Jersey.
At the event, to be hosted by Jersey Funds Association chairman Richard Thomas, Mourant du Feu & Jeune partner Jacqueline Richomme will review recent developments affecting the funds sector in Jersey.
Rupert Walker from the Jersey Finance working group will outline the planned addition of Unregulated Funds to the range of fund products on the island, while Chris Adams, global head of product for alternative funds with BNP Paribas Luxembourg, will provide a European perspective and explain the role of Jersey in many structures.
During a panel session chaired by Ashburton director Ian Ling, the speakers will be joined by other fund specialists including Heather Bestwick, resident Cayman partner with Walkers in Jersey, and Pascal Botteron, director of international hedge funds investment with Deutsche Bank in Geneva.
The seminar takes place at a time when Jersey's fund business has set new record levels. In the 12 months to June, the aggregate net asset value of funds under administration on the island grew by 31.8 per cent to GBP210bn, with specialist funds accounting for just over half the total.
'The annual London funds seminar provides an opportunity for those involved in the fund industry in London to catch up on recent regulatory and other developments in Jersey,' Kirkby says. 'It is a popular networking event with London fund managers, prime brokers and other finance professionals and has become a firm fixture in our annual programme.'
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