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JFSC launches Jersey Private Fund Guide

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The Jersey Financial Services Commission (JFSC) has launched the Jersey Private Fund (JPF) Guide, setting out the criteria for Jersey’s new private fund product which can be marketed to up to 50 professional investors.

The JFSC has launched the JPF Guide after feedback from the industry on its joint consultation with the government which, undertaken in 2016, focused on the “rationalisation and consolidation of Jersey’s private fund and unregulated fund regimes”.
The regulator has also taken account of product developments in other jurisdictions.
The launch of Jersey’s new single private fund product will see the phasing out of all other Jersey private products although existing private funds will be able to continue to operate until the end of their natural life. Alternatively, existing private funds can apply to the JFSC to convert into another Jersey fund product, including the JPF.
JFSC director of policy Mike Jones says: “The JFSC is delighted to have introduced the Jersey Private Fund Guide and would like to the thank Government, Industry and other stakeholders for all their assistance in developing the proposal, which will result in significant streamlining and simplification of the Jersey funds proposition, whilst ensuring it remains competitive and continues to meet international standards.”
Subject to consultation on the JPF annual fee provided for under the amended Control of Borrowing Order (COBO) fees notice which has also been issued by the JFSC, the industry will be able to submit applications to the JFSC, in accordance with the JPF Guide, from 18 April 2017. 

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