Jersey Unveils Streamlined Private Funds Framework

Mar 15 2017 | 9:50pm ET

Popular alternative investment jurisdiction Jersey has enhanced its position with the introduction of a new regulatory framework for private funds.

Named the Jersey Private Fund (JPF), the new structure consolidates and streamlines Jersey’s private fund offering and will enable funds with up to 50 investors to take advantage of a fast-track authorization process and lighter ongoing regulatory requirements, the Jersey Financial Services Commission announced in a statement on Wednesday.

The new offering provides a more flexible and versatile framework that will further improve the speed and ease with which funds marketed to professional investors can be established. The framework ensures continued compliance with international standards by requiring the appointment of a Jersey-based administrator, according to trade association Jersey Finance. 

"Jersey’s funds industry has shown strong growth over the past five years, and the new regime positions us for continued growth,” said Geoff Cook, CEO of Jersey Finance. “Our industry is built on speed to market and expertise combined with appropriate regulatory oversight, and by offering a 48-hour authorization 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, a strong growth area for Jersey’s funds industry. There are now more than 250 alternative investment funds and 115 authorized alternative investment fund managers marketing into the EU via Jersey.

“We anticipate the [new] regime will find real appeal amongst our institutional and professional investor client base, right across the private equity, real estate, infrastructure and debt and credit fund asset classes,” added Mike Byrne, chair of Jersey Funds Association.

Applications under the JPF regime can be made starting on April 18, 2017. 

Jersey Finance, a not-for-profit marketing organization, was formed in 2001 to represent and promote Jersey as an international financial center. 

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