One of the initiatives recommended by the recent review of Jersey’s Financial Services Industry was to simplify Jersey’s funds legislation. A significant outcome of the associated Funds Review Project has been to launch consultations on proposals to rationalise and consolidate Jersey's Private Fund and Unregulated Fund regimes. This would broadly involve the:
- introduction of a VPPF Guide;
- introduction of a new and universal Professional Investor Definition;
- introduction of modern regulatory powers in the COBO Law;
- phasing out of COBO Only Funds; and
- phasing out of Unregulated Exchange-Traded Funds.
These proposals, together with those outlined consultations on the related subjects of outsourcing and potential implementation of a MiFID 2 equivalent regime in Jersey, aim to secure Jersey's future as a leading international finance centre and to ensure that Jersey's funds sector continues to flourish.