The Jersey Financial Services Commission has issued a consultation paper on proposed changes to the regulatory regime for funds in Jersey.
The changes are the most significant for many years and are aimed and simplifying and improving Jersey's already strong investment fund offering.
The proposal for the "Funds Review Project" involves three phases. Phase I will rationalise Jersey's private fund and unregulated fund offerings. Phase II will consolidate the public fund strcutures, including an improved Expert Fund, a retail fund and an AIFM-compliant fund structure. Phase III will look at exemptions under the Financial Services (Jersey) Law, applicable to funds and fund services businesses.
The consultation paper relates to Phase I, which will include:-
- the introduction of a Very Private Placement Fund Guide;
- a new and universal "Professional Investor" definition;
- modernisation of regulatory powers under the Control of Borrowing (Jersey) Law 1947;
- phasing out of "COBO-only Funds"; and
- phasing out of Unregulated Exchange-Traded Funds.
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