Jersey govt, FSC in joint consultation on fund regimes

Jersey’s Financial Services Commission and the Jersey government have published a consultation paper ahead of plans to make some additions and changes and the island’s existing funds regime.

The 43-page consultation paper seeks comment on the proposed “rationalisation and consolidation of Jersey’s private fund and unregulated fund regimes”, in the wake of a recent review conducted for the island by McKinsey & Co, and other work undertaken by a working group comprised of Jersey government, JFSC and industry representatives, the paper notes in its introduction.

Among the areas being consulted on are proposed amendments to the island’s very private fund regime, which, subject to the consultation, is to be re-branded as its “very private placement fund” regime, or VPPF; the replacement of various terms currently used in Jersey’s regulatory framework to refer to non-retail investors with the term “professional investor”; the phasing out of COBO-only funds (funds which meet a specific definition, relating to a 1958 regulation known as the Control of Borrowing (Jersey) Order; and the proposed phasing out of the island’s unregulated exchange-traded funds.

The deadline for comments, which may be submitted to various Jersey entities as explained in the document, is 12 September.

The proposals contained in the consultation would, it notes, potentially affect “any person operating in Jersey’s private fund or unregulated fund space and who, for the avoidance of doubt and subject to various regulatory exemptions, may not be a registered person”, as well as anyone applying to the [JFSC] for a relevant consent in respect of a non-fund product which is a Jersey unit trust or a non-Jersey domiciled structure”. Registered persons, under Jersey law, are individuals who are registered or who hold a permit or certificate, as applicable, under one or more of the regulatory laws.

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