Significant streamlining advantages announced for Jersey's successful Private Funds regimes
The Jersey Financial Services Commission (JFSC) and Government have announced the introduction of a single Jersey Private Fund (JPF) regime for funds offered to up to 50 professional investors. This will replace the Very Private Fund (VPF) and Private Placement Fund (PPF) regimes for new funds, but with key features largely matching those of the lighter-touch VPF regime.
There are significant stream-lining advantages to the JPF regime:
- Managers need no longer worry about transitioning from the VPF regime to the PPF regime where they decide to market to more than 15 investors;
- 48 hour regulatory turn-around;
- No PPM requirement (unless EU marketing requires it); and
- Significant structural flexibility in terms of the legal form the fund may take and the location of its management entity and relevant board members.
This lighter regulatory treatment is made possible through the reliance placed on the Jersey-regulated administrator (or "designated service provider") appointed by the fund, which must carry out appropriate due diligence in relation to the fund.
Sitting alongside Jersey's successful Unregulated Fund regime (for non-EU investors), the hugely popular Expert Fund regime (where offers are made to more than 50 expert investors) and the forthcoming "manager-led" JRAIF regime, Jersey offers a uniquely compelling suite of fund regulatory products to suit varied manager and investor requirements. Applications under the new JPF regime can be made from 18 April 2017.
The link below will take you to our detailed briefing on the features of the new JPF regime.
For further details, please do not hesitate to get in touch.
You can read the other articles from Ipes' Private Equity update (edition 24) at the following links: