Jersey is widening its funds capabilities with the introduction of an unregulated funds regime.
Due to be launched in early 2008, the new regime includes an unregulated eligible investor category and an unregulated exchange traded category. Funds in these categories will not be approved or auth-orised by the Jersey Financial Services Commission.
Jersey Finance says the new categories will appeal to promoters such as hedge fund managers and other financial institutions looking to set up funds in jurisdictions where they can establish an unregulated product.
Jersey Finance chief executive Geoff Cook says this is a significant step forwards for Jersey. “Fund promoters of high net worth, sophisticated investors and institutions will have greater flexibility when choosing Jersey and will be able to structure their funds to suit both commercial and tax requirements,” he says.
Jersey Funds Association chairman Richard Thomas adds: “We have been taking note of the regulatory changes that have been introduced in other jurisdictions, and following extensive consultation with the JFSC are now ready with a new element which has been missing from the Jersey product range in the form of unregulated funds.”