Jersey Finance Co-Hosts Seminar On Expert Funds

by Jason Gorringe, Tax-News.com, London

16 March 2004

It emerged last week that the Jersey Funds Association and Jersey Finance are to co-host a forthcoming seminar showcasing the jurisdiction's new expert funds regime, and outlining to investment professionals in the UK the benefits of the regulatory changes.

The seminar, which will be held in London on March 22, will be comprised of a series of presentations by specialist industry representatives. In addition, director general of the Jersey Financial Services Commission, David Carse OBE will speak to delegates.

Expert Funds are designed as flexible investment vehicles that can take any form recognised under the laws of Jersey. They may be open-ended or closed-ended, there will be no investment or gearing restrictions, and for the majority of expert funds there will be flexible requirements in respect of custody or prime brokerage arrangements.

The JFSC noted last month that the new funds regime will be particularly suited to hedge funds and other more sophisticated investment products aimed at the more experienced investor. Investors in the funds will have to certify that they qualify as 'expert' - meeting strict criteria laid down by the Commission - and sign their agreement to an investment warning before investing.

Speaking with regard to the seminar, chief executive of Jersey Finance, Phil Austin observed that:

"This is the first time that the Jersey Funds Association has officially presented in the City of London. However the considerable interest that has been generated amongst fund professionals as a result of this new regulatory approach makes it an ideal time for the industry to present at such a forum."

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