The Jersey Financial Services Commission has published a Position Paper detailing a programme of changes to the regulation of funds and functionaries of funds.
This process involves transferring regulation of functionaries under the Collective Investment Funds (Jersey) Law 1988 (the CIF(J)L) to the Financial Services (Jersey) Law 1998 (the FS(J)L). This applies to all functionaries other than those relating to recognized funds and the fund company itself. It is the stated long-term aim of the Commission to bring regulation of all financial services business operating in Jersey within the FS(J)L.
In February last year the Commission published two consultation papers proposing that regulation of functionaries to unclassified funds be transferred from the CIF(J)L to the FS(J)L. This would be achieved by creating a new category of financial service business under the FS(J)L to be called “fund services business”.
The advantage of this new “one licence” regime would be the removal of the requirement for functionaries to hold multiple permits under the CIF(J)L. Instead, functionaries will require to be registered under the FS(J)L to carry on fund services business from within Jersey. Every fund services business will be supervised under the FS(J)L and the Commission proposes to issue Codes of Practice in the form attached to the consultation paper.
Consultation has taken place with Industry concerning the proposals and Industry has indicated its support. Consequently the draft legislation published today is intended to implement the proposals. In addition, the opportunity has been taken to update the draft Codes of Practice for fund services business to take into account changes to the anti-money laundering provisions and to align them with changes made to the Codes of Practice for trust company businesses. It is intended to bring the changes into effect in July 2007.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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