The Jersey Financial Services Commission (JFSC) on Tuesday unveiled reforms to the jurisdiction's regulatory regime for the fund industry.
The Non-Domiciled Fund Guide, which was launched by the JFSC, streamlines the approval process for Jersey functionaries acting for non-Jersey funds.
According to the Financial Services Commission, the streamlined approval process for non-domiciled funds can be applied to funds materially equivalent to Jersey Expert Funds, Jersey Recognised Funds or those compliant with the latest EU UCITS Directive.
Welcoming the move, Phil Austin, Chief Executive of Jersey Finance Limited, announced that:
"The introduction of the Expert Fund Guide itself in February this year was a significant development which provided a shot in the arm to Jersey funds industry. The guide for non-domiciled funds is an equally important enhancement to Jersey's regulatory framework which will give fund promoters far greater choice, enabling them if they wish to select Jersey based administrators and custodians, even if their expert fund is domiciled elsewhere."
The full text of the Classification Guide for Non-Domiciled Funds in Jersey can be found in the Tax-News Resources section.
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