PRESS RELEASE 26 January 2012
JERSEY LAUNCHES PRIVATE PLACEMENT FUND
The Commission has today published a Guidance Note on a new Private Placement Fund product that will be given consent under the Control of Borrowing (Jersey) Order 1958.
The Private Placement Fund will be aimed at professional and sophisticated investors and approved on a fast track streamlined authorisation process – developed in consultation with the Jersey Funds Association and Jersey Finance.
The streamlined authorisation process will be achieved through a self certification application by the Designated Service Provider to the Fund who is registered as a Fund Administrator under the Financial Services (Jersey) Law 1998.
The Commission’s Director General, John Harris, said, “The Jersey Private Placement Fund is a significant new business opportunity for Jersey. The Funds Industry has identified a need for a private fund product aimed at professional and sophisticated investors where speed to market is critical. The self certification process is a new approach for the Commission and requires our registered Fund Administrators to certify to the Commission that the promoters of the Private Placement Fund are of good standing.
It will be possible to issue consent within 72 hours on receipt of a complete application subject to the application meeting the criteria set out in the Jersey Private Placement Fund Guide.”
The Jersey Private Placement Fund Guide may be viewed on the Commission’s Website by clicking here: www.jerseyfsc.org
The associated Application Form may be viewed on the Commission’s Website by clicking here: www.jerseyfsc.org.
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For further information please contact: -
Roy Geddes - Deputy Director, Securities
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822098
Fax: + 44 (0) 1534 822047
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The Commission is also responsible for giving consent for the raising of money, the issue of securities, and the circulation of offers of securities for subscription, sale or exchange under the Control of Borrowing (Jersey) Order 1958.
The Jersey Private Placement Fund Guide is available on the Commission’s website: www.jerseyfsc.org/funds_securities_issues/policy_statements_and_guidance_notes/index.asp