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FUNDS & SECURITIES ISSUES

FSBs intending to structure as or with an LLP

In connection with the Fund Services Business (“FSB”) licensing of applicants (or applicant structures) that involve a limited liability partnership (“LLP”), the Commission has published the following three documents, each of which details how the ‘Licensing Policy in respect of those activities that require registration under the Financial Services (Jersey) Law 1998’ would be applied in the relevant scenario:

FSB licensing of: LLPs.
Applicable in connection with Jersey-law and foreign-law governed LLPs.
FSB licensing of: LPs that have an LLP as their GP.
At this time, such LPs will only be FSB-licensed if their LLP GP is Jersey-law governed.
FSB licensing of: SLPs / ILPs that have an LLP as their GP.
At this time, such SLPs / ILPs will only be FSB-licensed if their LLP GP is Jersey-law governed.

Potential applicants may be interested to note that the first document above (FSB Licensing of: LLPs) includes, at paragraph 18) thereof, some commentary in connection with whether a partner in an LLP (managing or otherwise) may itself require licensing for one or more types of financial service business pursuant to the Financial Services (Jersey) Law 1998, as amended.

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