PRESS RELEASE 7 November 2002
JERSEY CONSULTS ON STREAMLINING POLICY FOR NON-RETAIL FUNDS
The Jersey Financial Services Commission this week began consultations on plans to streamline the way specialised private funds designed for sophisticated and expert investors are authorised. The consultation period, which ends early in the New Year, will be followed by changes to JFSC authorisation practices in the short term and to legislation in the longer term.
The move follows the growing international trend to distinguish between regulatory requirements for investment vehicles aimed at expert investors and institutions and those sold to retail investors. The Commission's aim is to rely on disclosure by regulated businesses rather than restrict the structure and operations of such funds.
Key issues raised in the consultation document will be:
Jersey consults on non-retail fund policy
JFSC director general, Richard Pratt, said: "Jersey's funds management industry is continuing to prosper despite the turmoil in the stock markets worldwide. It is now placing increased focus on specialist private funds aimed at sophisticated private investors and their advisers, institutions and professional fund managers. The Commission is consulting on how we can help the industry continue to grow by streamlining procedures for fund promoters in this sector - while at the same time setting out rigorous requirements for disclosure of all relevant details about new funds to ensure the protection of potential clients.
The consultation paper, "Funds and Promoters", is now available on the Commission's website, please click here.
For further information please contact:-
Roger Bignell, Director of Authorisation
Tel: + 44 (0)1534 822040