Moves towards a new Jersey funds structure that regulates
managers, not underlying investment funds and related vehicles,
have been greeted by the head of Ogier's Jersey investment
funds team as a welcome innovation for the Island's growing
The move has been flagged in a government consultation on
simplifying the current legislation and regulation process –
the joint consultation exercise by the regulator, the Jersey
Financial Services Commission, and the government, the States of
Jersey, says formal plans for a "manager-led fund" will
be published by the end of the year.
A similar structure was launched in Guernsey in May.
Niamh Lalor, the head of Ogier's Jersey investment funds
team, said that the proposal to create the new manager-led product
showed welcome flexibility and adaptability from the regulator and
She said: "The positive ESMA passport decision and the
continuing growth of the value of assets under administration in
Jersey, currently at its second-highest level since 2008,
demonstrate the robust health of the investment funds sector in the
"Maintaining and building on that positive position
requires continued enhancement and innovation on the part of the
industry, the regulator and the government – and it is
particularly pleasing to see swift, responsive movement on the
announcement of a framework for a manager-led product."
The current consultation trails a forthcoming paper, due by the
end of 2016, on a new "Jersey-registered alternative
investment fund" or JRAIF. Under that system, the relevant
Alternative Investment Fund Manager would be authorised and
supervised by the JFSC, who would be responsible for ensuring the
JRAIF's compliance with the relevant parts of the Alternative
Investment Fund Managers Directive.
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