Following changes to the law governing Jersey LLPs in 2013, the Jersey Financial Services Commission recently clarified and confirmed its approach to the licensing of LLPs. The key elements are:
- A partner in an LLP who participates in the management of that LLP may be either a natural person (wherever domiciled) or a company incorporated in Jersey which has at least two Jersey-resident directors.
- Span of control is the core of the regulatory approach to LLPs and the Commission must be able to identify an adequate regulatory span of control. The span of control is to be exclusively comprised of natural persons (be they partners in the LLP or directors of one or more of the corporate partners in the LLP), at least two of whom are Jersey-resident.
- A Jersey LLP may act as general partner of an Jersey regulated GP/LP structure which is itself the general partner of a public fund. Applications in such connection will be considered carefully on a case-by-case basis by the Commission.
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