Answer ... Every alternative investment fund launched in Jersey will need to apply to the JFSC for a consent under COBO, if a private fund, or a certificate under the CIF Law (if there will be more than 50 investors or more than 50 offers to potential investors).

Answer ... Jersey Private Funds must appoint a Jersey regulated DSP who will be responsible for ensuing ongoing compliance with the terms of the JPF Guide.

Public funds must produce an offering document that complies with the content requirements set out in the Collective Investment Funds (Certified Prospectuses) (Jersey) Order 2012 (CFPO).

Public funds such as Jersey Expert Funds are required to have at least two Jersey resident directors with appropriate experience appointed to the fund's board if the fund is a corporate fund. If the fund is formed as a limited partnership or a unit trust, Jersey resident directors with appropriate experience must be appointed to the board of the general partner or trustee (as applicable).

The majority of the board of a Jersey Listed Fund must be made up of independent directors, including at least two Jersey resident directors.

Funds formed as Jersey Private Funds or Unregulated Eligible Investor Funds are not strictly required to appoint Jersey resident directors.

Funds subject to the OCIF Guide are required to appoint a Jersey based trustee or custodian and a manager, and the trustee/custodian and manager are required to be independent of each other. If the manager does not have staff and a physical presence in Jersey, then a Jersey administrator must be appointed.

Answer ... The process varies depending on whether the fund is private or public. For Jersey Private Funds an online application form is submitted by the DSP, and the COBO Consent is usually issued within 48 hours.

For public funds, the application forms, a structure chart, and offering document is submitted to the JFSC by Jersey counsel and the certificate is typically issued within three working days (for expert funds).