Answer ... The amount of information made public on Jersey funds is limited. Companies incorporated in Jersey will appear on the Jersey Registry, which is searchable online. The company's constitutional documents are made available for public inspection, including the memorandum and articles on payment of a fee. Special resolutions passed by the company must also be filed and will be made available for inspection as will the company's annual return, which shows a company's legal (but not beneficial) owners. As well as corporate funds, a general partner of a limited partnership and a trustee of a unit trust will also generally be formed as a limited company.
A search of the Jersey registry will also show any limited partnerships established in Jersey. There is no need for the Limited Partnership Agreement to be filed and no requirement to file a return detailing who the partners in the limited partnership are.
The name and address of Jersey certified funds and Jersey regulated service providers are also shown on the JFSC's website (whether formed as a company, limited partnership or otherwise).
Answer ... Both Recognised Funds and Unclassified Collective Investment Funds have set reporting requirements which are set out in the Recognised Fund Order and the OCIF Guide respectively.
If the fund is to be marketed into Europe it will also be subject to the AIF Codes. The AIF Codes contain reporting requirements that broadly mirror the requirements under AIFMD known as Annex IV reporting. Reporting may also be required in respect of FATCS and CRS.
Answer ... There is no requirement under the Jersey Private Fund Guide for a Jersey private fund to have Jersey resident directors, although it would be common, and rather governance is required by way of the DSP.
Public funds (such as expert funds) are required to have at least two Jersey resident directors. Fund services providers are generally required to have at least two Jersey resident directors, and where client money is handled a 'span of control' of at least three directors.
Answer ... A core principle of each of the Fund Codes and FSB Codes is that a fund/registered person must organise its affairs effectively for the proper performance of its activities and be able to demonstrate the existence of adequate risk management systems. Requirements of the Fund Codes relate to corporate governance, internal systems and controls, continuing professional development, compliance staff, complaints, record keeping, financial statements and valuations.
There are prescriptive criteria that govern Recognised Funds and Unclassified Collective Investment Funds as noted above.
The JFSC has published a Sound Business Practice Policy (SBPP) where certain activities will be scrutinised more closely with a view to protecting the reputation of the Island, it covers investment in industries such as mining or drilling for natural resources and cryptocurrency.