Jersey Private Fund_Guidelines

Jersey Private Fund

A JPF is a private investment fund involving the pooling of capital raised for the fund and which operates on the principle of risk spreading.

A JPF may be established in Jersey or in a country or territory outside of Jersey which requires a relevant consent to be issued and in which the number of offers of units for subscription, sale or exchange shall not exceed 50 and the number of investors shall not exceed 50, with each investor being a person:

  1. Who is a professional investor
  2. Who makes a minimum initial investment in or commitment to the JPF of not less than two hundred and fifty thousand pounds sterling (or the equivalent of that amount in another currency) either through an initial offering of units in the JPF or by subsequent acquisition;

Private fund is supervised by the Jersey Financial Service Commission and regulated under the Collective Investment Funds (Jersey) Law 1988

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is Belize:

  1. Company
  2. Limited partnerships,
  3. Unit trust or
  4. Any other similar body formed under the laws of Jersey or any other jurisdiction which collects and pools investor funds for the purpose of collective investment.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Designated Service Providers (DSP) JPF must appoint a “Designated Service Provider” and there may be no change to the DSP without the prior approval of the JFSC.
Fund Administrator The Administrator shall be a company incorporated and resident in Jersey. A company incorporated under the laws of a recognized jurisdiction.
Fund Manager N/A
Custodian N/A
Jersey Office Not compulsory
Auditor There is no obligation under the Jersey Unregulated Fund Guide to appoint an auditor or audit its financial statements
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
Minimum Capital Requirements None
Application Fee USD 2,235
License Fee USD 2,235

Ongoing Obligations

  1. Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
  2. Maintain such accounting records and financial statements available for examination by the Registrar or any person authorized under his hand at its principal place of business or registered office in Jersey;
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

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  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

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