The Jersey Financial Services Commission (the "Commission") has today published a Guidance Note on a new Private Placement Fund product that will be given consent under the Control of Borrowing (Jersey) Order 1958.
The Private Placement Fund will be aimed at professional and sophisticated investors and approved on a fast track streamlined authorisation process – developed in consultation with the Jersey Funds Association and Jersey Finance.
The streamlined authorisation process will be achieved through a self certification application by the Designated Service Provider to the Fund who is registered as a Fund Administrator under the Financial Services (Jersey) Law 1998.
The Commission’s Director General, John Harris, said, “The Jersey Private Placement Fund is a significant new business opportunity for Jersey. The Funds Industry has identified a need for a private fund product aimed at professional and sophisticated investors where speed to market is critical. The self certification process is a new approach for the Commission and requires our registered Fund Administrators to certify to the Commission that the promoters of the Private Placement Fund are of good standing.
It will be possible to issue consent within 72 hours on receipt of a complete application subject to the application meeting the criteria set out in the Jersey Private Placement Fund Guide.”
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