The codes for permit holders of collective investment funds are particularly targeted at ‘non-retail’ or specialist funds, such as hedge funds, and are designed to simplify the approval process.
ichard Pratt, the director general of the Jersey Financial Services Commission, explained: ‘We believe the proposals will help Jersey’s finance industry continue to grow by streamlining procedures, in particular for funds designed for the specialist and expert investor sectors.
At the same time we will be maintaining rigorous requirements for disclosure of all relevant details for funds aimed at broader groups.
The codes are part of an ongoing process which started last year with an initial consultation paper.
unds will be defined according to one of four categories: retail funds recognised by UK regulators; unclassified retail funds marketed to non-UK investors; expert funds marketed to affluent and institutional investors; and private funds normally only marketed to institutional investors.
t the end of March the total value of funds in the Island stood at £96 billion, with 23 new collective investment funds authorised since the start of this year.
inancial institutions and investors are invited to comment on the new codes, which can be viewed on the Commission’s website, www.