The Jersey Financial Services Commission has decided to modernise the island’s funds regime. In its new private fund guide, it sets out the criteria for its new private fund product, which can be marketed to up to 50 professional investors.

The guide is the product of a consultative exercise that the island's Government undertook last year. The aim is to ‘rationalise and consolidate' Jersey’s private fund and unregulated fund regimes. The regulator has also taken account of product developments in other jurisdictions.

The launch of Jersey’s new single private fund product will see the phasing-out of all other Jersey private products, although existing private funds will be able to continue to operate until the end of their natural lives. Alternatively, existing private funds can apply to the JFSC for permission to convert themselves into other Jersey fund product, including JPFs.

Subject to later decisions the regulator will take about the JPF annual fee provided for under the amended Control of Borrowing Order fees notice, which the JFSC has also issued, the financial sector will be able to submit applications to the JFSC, in accordance with the JPF Guide, from Tuesday 18 April onwards.