JERSEY Law and Practice Contributed by: Nienke Malan and Christopher Griffin, Carey Olsen
ordinary business or professional activity includes, or it is reasonable to expect that it includes, acquiring, underwriting, managing, holding or disposing of investments, whether as principal or agent, or the giving of advice on investments and their senior employees, directors, partners or expert consultants; • certain appropriately regulated service provid - ers and their senior employees, directors, partners, expert consultants or shareholders (in each case, as part of remuneration or as an incentive, benefit or reward for acting in such a role); • a family trust settled by or for the benefit of one or more persons referred to above or their spouses, civil partners or dependants; • a trustee of an employment benefit or execu - tive incentive arrangement/scheme estab - lished for the benefit of one or more persons referred to above or their spouses, civil part - ners or dependants; • an individual who has a net worth, or joint net worth with that person’s spouse or civil part - ner, of greater than USD1 million (or currency equivalent) excluding that person’s principal place of residence, and any rights under a contract of insurance; • a body corporate, partnership, trust or other unincorporated association which has assets available for investment of not less than USD1 million (or currency equivalent); • a carried interest scheme or arrangement established in relation to a JPF; • a government, local authority, public authority or supranational body in Jersey or elsewhere; • a “professional client” within the meaning of Annex II to Directive 2014/65/EU of the Euro - pean Parliament and of the Council of 15 May 2014 on markets in financial instruments; or • on application to the JFSC, such other natural or legal persons as the JFSC may deem appropriate on a case-by-case basis.
The JPF regime also expressly recognises that a discretionary investment manager may make investments on behalf of investors who do not qualify as Professional Investors, provided that the manager is satisfied that the investment is suitable for the underlying investors and they are able to bear the economic consequences of the investment. Expert Fund An Expert Fund investor must be one of the fol - lowing: • an investor making a minimum initial invest - ment or commitment of USD100,000 (or its foreign currency equivalent); • in the business of acquiring, underwriting, managing, holding or disposing of invest - ments, whether as principal or agent, or giv - ing advice on investments; • a person with a net worth (or joint net worth with that person’s spouse) of more than USD1 million (or its foreign currency equivalent), excluding their principal residence; • an entity with at least USD1 million (or its for - eign currency equivalent) of assets available for investment, connected with the fund or a service provider of the fund (there is a flexible approach for carried interest arrangements); or • a government, local authority, public author - ity, or supranational body in Jersey or else - where. Listed Fund The JFSC Guides do not impose any restrictions on who can invest in a Jersey Listed Fund. Notification-Only Fund An Eligible Investor who may invest in a Notifi - cation-Only Fund is a person:
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