JERSEY Law and Practice Contributed by: Nienke Malan and Christopher Griffin, Carey Olsen
2.3.2 Requirements for Non-Local Service Providers Jersey’s financial services legislation applies to companies incorporated in Jersey carrying out financial services business anywhere in the world, and to all persons carrying out financial services business in or from within Jersey. Accordingly, non-Jersey managers or invest - ment managers/advisers of a Jersey fund are not required to become regulated in Jersey under the FSJL, provided that their functions are not carried out in or from within Jersey. However, the JFSC’s prior approval is needed for the appointment of any service providers to a Regulated Fund of any category. An investment manager/adviser of a Regulated Fund is required to provide a confirmation to the JFSC regarding various matters, including that it is: • regulated in its home jurisdiction (or, other - wise, approved by the JFSC); • without convictions or disciplinary sanctions; • solvent; and • experienced in using similar investment strat - egies to those adopted by the fund. Please refer to 2.1.2 Common Process for Setting Up Investment Funds , regarding the requirement for arranging for a Jersey SPV manager or other service provider to become licensed by the JFSC. 2.3.3 Local Regulatory Requirements for Non- Local Managers Please refer to 2.3.2 Requirements for Non- Local Service Providers . A manager registered in another jurisdiction may, in principle, provide services to a Jersey fund, provided that the requirements of the relevant
• who makes a minimum initial investment or commitment of USD1 million (or its foreign currency equivalent); • whose ordinary business or professional activity includes dealing in, managing, under - writing or giving advice on investments (or an employee, director, consultant or shareholder of such a person); • who is an individual with a net worth of over USD10 million or its foreign currency equiva - lent (calculated alone or jointly with their spouse and excluding their principal place of residence); • which is a company, limited partnership, trust or other unincorporated association and which either has a market value of USD10 million or equivalent (calculated either alone or together with its associates) or has only Eligible Investors as members, partners or beneficiaries; • who is, or acts for, a public sector body; • who is the trustee of a trust which either was established by an Eligible Investor or was established for the benefit of one or more Eligible Investors; or • who is, or is an associate of, a service pro - vider to the fund (or an employee, director, consultant or shareholder of such a service provider or associate and who acquires the relevant investment by way of remuneration or reward). 2.3 Regulatory Environment 2.3.1 Regulatory Regime Please refer to 2.1.2 Common Process for Set- ting Up Investment Funds : details of the regula - tory classification of a Jersey fund will determine which investment limitations or other restrictions (if any) will apply to it.
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