JERSEY Law and Practice Contributed by: Nienke Malan and Christopher Griffin, Carey Olsen
JFSC Guide are met (for example, a manager which retains the investment management func - tion must be able to provide the confirmations referred to in 2.1.2 Common Process for Setting Up Investment Funds if acting for a Regulated Fund). However, certain fund types must have a Jersey manager or administrator with two appropriately experienced directors, staff and a physical pres - ence in Jersey, unless a derogation from the rel - evant JFSC Guide is obtained (please see 2.1.2 Common Process for Setting Up Investment Funds for further information on this point). 2.3.4 Regulatory Approval Process The regulatory approval process is efficient, with varying timeframes depending on the type of fund. Fast-track authorisation for JPFs can be 48 hours or less, whereas for Regulated Funds it can take several weeks for final JFSC approval if the JFSC raises questions on the fund’s applica - tion for regulatory approval. Please refer to 2.1.2 Common Process for Set- ting Up Investment Funds for details of the approximate lead time for obtaining regulatory approval for a given category of fund, together with details of which such categories have a fast-track authorisation process. Retail funds (as referred to in 3. Retail Funds ) are more heavily regulated in Jersey, and this is reflected in the time it typically takes to obtain regulatory approval for such funds. 2.3.5 Rules Concerning Pre-Marketing of Alternative Funds There is no Jersey legal definition of “pre-mar - keting”. The EU Pre-Marketing Directive does not apply to Jersey managers marketing funds into the EU under NPPRs; however, individual
member states may impose their own pre-mar - keting requirements. 2.3.6 Rules Concerning Marketing of Alternative Funds Marketing Jersey Funds to Jersey Investors There are no marketing restrictions on promot - ing a Jersey fund to Jersey investors, provided that, where relevant (for example, in relation to an Expert Fund), those persons meet the inves - tor eligibility criteria. Any marketing of the fund in Jersey should be undertaken by a distributor which holds the rel - evant registration in Jersey or by the fund itself (if a company). Otherwise, any marketing activities in Jersey should be minimal, such that they fall outside the scope of the FSJL. Marketing Non-Domiciled Funds to Jersey Investors Jersey funds are generally used to raise capital from investors internationally. However, many non-domiciled funds are marketed to Jersey investors each year, and each such fund is required to obtain consent from the Jersey Reg - istry in relation to the circulation of its offering documents in Jersey (subject to certain exemp - tions which are available to funds structured as companies or unit trusts). The processing time for an application for con - sent is usually around five working days, and a statutory fee is payable. However, in the following cases there is an exemption for funds structured as companies or unit trusts. • Where the fund has no “relevant connection” with Jersey (for example, the management or
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