Offshore: The new Jersey
The funds industry in Jersey has undergone some important changes in recent months. The introduction of unregulated funds, changes to the way functionaries of funds are regulated and changes to the island's companies law all serve to improve what Jersey can offer from an offshore funds perspective. The collective unregulated funds order (UFO) (Jersey) came into force on 19 February and creates a new classification of fund which falls outside the traditional collective investment funds regime and requires no pre-approval from the island's regulator, the Jersey Financial Services Commission (JFSC). Instead, a written notice confirming that the conditions set out by the UFO for unregulated funds are satisfied is submitted to the Jersey registrar of companies after the fund has been established.
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