Consultation Paper - the Jersey Financial Services Commission

Aug 1, 2016 - Consultation on Professional Investor Definition. ...... complying with its Jersey AML/CFT obligations and the interests of investors are being.
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Consultation Paper Issued by: Government of Jersey and Jersey Financial Services Commission

Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes A joint consultation paper on proposals to: › introduce a new very private placement fund guide; › introduce a new multi-purpose Jersey “professional investor” definition; › introduce modern regulatory powers in the Control of Borrowing (Jersey) Law 1947; › phase out COBO only funds; and › phase out unregulated exchange-traded funds.

Issued: 1 August 2016

Contents

Contents 1

Summary ................................................................................................................ 8 1.1 1.2 1.3

2

Consultation on VPPF Guide ..................................................................................10 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8

3

Overview ...................................................................................................................... 20 COBO Only Fund statistics ............................................................................................ 20

Consultation on the Phasing Out of Unregulated Exchange-Traded Funds ..............21 6.1 6.2

7

Overview ...................................................................................................................... 19

Consultation on the Phasing Out of COBO Only Funds ............................................20 5.1 5.2

6

Introduction ................................................................................................................. 17 Professional Investor Definition ................................................................................... 17

Consultation on the Introduction of Modern Regulatory Powers in the COBO Law .19 4.1

5

Introduction ................................................................................................................. 10 What is a VPPF?............................................................................................................ 11 Structure and criteria ................................................................................................... 12 Investment warning ..................................................................................................... 13 15 or fewer test ............................................................................................................ 14 Designated service provider (DSP) ............................................................................... 14 Timescale and cost ....................................................................................................... 15 Regulatory treatment of a ‘family connection’ and an ‘employment connection’ ..... 16

Consultation on Professional Investor Definition ....................................................17 3.1 3.2

4

Overview ........................................................................................................................ 8 What is proposed and why?........................................................................................... 9 Who would be affected? ................................................................................................ 9

Overview ...................................................................................................................... 21 Unregulated Exchange-Traded Fund statistics ............................................................. 21

Summary of Questions ..........................................................................................23

Appendices ......................................................................................................................26 Appendix A .....................................................................