With the release of the Jersey Private Funds Guide (the
JPF Guide), Jersey has introduced a welcome
simplification of its funds regime, by providing for a single
Jersey private fund product, to be called the "Jersey Private
Fund" (JPF).
The JPF will replace the three existing fund products which
currently cater for private funds in Jersey, namely "COBO Only
Funds", "Private Placement Funds" and "Very
Private Funds".
Existing COBO Only Funds, Private Placement Funds and Very
Private Funds may elect to convert into a JPF (but are not required
to convert, and if they do not convert, will continue to remain
subject to their current regulatory regime).
A JPF must have a consent issued under the Control of Borrowing
(Jersey) Order 1958 (COBO) and subject to meeting
the following eligibility and structuring requirements may be
established using a streamlined authorisation process:
