The Jersey Financial Services Commission (JFSC) has launched the Jersey Private Fund (JPF) Guide, setting out the criteria for Jersey’s new private fund product which can be marketed to up to 50 professional investors.
Last year the number of hedge fund launches globally fell by an estimated 40 per cent, but despite this there have been a number of positive developments for the funds industry in the BVI.
The number of Jersey-registered fund managers marketing into Europe through national private placement regimes (NPPRs) under the Alternative Investment Fund Managers Directive (AIFMD) continued to rise during 2016, according to the latest figures from the Jersey Financial Services Commission (JFSC).
Proper fund governance has long been championed by leading offshore law firm Conyers Dill & Pearman, which for the last decade has encouraged its hedge fund clients to hold at least annual directors meetings. Initially this was met with some resistance according to Robert Briant (pictured), Partner and head of Conyers' BVI office, who confirms that such resistance has softened over the last few years.
One of the reasons as to why the BVI introduced the Incubator and Approved Fund products in May 2015 was, partly, in response to the fact that fund launch numbers in the global hedge fund industry had started to steadily decline. Rising regulatory and compliance costs were hurting start-up managers and dissuading people from coming to market.
Circle Partners is an independent fund administrator with offices in the BVI, Cayman Islands, and across the EU, the Americas and Hong Kong.
Guernsey is marking the the 20th anniversary of the introduction of its Protected Cell Company (PCC) Ordinance on 1 February 1997, providing the island’s captive insurance sector with the first cell company legislation of its kind anywhere in the world.
Guernsey's funds sector stands to benefit from pressure on legal fees from fund managers and investors because of lower overheads and costs in the jurisdiction, says Ogier group partner Craig Cordle.
Guernsey has introduced a Private Investment Fund (PIF) regime designed to provide fund managers with greater flexibility and simplicity.
The Channel Islands Securities Exchange (CISE) has revised its membership rules so that firms from a wider range of jurisdictions can act as sponsors to listings on the exchange.