Jersey Unregulated Fund_Guidelines
- Jersey Unregulated Fund
- An Unregulated Fund is a Jersey domiciled fund which is either to be offered to certain eligible investors only or is listed on an approved exchange or market and opts out of regulation as a fund in Jersey.
There are two types of Unregulated Funds:
- Unregulated Eligible Investor Funds
- Unregulated Exchange Traded Funds.
- Legal Requirements
Sr. No Element Requirement(s) Entity Requirements The entity making the application is Belize:
- Limited partnerships,
- Unit trust or
- Any other similar body formed under the laws of Jersey or any other jurisdiction which collects and pools investor funds for the purpose of collective investment.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction. Shareholder requirements
- The investment dealer will need at least one shareholder.
- Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management. Fund Administrator The Applicant must employ a fund administrator with no local requirement Fund Manager The Applicant must employ a fund manager with no local requirement Custodian
- The applicant must have a custodian approved by the FSC.
- A Custodian licensed and approved locally the minister.
- A Custodian licensed and approved under the laws of a recognized country or jurisdiction.
- A person with a written permission from the Minister to carry on Business as a Custodian.
Jersey Office Not compulsory Auditor There is no obligation under the Jersey Unregulated Fund Guide to appoint an auditor or audit its financial statements Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator Minimum Capital Requirements None Application Fee USD 2,235 License Fee USD 2,235
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
- Maintain such accounting records and financial statements available for examination by the Registrar or any person authorized under his hand at its principal place of business or registered office in Jersey;
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
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