Enhancements made last month to the Jersey Private Funds (JPF) regime, making it possible to submit applications online, will significantly speed up the authorisation process and revolutionise Jersey’s funds sector, according to the head of the Jersey Funds Association.

Last month (2nd August 2018), the Jersey Financial Services Commission (JFSC) launched a dedicated online application tool for JPFs, Jersey’s fast-track fund product designed to cater for limited numbers of professional and institutional investors.

The new tool is autonomous, offering suitable applicants the potential for instant approval. Under JPF rules, applications will be made by Jersey-based authorised service providers, who will have an account to use the online tool.

The tool forms part of the JFSC’s e-enablement strategy, with the JFSC also announcing last month (14th August 2018) that all JPF applications made from 1st September onwards would need to be online and that submissions in paper format will no longer be accepted. A number of minor amendments to the JPF Guide were also announced last month to clarify this.

The JFSC is anticipating that all applications and notifications will be paper-free by early 2019.

Commenting on the developments, Mike Byrne commented:

“The JPF has already proven to be a hugely popular fund structure amongst professional and institutional investors, with around 130 having been established in just over a year since its launch, a number being used to target EU investors. The ability to make applications online will undoubtedly make it even more attractive for managers, speeding up authorisation turnaround times significantly and making the whole process more efficient.

“It really is revolutionary for Jersey’s funds industry, particularly in the current market where managers frequently need to bring their funds to market quickly and, ahead of Brexit, are looking for centres than can guarantee them rapid, efficient support. This tool also lays the foundation for future online capabilities right across the funds sector, emphasising Jersey’s focus on innovation and underlining its ambitions in the fintech space.”

As at 30 June 2018, the JFSC had granted authorisation to 128 JPFs, an increase of 190% since August 2017.