Licensing of Jersey LLPs to conduct fund services business

The Jersey Financial Services Commission has confirmed its position in relation to the licensing of Jersey law limited liability partnerships (LLPs) to conduct certain classes of ‘fund services business’ under the Financial Services (Jersey) Law 1998.

The commission has confirmed that, with immediate effect, it will consider applications to license LLPs to conduct ‘fund services business’ as general partners, managers, investment managers and investment advisers of collective investment funds that fall within the Collective Investment Funds (Jersey) Law 1988. LLPs cannot be licensed to conduct other classes of ‘fund services business’ at this time.

LLPs may be licensed to act in these roles for any type of fund (wherever domiciled) and will not be restricted to acting only for Jersey expert funds, related expert funds or materially equivalent funds. However, applications by an LLP to act for funds that are not expert or materially equivalent to expert funds may take longer for the commission to process and review of these applications by the commission may result in additional conditions being included in the licence issued to the LLP…

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