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19 February 2015
The new qualifying segregated managed account (QSMA) regime has introduced an exemption which will enable Jersey-regulated fund managers to be appointed in relation to managed accounts. The exemption will enable fund managers that are already regulated under the Financial Services (Jersey) Law to carry out fund services business and service QSMAs without needing to seek additional regulation in order to conduct investment business under the Financial Services Law.
This exemption is a response to the continued growth in the number of Jersey-based hedge fund managers. As well as simplifying the regulatory position, it will allow QSMA managers to continue benefiting from the 0% corporate tax rate.
The proposed exemption recognises that those that use managed accounts in the hedge fund space are typically at the apex of investor sophistication. The QSMA regime will be open to managed accounts that meet the following criteria:
For further information on this topic please contact Niamh Lalor at Ogier by telephone (+44 1534 504 000), fax (+44 1534 504 444) or email (email@example.com). The Ogier website can be accessed at www.ogier.com.
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