Commenting on ECOFIN’s recognition of Jersey as a cooperative centre yesterday (12 March), Mike Byrne, Chairman of the JFA, said:

"Jersey has close ties with the EU through its funds industry – around a third of funds business in Jersey touches the EU in some capacity, whilst the number of alternative fund managers opting to structure their funds through Jersey to market into the EU through private placement grew by 13% last year. Maintaining a good working relationship with the EU is therefore absolutely vital, so this recognition, which comes after a period of really positive engagement between Jersey’s government and EU officials, is welcome news.
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"In Jersey we take our obligations as a responsible centre that upholds the highest standards of oversight and governance extremely seriously, and we’re confident that our existing approach, coupled with the new economic substance legislation, demonstrates that we are a genuine funds industry of substance here.”

The Government of Jersey's full statement can be found here.

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