Fairway Group’s Post

Jersey Private Fund update (JPF) We are excited to announce the newly updated Jersey Private Fund (JPF) guide, designed to understand further the improved JPF regime. Please see link below. Please do get in touch if you would like to discuss the JPF structure further and explore how you may be able to use this for your international investments. Jersey's private fund regime and structure is increasingly utilised and is the structure of choice for co-investment and pooling of capital, both by institutional investors and family offices across, the #middleeast and #Africa for their international investments. The flexibility offered by the JPF, in terms of investor numbers, asset classes and types of investment that are able to use this structure, makes it one of the most utilised structures by international investors in our award-winning IFC. The JPF regime for example offers promoters a cost-effective, fast-track (48 hour) regulatory approval process for private funds. The streamlined approach allows up to 50 eligible investors to participate. Please see this link for further guidance: https://lnkd.in/d8ms8He2 #jpf #Jersey #saudiarabia #UAE #gcc

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information are provided to the ATO. https://ow.ly/93k150RNgwZ #SMSF #financialplanning #smstrusteenews #smsfinvestors

Some very helpful developments here - we have given a lot of advice over the years on whether co-invest, staff incentive and carry structures constitute funds for Jersey purposes. The new Jersey Private Fund guide issued by the JFSC makes it clearer that most do not need to be regulated. This can make Jersey structures much cheaper to set up and run than equivalents in jurisdictions that have a concept of 'fund' so broad that all sorts of unlikely things are brought into scope.

Discretionary Fund Managers have to increased their exposure to passive funds over the past 3 years - more so internationally than domestically. Our 2023 DFM Survey provides erudite insights into the South African landscape of DFMs. The Survey can be purchased by mailing Jason@thecollaborative.co.za The Collaborative Exchange FUNDHUB.co.za #DFMs #passiveinvesting #assetmanagenent #wealthmanagement

FSP fallout: FSCA withdraws licence of The Wealth Strategist tied to N-e-FG saga. The FSCA has withdrawn the licence of The Wealth Strategist (Pty) Ltd, whose directors were also directors of the N-e-FG Fund Management and N-e-FG Administrators (which rebranded as Phahamisa Administrators). Get further insights in the full article: https://buff.ly/3UWh2kc Share your thoughts in the comment section! #FAISAct #FSCA #NeFGAdministrators #NeFGFundManagement #TheWealthStrategist

FSP fallout: FSCA withdraws licence of The Wealth Strategist tied to N-e-FG saga. The FSCA has withdrawn the licence of The Wealth Strategist (Pty) Ltd, whose directors were also directors of the N-e-FG Fund Management and N-e-FG Administrators (which rebranded as Phahamisa Administrators). Get further insights in the full article: https://buff.ly/4azaeP2 Share your thoughts in the comment section! #FAISAct #FSCA #NeFGAdministrators #NeFGFundManagement #TheWealthStrategist

The new requirement to complete a trust income schedule for trust and managed fund distributions is more imposing for SMSF trustees. https://ow.ly/nWOB50TlEHa Accurium Mark Ellem #SMSF #financialplanning #smstrusteenews #smsfinvestors

Offshore accountants please go through the great insight about how we should handle Trust income schedule requirements from FY24. Thank you Mark Ellem The article outlines the new Trust Income Schedule (TIS) requirements starting 1 July 2024, where SMSFs must file a TIS for each trust or managed fund distribution, with a maximum of 150 TISs allowed. Using a wrap platform simplifies compliance, as only one TIS is needed for a consolidated report. As Offshore accountants we should ensure to identify all distributions, verify whether a wrap platform is used, and keep track of the TIS limit to avoid filing excess reports. Maintaining Single line accounting for Wrap portfolio will be more efficient way of processing SMSF with large trust distribution income.

The latest updates to the Jersey Private Fund Guide have been published today. Here's what you need to know #privatefunds #privateequity #venturecapital #realestate #jersey #jpf #funds #regulatory

I attended the annual NSCP conference in Dallas Texas this past week. The NSCP is one of the great leadership groups in our industry and they host a great conference - I recommend attending if you get a chance. One of the more prevalent topics discussed were the many enforcement actions released in the past year and how some applied to regulatory reporting, such as 13Fs. It was good to hear about how other firms are handling extracted performance (such as performance on a per security basis) relative to private funds, such as the spread method and ratio method. There were also discussions around upcoming registered fund rules that will be effective in the next year or so, including amendments to Rule 35d-1 and Regulation S-P. Although the Private Fund Adviser Rules were nixed, you can probably expect to see the topics covered in those rules to come up in future exams.