To ease fund firms' regulatory burdens during this pandemic, the Jersey Financial Services Commission has put off the deadline for the submission of their compliance returns - 31 July - to 31 August. The reporting period up to 30 June remains unchanged.

The payment date for the "Jersey Private Funds annual fee" (a donation that fund firms are obliged to make to the regulator) remains unchanged at 1 July and all reporting with the return should be up to 30 June.

The regulator has reviewed last year's returns - which Designated Service Providers or DSPs have to fill in properly - and has provided businesses with more guidelines to make them report information fully and accurately.

Whenever a regulatory snag (or 'material issue') appears at a firm, the DSP ought to describe it to the regulator on the prescribed online form within 28 calendar days’ of becoming aware of it. Last year's 'material issues' included the fact that the fund in question was being wound up and the fact that professional or eligible investors had not received investment warnings and disclosure statements as required by Part D, Paragraph 5 of the Eligibility Criteria of the Jersey Private Funds Guide. Only investors who have confirmed receipt and accepted the disclosure statement and investment warning are eligible to invest in such a fund.

The regulator adds: "We would expect DSPs which have entered into a Deed of Covenant and Indemnity with the promoter to be able to explain how the DSP 'ensures' that the promoter has put in place appropriate measures. We would expect a further level of investigation (such as reviewing those appropriate measures) to be comfortable that the promoter has the ability to perform its duties under the Deed of Covenant and Indemnity."

Meanwhile, after 13 years as the Director of Enforcement at the Jersey Financial Services Commission and 41 years in the field of enforcement, Barry Faudemer is retiring and will be replaced temporarily at an unspecified date by Kerry Petulla, the Head of Enforcement.