Code of Practice for Alternative Investment Funds and AIF Services Business – UK regime

Summary

This is the Jersey Financial Services Commission's Code of Practice governing Alternative Investment Funds (AIFs) and AIF services business under the UK-focused regime introduced from 16 April 2026. It sets out detailed conduct, organisational and disclosure standards mirroring the UK AIFM Regulations and the EU AIFM Directive framework, as applied in Jersey under the Alternative Investment Funds (Jersey) Regulations 2012 and the Financial Services (Jersey) Law 1998.

The Code applies to AIFMs (managers), AIFs themselves and their AIF entities (companies, trustees, general partners), AIF prescribed service providers, depositaries, and persons carrying on AIF services business or fund services business connected to UK-marketed or UK-registered/managed AIFs. Only the extracted glossary, table of contents and closing footnotes of this 121-page document were available for review, so the operative substantive text of most sections could not be directly verified.

• Capital and scope: Conditions for conducting AIF business and initial capital/own funds requirements for AIFMs, plus rules for sub-threshold and small third-country AIFMs.
• Operating conditions: General principles, remuneration, conflicts of interest, risk management, liquidity management, securitisation exposure, general organisational requirements, valuation, delegation and depositary arrangements.
• Transparency: Preparation of an annual report, disclosure obligations to investors, and periodic reporting obligations to the JFSC.
• Specific AIF types: Additional rules for AIFMs managing leveraged AIFs (leverage limits and JFSC information use) and AIFs acquiring control of non-listed companies, including notification, disclosure and asset-stripping restrictions.

The Code was first issued in 2013 and became effective from 1 January 2021, with the UK-specific regime provisions applying only from 16 April 2026; it was last revised on 8 April 2026. Because the body of the document (sections 1 to 28 in detail) was not available in the extracted text, this summary reflects only the document's structure and defined scope, not the full operative rules.

Key obligations

• AIFMs must meet applicable initial capital and own funds requirements before conducting AIF business
• AIFMs must apply remuneration principles to relevant staff
• AIFMs must identify and manage conflicts of interest
• AIFMs must implement risk management and liquidity management systems appropriate to each AIF managed
• AIFMs must comply with valuation requirements for AIF assets
• AIFMs must appoint and comply with depositary requirements for each AIF (subject to any prescribed service provider exemptions)
• AIFMs must prepare and make available an annual report for each AIF they manage
• AIFMs must make prescribed disclosures to investors before they invest and on an ongoing basis
• AIFMs must submit periodic reports to the JFSC on AIFs managed
• AIFMs managing AIFs that acquire control of non-listed companies must notify the JFSC and make additional disclosures, and are subject to restrictions on asset stripping for a specified period

Applies to

Alternative Investment Funds (AIFs), Alternative Investment Fund Managers (AIFMs), AIF entities (companies, trustees, general partners, partners), AIF services business, AIF prescribed service providers, depositaries, fund services business providers

Deadlines

• 16 April 2026: UK-focused provisions of this Code become relevant/applicable from this date
• 1 January 2021: Original effective date of the Code (non-UK regime)
• 8 April 2026: Date the Code was last revised

Related documents

• This document is made under Alternative Investment Funds (Jersey) Regulations 2012
• This document is made under Financial Services (Jersey) Law 1998