Consultation on changes to the AIF Code to transpose EU AIFMD II (No. 7 2025)

Summary

The JFSC is consulting on changes to the EU AIF Code to transpose EU AIFMD II ahead of its April 2026 implementation deadline. Because the EU and UK AIFM regimes are diverging, the AIF Code is being split into a separate EU AIF Code and a future UK AIF Code, with this consultation covering only the EU AIF Code updates.

• Scope of changes: Consequential amendments to the EU AIF Code reflect EU AIFMD II and the updated Level 2 EU AIFMD Regulation, while the AIF Regulations, AIF Order, FS(J)L, CIF Code and FSB Code remain unchanged.
• Depositary provisions: Updated paragraph 15 (Depositary) has been shared with Jersey Depositaries, who indicated the changes align with existing practice.
• Third country treatment: EU requirements on third countries under paragraphs 25 and 26 (Articles 36 and 42 of AIFMD) have not been transposed, but industry should monitor EU high risk and non cooperative jurisdiction lists.
• Effective date: The revised EU AIF Code is intended to take effect from April 2026.
• Feedback questions: Respondents are asked whether any proposals are unclear and what business impact the updated EU AIF Code will have.

This is a draft consultation, not yet in force; the JFSC is seeking industry feedback before finalising the revised EU AIF Code, with feedback due by 30 November 2025 and a feedback statement expected by end of 2025.

Applies to

Jersey Funds industry, Alternative Investment Fund Managers (AIFMs), Jersey Depositaries, AIF Services Businesses

Deadlines

• 17:00 on 30 November 2025: Deadline for submitting feedback on the consultation to the JFSC
• 30 November 2025: Deadline for submitting comments to Jersey Finance Limited (JFL) for inclusion in the coordinated industry response
• end of 2025: JFSC intends to publish feedback to this consultation paper
• April 2026: Effective date for the updated EU AIF Code transposing EU AIFMD II