Application for Investment Business (Financial Services (Jersey) Law 1998)

Summary

This is the JFSC application form that a firm must complete to apply for authorisation to carry on investment business under the Financial Services (Jersey) Law 1998 (FS(J)L). It is used by any person seeking registration under Article 8 of the FS(J)L, whether investment business is a primary or secondary activity, and covers general information, business details, and the specific investment business classes being applied for.

• Structure: The form has four parts: Part 1 general information (legal status, ownership, financial resources, insurance, auditors, business record, business plan), Part 2 investment business (registration classes A to E, client accounts, custodians/nominees), Part 3 declaration, and Part 4 checklist.
• Who must complete it: Companies, partnerships, sole traders or other entities wishing to be registered to conduct investment business as defined in Article 2 of the FS(J)L.
• Content required: Details of Principal Persons and Key Persons (who must also submit a myProfile application), ownership/group structure, financial resources (paid up capital, Adjusted Net Liquid Assets), professional indemnity insurance, proposed auditors, and disclosure of significant events or connections to higher risk jurisdictions.
• Submission: Completed forms are emailed to the JFSC's IB, FSB and Insurance Unit; the application is not reviewed until the application fee is paid, and an invoice follows submission.
• Declaration and offences: The form must be signed by two prospective Principal Persons; signatories confirm the information is complete and correct and acknowledge that knowingly or recklessly providing false or misleading information is a criminal offence under Article 28 of the FS(J)L, punishable by up to five years imprisonment or a fine, or both.

Applicants must keep copies of the submitted form and supporting documents, and must notify the JFSC in writing immediately of any material change to the information provided, both while the application is pending and on an ongoing basis if registration is granted.

Key obligations

• An applicant for investment business registration must complete and submit this application form to the JFSC's IB, FSB and Insurance Unit, answering all applicable questions and stating clearly where a question is not applicable.
• The application will not be reviewed until the application fee has been received.
• The applicant must keep a copy of the submitted application form and supporting documents for its own records.
• The applicant must disclose details of any significant events that may be relevant to the JFSC's determination of the application.
• Under Article 8(6) of the FS(J)L, an applicant must give written notice forthwith to the JFSC of any alteration to, or event affecting, information or documents supplied in connection with the application while it is awaiting determination.
• All Principal Persons and Key Persons listed in the application must submit a myProfile application.
• The application form must be signed by two prospective Principal Persons of the applicant.
• The applicant must notify the JFSC immediately of any significant change to the information given in the application form and supporting documentation, including after submission and before a decision is made.
• Providing information that is false or misleading in a material particular, knowingly or recklessly, in connection with the application is a criminal offence under Article 28 of the FS(J)L.

Applies to

applicants for investment business registration, companies, partnerships, sole traders, branches of overseas deposit-taking entities

Deadlines

• forthwith: An applicant must give written notice to the JFSC forthwith of any alteration to, or event affecting, information supplied in connection with the application while it is pending, per Article 8(6) of the FS(J)L.
• immediately: The applicant undertakes to notify the JFSC immediately of any significant change to the information given in the application form and supporting documentation.