Approval as a depositary of a closed-ended private equity or real estate AIF application form

Summary

This is the JFSC application form used by a Jersey entity seeking approval to act as depositary of a closed-ended private equity or real estate Alternative Investment Fund (AIF) that has an EU/EEA or UK AIFM. It is only relevant to depositaries requiring approval under the Alternative Investment Funds (Jersey) Regulations 2012 in relation to a COBO closed-ended private equity/real estate AIF, and does not apply to those carrying on fund services business under the FS(J)L or to recognized fund functionaries acting as trustee, custodian or depositary.

• Applicant and AIF details: Name of applicant, confirmation it qualifies as the relevant depositary type under paragraph 15.4.1 of the AIF Code, contact person, and details of the AIF and AIFM including registered office and commencement date
• Registration status: Whether the applicant is already registered under the FS(J)L for investment business or trust company business
• Applicant business details: Registered office, principal place of business, accounting dates, trading names, memberships of self-regulatory or professional bodies, and other licences or registrations held
• Directors and beneficial owners: Full details of all directors and beneficial owners, plus key persons including the Money Laundering Reporting Officer and Money Laundering Compliance Officer
• Fitness and propriety history: Disclosure of any prior licence refusals or revocations, disciplinary action, investigations, seized records, civil proceedings, settlements over £10,000, criminal convictions, pending proceedings, and outsourcing/delegation arrangements
• Fund characteristics: Information on the anticipated funds, including closed-ended period, investment strategy and asset types, listing status, structure (umbrella, multi-class, feeder), and anticipated volume of activity
• Declaration: A signed declaration by the applicant's directors confirming the information is complete and correct, with an ongoing duty to notify JFSC of relevant new information or significant changes before a decision is made

Completing and submitting this form is the mechanism by which a Jersey depositary obtains regulatory approval before providing depositary services to this specific category of AIF; it does not itself impose ongoing obligations beyond the application and the duty to keep the JFSC updated during the assessment period.

Key obligations

• The applicant must notify the JFSC immediately of any other information it considers relevant to the application
• The applicant must notify the JFSC immediately of any significant changes to the information provided in the application form occurring after submission and before receiving the JFSC's decision
• The application form must be signed by directors of the applicant declaring the information in Sections A to C is complete and correct
• Applicants must consider and comply separately with the requirements of any country to which the Directive or UK AIFM Regulations apply, in addition to the AIF Code

Applies to

Depositaries of closed-ended private equity or real estate Alternative Investment Funds (AIFs) with an EU/EEA or UK AIFM, Applicants for approval under the Alternative Investment Funds (Jersey) Regulations 2012