Approval as sub-threshold and/or small third country AIFM application form

Summary

This is an application form issued by the Jersey Financial Services Commission (JFSC) for entities seeking approval as a Sub-Threshold AIFM (SUB AIFM) and/or a Small Third Country AIFM (STC AIFM) under the Alternative Investment Funds (Jersey) Regulations 2012 and the AIF Code. It is not for use by persons already carrying on fund services or AIF services business under the FS(J)L, Recognized Fund Functionaries, or Certificate Holders under Article 8B of the CIF Law.

• Section A: Requires confirmation that the applicant qualifies as a SUB and/or STC AIFM based on assets under management (AUM) thresholds, calculation of total AUM, details of the AIF and COBO reference, attachment of an offering document/extract or investment strategy description, confirmation that Annex IV pro-forma reporting information has been provided, and disclosure of countries where marketing is intended.
• Section B: Requires the applicant's contact and registered office details, details of all directors and beneficial owners (including percentage ownership), names and emails of the Money Laundering Reporting Officer and Money Laundering Compliance Officer, and disclosure of any past refusals, disciplinary actions, investigations, seizures of records, civil judgments, settlements over £10,000, convictions, or pending proceedings.
• Section C: Contains the declaration that information provided is complete and correct, an ongoing duty to notify the JFSC immediately of relevant information or significant changes, a reference to Regulation 23 of the Regulations, and a requirement that the form be signed by two directors of the applicant.

Completed forms are submitted to the JFSC's Central Authorisations office. The form also references the Data Protection (Jersey) Law 2018 regarding how submitted information may be used and shared.

Key obligations

• Applicants must confirm they qualify as a SUB and/or STC AIFM by demonstrating AUM below the specified thresholds in Paragraph 2.1.1 or 2.1.2 of the AIF Code
• Applicants must calculate and confirm total AUM in accordance with Paragraph 2.2 of the AIF Code
• Applicants must attach an offering document, relevant extract, or a general description of the AIF's investment strategy
• Applicants must provide reporting information under Paragraph 2.5.4 of the AIF Code using the Annex IV pro-forma reporting template or UK equivalent
• Applicants must nominate one person as general contact for correspondence relating to the application
• Applicants must disclose details of directors, beneficial owners, Money Laundering Reporting Officer and Money Laundering Compliance Officer
• Applicants must disclose on a separate sheet any prior refusals, disciplinary actions, investigations, seizures, judgments, settlements over £10,000, convictions, or pending proceedings
• Applicants must notify the JFSC immediately of any other relevant information or significant changes occurring between submission and the JFSC's decision
• The application form must be signed by two directors of the applicant

Applies to

Sub-threshold AIFM (SUB AIFM), Small Third Country AIFM (STC AIFM), Alternative Investment Funds (AIFs)

Deadlines

• immediately: Applicant must notify the JFSC immediately of any other relevant information or significant changes to the application information occurring after submission and before the JFSC's decision