Certified fund cancellation request template

Summary

This is a template letter used by a certified fund's certificate holder to formally request that the Jersey Financial Services Commission cancel the fund's Article 8B certificate under the Collective Investment Funds (Jersey) Law 1988. It sets out the standard wording and representations the outgoing manager, trustee or general partner must include when notifying the Commission that they have ceased to act for a certified fund.

• Purpose: Provides a pro-forma letter for requesting cancellation of a fund's certificate (and any sub-fund certificates) once the certificate holder has ceased carrying on business for the fund.
• Grounds for cancellation: Requires the letter to state the reason for ceasing to act, such as the fund ceasing to operate or business transferring to a new service provider, and to identify any new service provider.
• Confirmations required: The outgoing company issuing units, trustee, or general partner must confirm no breach of the certificate, the Certified Funds Code, constitutional documents or material contracts, that complaints are resolved, all required reports and accounts have been filed, Proceeds of Crime (Jersey) Law 1999 and customer due diligence requirements have been met, no material assets or liabilities remain, and all investors have been redeemed.
• Effective date request: Notes that under Article 8E of the CIF Law a cancellation decision cannot take effect before expiry of a written notice period unless the certificate holder requests an earlier effective date, and the template includes such a request.

As a form template rather than a rule, it does not itself impose new regulatory requirements but reflects the confirmations and process required of certificate holders under existing Jersey fund legislation when winding down or transferring a certified fund.

Key obligations

• When requesting certificate cancellation, the certificate holder must state the reason for ceasing to act and identify any new service provider to which the fund's business has transferred
• The outgoing certificate holder must confirm it is not in breach of the certificate, the Certified Funds Code (and, where applicable, the AIF Code), the fund's constitutional documents, or material contracts
• The outgoing certificate holder must confirm all complaints relating to the fund have been resolved and there are no outstanding issues with the fund
• The outgoing certificate holder must confirm all reports and accounts required under the certificate, the Certified Funds Code, or the Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007 have been submitted to the Commission
• The outgoing certificate holder must confirm that Proceeds of Crime (Jersey) Law 1999 requirements, including customer due diligence files, have been met in relation to the fund and its investors
• The outgoing certificate holder must confirm no material assets or liabilities remain in the fund and all investors have been redeemed before requesting cancellation
• Any request for the cancellation decision to take effect earlier than the statutory notice period under Article 8E must be explicitly made in the letter

Applies to

certified funds, certificate holders, companies issuing units, trustees of unit trusts, general partners of limited partnerships, fund services business registrants (Class ZG trustees, Class ZJ partnership members)