Certified fund certificate amendment request form re sub-fund termination

Summary

This is a template letter used by a certified fund's certificate holder (company issuing units or trustee) to formally notify the JFSC that a sub-fund has ceased business and to request that the fund's Article 8B certificate be amended to reflect the sub-fund's termination.

• Notification: States the date the certificate holder ceased carrying on business of the sub-fund and the reason (e.g. the sub-fund has ceased to operate).
• Amendment request: Requests the JFSC amend the certificate under Article 8B of the CIF Law to reflect the sub-fund's termination, and asks that the amendment take effect on the date of the JFSC's decision rather than after the standard notice period under Article 8E.
• Confirmations (outgoing company issuing units): Confirms no breaches of the certificate, Certified Funds Code, AIF Code, constitutional documents or material contracts; complaints resolved; no outstanding issues; required reports and accounts filed; Proceeds of Crime (Jersey) Law 1999 requirements (including CDD files) met; no material assets or liabilities remain; and all investors redeemed.
• Confirmations (outgoing trustee): Equivalent confirmations to the above, plus confirmation of no breach of FSB registration conditions or the Code of Practice for Fund Services Business, and that accounts required under the Financial Services (Funds Services Business (Accounts, Audits and Report)) (Jersey) Order 2007 have been submitted.
• Fee: Acknowledges a fee of £270 is payable for the amendment request, per the JFSC Notice of Fees payable by or in relation to CIFs.

This is a standard-form letter to be completed and submitted to JFSC Funds Authorisation when a sub-fund of a certified fund is being terminated; it does not itself create new ongoing obligations but records confirmations required to support the certificate amendment.

Key obligations

• The certificate holder must notify the JFSC of the date it ceased carrying on business of the sub-fund and the reason for ceasing.
• The certificate holder must confirm compliance with the certificate, Certified Funds Code (and AIF Code where applicable), constitutional documents, and material contracts before requesting the amendment.
• The certificate holder must confirm all required reports and accounts have been filed with the JFSC.
• The certificate holder must confirm Proceeds of Crime (Jersey) Law 1999 requirements, including customer due diligence files, have been met.
• The certificate holder must confirm no material assets or liabilities remain in the sub-fund and that all investors have been redeemed out of the sub-fund.
• The certificate holder must pay a fee of £270 for the amendment request.

Applies to

certified funds, certificate holders (company issuing units), trustees of unit trusts, fund services business (FSB) registrants