FSB Ceasing to act Notice Form Re NDF [and Sub-Funds]

Summary

This is a template notice form that a Fund Services Business (FSB) uses to inform the Jersey Financial Services Commission that it has ceased to act in respect of a non-domiciled fund (NDF) and, where applicable, its sub-fund(s). It is issued under the Financial Services (Jersey) Law 1998, as amended, referencing the FSB's registration and its specific appointed class (e.g. distributor, administrator).

• Notice of cessation: The FSB states the date from which it ceased to carry on business for the NDF and/or Sub-Fund(s), and the reason (e.g. fund ceased to operate or business transferred to another provider).
• Transfer confirmation: Where applicable, the FSB confirms the business has been transferred to a named new service provider and that unitholder notices/consents have been given.
• Compliance confirmations: The outgoing FSB confirms it is not in breach of its FSB Registration conditions, the Code of Practice for Fund Services Business (and, where relevant, the Code of Practice for Alternative Investment Funds and AIF Services Business).
• No outstanding issues: The FSB confirms there are no unresolved complaints, no breaches of material contracts, and no outstanding issues concerning the fund or sub-fund(s).
• Reporting confirmation: The FSB confirms all reports and accounts required under the Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007 have been submitted to the Commission.

As a fillable template, the document itself does not impose new regulatory requirements beyond directing an FSB on what must be stated and confirmed when notifying the Commission of ceasing to act.

Key obligations

• An outgoing Fund Services Business must notify the JFSC when it ceases to carry on business for a non-domiciled fund and/or sub-fund(s), stating the effective date and reason.
• The FSB must confirm it is not in breach of its FSB Registration conditions or the applicable Code(s) of Practice.
• The FSB must confirm resolution of any complaints and absence of breaches of material contracts related to its role.
• The FSB must confirm there are no outstanding issues relating to the fund or sub-fund(s).
• The FSB must confirm that all reports and accounts required under the Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007 have been submitted to the Commission before ceasing to act.
• Where the business has transferred to a new service provider, the FSB must confirm that all necessary unitholder notices and/or consents have been provided.

Applies to

Fund Services Business (FSB), non-domiciled funds (NDF), sub-funds