FSB (excluding trustee or GP) ceasing to act notice

Summary

This is a template notice letter that a Fund Services Business (FSB), other than a trustee or general partner, must send to the Jersey Financial Services Commission when it ceases to act in its registered capacity (e.g. as administrator) for a fund or sub-fund. It sets out the standard content and confirmations the outgoing FSB is expected to provide to the JFSC.

• Notification: States the effective date on which the FSB ceased to carry on business for the fund and/or sub-fund(s), and the reason (e.g. fund ceased to operate or business transferred to a new provider).
• Transfer confirmation: Confirms the relevant business has been transferred to a named new service provider and that all necessary unitholder notices or 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, or (where applicable) the Code of Practice for Alternative Investment Funds and AIF Services Business.
• No outstanding issues: Confirms no breach of material contracts, that any complaints have been resolved, and that there are no outstanding issues concerning the fund or its own conduct.
• Filing confirmation: Confirms 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 JFSC.

Key obligations

• Notify the JFSC in writing when the FSB ceases to act for a fund or sub-fund, stating the effective date and reason for ceasing to act
• Confirm that the relevant business has been transferred to a new service provider and that unitholder notices or consents have been provided
• Confirm compliance with FSB Registration conditions and the applicable Code(s) of Practice at the time of ceasing to act
• Confirm resolution of any outstanding complaints and absence of unresolved issues relating to the fund
• Confirm that all reports and accounts required under the Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007 have been filed with the JFSC before ceasing to act

Applies to

Fund Services Business (excluding trustee or general partner), fund administrators, Jersey registered funds