Initial review checklist for Funds

Summary

This is a checklist form issued by the Jersey Financial Services Commission (JFSC) that must be completed and submitted by promoters or applicants seeking to establish a new fund in Jersey. It gathers structural, operational and risk information about the proposed fund, its promoter, and its functionaries/service providers, and requires a signed declaration as to the accuracy of the information provided.

• Section A: Details of the proposed fund itself: name, legal structure, domicile, fund type, open or closed ended status, investment objectives, leverage, listing, investor type, custody arrangements, cross-loss risk (umbrella funds), unusual risk factors, unlimited liability instruments, and conflicts of interest.
• Section B: Details of the promoter, including corporate structure, ownership of 10% or more interests, regulatory oversight (if the promoter is a regulated financial business), track record with existing funds, reputation evidence, and audited accounts.
• Section C: A table identifying each functionary or fund service provider (manager, administrator, registrar, investment manager/adviser, distributor, custodian, trustee, depository, AIFM, auditor, etc.) and whether each requires a permit, certificate or licence under the Collective Investment Funds (Jersey) Law 1988 or the Financial Services (Jersey) Law 1998.
• Declaration: An authorised signatory must confirm the information is complete and correct and that no other material facts have been withheld from the JFSC.

The form itself does not create new regulatory rules but is a mandatory pre-authorisation submission: applicants must notify the JFSC of any material changes to the answers given before any certificate, permit or consent is issued, and any Control of Borrowing consent issued on the basis of the checklist replaces prior consents and takes immediate effect.

Key obligations

• Complete and submit the initial review checklist by email in readable PDF format to Authorisations@jerseyfsc.org before fund authorisation
• Ensure the declaration signed on the checklist is complete and correct, disclosing all material facts to the JFSC
• Notify the JFSC of any material changes to the answers supplied in the checklist as soon as possible, and in any event prior to issue of the certificate, permit or consent
• Confirm that any Control of Borrowing consent issued pursuant to the checklist replaces any previous consent and takes immediate effect
• Provide, where the promoter or its ultimate holding company is a regulated financial business, details of the overseeing regulatory body and contact information
• Attach the promoter's (and group's, if applicable) latest consolidated audit report and accounts, with English translation if originally in a foreign language

Applies to

funds, fund promoters, fund managers, fund administrators, investment managers, investment advisers, distributors, custodians, trustees, depositories, alternative investment fund managers (AIFM), auditors, fund service providers