Jersey Expert Fund Application Form

Summary

This is the standard JFSC application form used to seek authorization of a Jersey Expert Fund. It requires the applicant to confirm the Fund meets the criteria in the Jersey Expert Fund Guide (or to detail and justify any departures from those criteria, whether previously approved by the JFSC or not) and to provide detailed information about the Fund's structure, investment strategy, service providers and key individuals.

• Fund details: Applicants must state the Fund's name, legal structure, open/closed ended status, class structure, investment objectives, borrowing limits, minimum investment level, expected life and any unusual risk factors or conflicts of interest.
• Compliance confirmations: Applicants must confirm the Fund is a collective investment fund under Article 3 of the Collective Investment Funds (Jersey) Law 1988, and confirm compliance with Article 3 of the CFPO and paragraph 3.3 of the Expert Fund Guide, or explain any variation for which JFSC consent under Article 4(2) of the CFPO is sought.
• Hedge fund and listing disclosures: If the Fund is a hedge fund, applicants must describe the characteristics supporting this and, where relying on paragraph 2.18, confirm appointment of a prime broker meeting minimum credit rating requirements; if units are listed, applicants must confirm exchange rules restrict participation to Expert Investors.
• Service provider schedule: Applicants must identify each fund service provider (manager, administrator, registrar, investment manager, custodian, trustee, auditor, etc.), their domicile, and whether a certificate under the CIF Law or licence under the FS(J)L is required.
• Supporting documents: The application must be accompanied by the offer document, a structure chart, the applicable application fee cheque, the Investment Manager's confirmation, and myProfile applications for Principal Persons and Key Persons not previously approved.
• Declarations: Signatories (the administrator, manager or trustee, and a person accepting ultimate responsibility for management and control) must declare the information is accurate, complete and correct, and confirm proper systems and procedures will be implemented consistent with the JFSC's Outsourcing and Delegation guidance.

The form also imposes an ongoing notification duty: any material change to information about previously approved Principal Persons or Key Persons, or any material change to answers given in the checklist prior to the Fund's launch, must be reported to the JFSC as soon as possible, since certificates and licences are issued on the basis of the information provided.

Key obligations

• Applicants must confirm whether the Fund meets all criteria in the Jersey Expert Fund Guide, or detail and justify any departures, including whether prior JFSC written approval was obtained.
• Applicants must confirm compliance with Article 3 of the CFPO and paragraph 3.3 of the Expert Fund Guide or provide details of any variation for JFSC consent under Article 4(2) of the CFPO.
• If the Fund is a hedge fund relying on paragraph 2.18, the applicant must confirm appointment of a prime broker with a minimum A1/P1 or equivalent long term credit rating and provide rating details.
• If units are listed, the applicant must confirm the relevant exchanges restrict transfers to Expert Investors and that investor confirmations regarding investment warnings are obtained.
• Applicants must submit myProfile applications for Principal Persons and Key Persons not previously approved, and notify the JFSC of any material change to information previously provided for already-approved Principal Persons and Key Persons.
• Signatories must declare that the information provided is accurate, complete and correct, and confirm implementation of proper systems and procedures consistent with JFSC Outsourcing and Delegation guidance.
• Applicants must notify the JFSC as soon as possible of any material changes to answers given in the application prior to the Fund's launch.

Applies to

Jersey Expert Funds, fund administrators, fund managers, trustees, investment managers, investment advisers, custodians, depositaries, Principal Persons, Key Persons

Deadlines

• prior to the launch of the Fund: Material changes to answers supplied in the application checklist must be brought to the JFSC's attention as soon as possible before the Fund launches.