MoME ceasing to act notice form re managed entity

Summary

This is a template notice letter that a Manager of a Managed Entity (MoME) registered under the Financial Services (Jersey) Law 1998 must use to inform the JFSC that it has ceased acting as MoME for a particular managed entity (typically a fund). The form requires the outgoing MoME to state the effective date and reason for ceasing to act, identify any new service provider taking over the MoME function, and confirm a series of compliance statements.

• Notice content: States the date from which the MoME ceased acting, and the reason (e.g. the managed entity has ceased to operate or the MoME business has transferred to a new service provider).
• Transfer confirmation: Confirms that the MoME business has been transferred to a named new service provider and that all necessary unitholder notices and consents have been given.
• Compliance declarations: The outgoing MoME must confirm it is not in breach of its FSB registration conditions, the Code of Practice for Fund Services Business, the Code of Practice for Alternative Investment Funds and AIF Services Business (where applicable), or any material contract relating to its MoME role.
• Complaints and issues: Confirms that any complaints relating to its role as MoME have been resolved and there are no outstanding issues regarding the MoME business or the managed entity generally.
• Filings 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.

The letter must be signed by a director of the outgoing MoME and sent to the appropriate JFSC supervisory unit.

Key obligations

• The outgoing Manager of a Managed Entity (MoME) must notify the JFSC in writing when it ceases to act as MoME for a managed entity, stating the effective date and reason.
• The outgoing MoME must confirm that all necessary unitholder notices and/or consents have been provided in connection with the transfer of the MoME business to a new service provider, and identify that provider.
• The outgoing MoME must confirm it is not in breach of its FSB registration conditions, the Code of Practice for Fund Services Business, and (where applicable) the Code of Practice for Alternative Investment Funds and AIF Services Business.
• The outgoing MoME must confirm it is not in breach of any material contract relating to its role as MoME and that any related complaints have been resolved.
• The outgoing MoME must confirm that there are no outstanding issues relating to its MoME business or the managed entity generally.
• The outgoing MoME 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 JFSC.
• The notice letter must be signed by a director of the outgoing MoME.

Applies to

Managers of a Managed Entity (MoME), Fund services businesses registered under Article 2(10) of the Financial Services (Jersey) Law 1998, Managed entities (funds)