Notification for Exemption from Application of AIF Regulations Form (January 2021)

Summary

This is a JFSC form used by certified funds and recognized funds (including self-managed AIFs) to notify the Commission and seek exemption from the Alternative Investment Funds (Jersey) Regulations 2012, or, for a self-managed AIF, exemption from carrying on AIF services business under Article 2(11) of the Financial Services (Jersey) Law 1998. It must be completed and submitted to the JFSC, and prior written approval obtained, before the AIF is marketed in any EU/EEA state or the UK under the AIFMD or UK AIFM Regulations.

• Scope: Applies to certified funds and recognized funds seeking the exemption, and to self-managed AIFs (which are also treated as their own AIFM); not applicable to COBO funds, and not required in addition to Section C of the CIF/UCF application form.
• Section A details: Requires applicant details, contact information, the countries in which marketing is intended, confirmation of self-managed AIF/AIFM status, AIFM name and registered office (if not self-managed), the applicable compliance regime under the AIF Code (sub-threshold/small third country, private placement, or full compliance), and depositary details where applicable.
• AIF Code condition: Grant of the certificate or permit is conditioned on the fund complying with the applicable sections of the AIF Code (effective from 22 July 2013), including for self-managed AIFs in both their AIF and AIFM capacities.
• Ongoing notification duty: The applicant must notify the JFSC immediately of any other information relevant to the form and of any significant changes to information already provided after submission.
• Signing: The form must be signed by two of the applicant's directors, declaring the information complete and correct.

Failure to comply with the AIF Code condition once accepted is stated to be a criminal offence under the Collective Investment Funds (Jersey) Law 1988. The JFSC must also give notice under the CIF Law before any change to the AIF Code becomes a new condition of the certificate or permit.

Key obligations

• Complete and submit this notification form to the JFSC, and obtain prior written approval, before marketing the AIF in any EU/EEA state and/or the UK under the AIFMD or UK AIFM Regulations
• As a condition of the certificate or permit, comply with the applicable sections of the AIF Code (including, for self-managed AIFs, in both AIF and AIFM capacities)
• Notify the JFSC immediately of any other information relevant to the form and of any significant changes to the information provided after submission
• Ensure the form is signed by two of the applicant's directors confirming the information is complete and correct

Applies to

certified funds, recognized funds, self-managed AIFs, Alternative Investment Fund Managers (AIFMs), recognized fund functionaries

Deadlines

• prior to marketing in an EU/EEA State and/or the UK: Notification form must be submitted and prior written JFSC approval obtained before the AIF is marketed in any country to which the AIFMD or UK AIFM Regulations apply
• immediately: Applicant must notify the JFSC of any significant changes to the information provided after submission, or of other relevant information