Notification for exemption from application of Article 2(11) of the Financial Services (Jersey) Law 1998 in respect of AIF services business (AIFSB/EXEMPT)

Summary

This is a notification form used to seek exemption from the requirement to register as a person carrying on AIF services business (AIFSB) under Article 2(11) of the Financial Services (Jersey) Law 1998. It is for fund services business providers (FSBs) and recognized fund functionaries who already perform AIFSB-type functions and want to rely on an exemption rather than separately register as an AIFSB.

• Who completes it: FSBs and recognized fund functionaries under the Collective Investment Funds (Jersey) Law 1988 who perform the same functions as an AIFSB and want exemption from AIFSB registration.
• When it must be used: The form must be completed and submitted, and prior written approval obtained from the JFSC, before the relevant AIF is marketed in any country to which the AIFM Directive (2011/61/EU) or the UK AIFM Regulations 2013 apply.
• Not required for: COBO-only fund service providers, and it is not needed in addition to Section C of the FSJ/FSB application form (Details of the AIF).
• Effect of exemption: The applicant's registration certificate or functionary permit will include a new condition requiring compliance with the applicable sections of the AIF Code, and this condition takes immediate effect on submission.
• Ongoing notification duty: Applicants must immediately notify the JFSC of any other relevant information and of any significant changes to information provided in the form after submission.
• Signing requirement: The declaration in Section B must be signed by two directors of the FSB or recognized fund functionary, who confirm the accuracy of the information and acknowledge that non-compliance with the AIF Code condition is a criminal offence under the FS(J)L or CIF Law.

The form itself does not set a fixed calendar deadline; instead it operates as a condition precedent to marketing in relevant countries, and imposes an ongoing duty to keep the JFSC informed of material changes.

Key obligations

• Complete and submit the AIFSB/EXEMPT notification form and obtain prior written approval from the JFSC before the relevant AIF is marketed in any country to which the AIFM Directive or UK AIFM Regulations apply
• Comply with the applicable sections of the AIF Code as a condition of the FSB registration or recognized fund functionary permit, taking immediate effect on submission
• Immediately notify the JFSC of any other information relevant to the form and of any significant changes to information provided after submission
• Ensure the declaration in Section B is signed by two directors of the FSB or recognized fund functionary

Applies to

fund services business (FSB) providers, recognized fund functionaries, AIF services business (AIFSB) providers, Alternative Investment Fund Managers (AIFM)

Deadlines

• before the relevant AIF is marketed in any country to which the Directive and/or UK AIFM Regulations apply: Notification form must be completed, submitted, and prior written JFSC approval obtained before marketing begins in a relevant country
• immediately: Applicant must notify the JFSC of any other relevant information or significant changes to information provided in the form