Notification of Appointment as Depositary in accordance with the AIF Code Form

Summary

This is a JFSC notification form that Jersey depositaries must use to inform the Commission when they are appointed as trustee, custodian or depositary to an Alternative Investment Fund (AIF) that has an EU/EEA or UK AIFM, in satisfaction of Paragraph 15.1 of the AIF Code. It captures details of the depositary, the AIF and AIFM, and the basis on which depositary services are performed (full Article 21 compliance, Article 36 equivalent, or the private equity/real estate depositary regime under Paragraph 15.4.1).

• Who must file: Jersey depositaries acting as trustee, custodian or depositary for an AIF with an EU/EEA or UK AIFM, where the depositary is an FSB (classes ZG, ZH or ZI), a recognized fund functionary, or a depositary approved under the AIF Regulations.
• What must be disclosed: Depositary and contact details, AIF and AIFM name and registered office, commencement date, regulatory status, and the specific basis (Article 21, Article 36, or Article 21/Recital 34) on which depositary services are provided.
• Ongoing notification duty: The depositary must notify the JFSC immediately of any other relevant information and of any significant changes to information already submitted.
• Execution: The form must be signed by two of the depositary's directors, declaring the information is complete and correct.
• Underlying condition: Completion of this form serves as notice that a new licence/permit condition applies requiring the FSB or recognized fund functionary to comply with the applicable sections of the AIF Code, breach of which is a criminal offence under the FS(J)L or CIF Law.

The form itself is procedural rather than substantive law, but it operationalises a binding notification and compliance obligation under the AIF Code for Jersey depositaries servicing AIFs with EU/EEA or UK AIFMs.

Key obligations

• A Jersey depositary appointed to an AIF with an EU/EEA or UK AIFM must complete and submit this notification form to the JFSC within twenty-eight days of being appointed
• The depositary must notify the JFSC immediately of any other information it considers relevant to the form
• The depositary must notify the JFSC immediately of any significant changes to the information provided in the form after submission
• The notification form must be signed by two of the depositary's directors, declaring the information complete and correct
• The FSB or recognized fund functionary acting as depositary must comply with the applicable sections of the AIF Code as a condition of its registration or permit

Applies to

Jersey depositaries, Fund Services Business (FSB) authorised for class ZG (trustee), ZH (custodian) or ZI (depositary), recognized fund functionaries, Alternative Investment Fund Managers (AIFM), Alternative Investment Funds (AIF)

Deadlines

• 28 days of being appointed: Deadline for a Jersey depositary to complete and submit the AIF Code/Depositary notification form to the JFSC after appointment
• immediately: Depositary must notify the JFSC of other relevant information or significant changes to previously submitted information