Guidance Note: AIFMD Regime: Exemptions and JFSC Forms

Summary

This JFSC guidance note explains the exemptions available under the Alternative Investment Funds (Jersey) Order 2013 and the Financial Services (Jersey) Law 1998 for Alternative Investment Funds (AIFs), Alternative Investment Fund Managers (AIFMs), and depositaries operating under the AIFMD regime, and sets out which JFSC application or notification forms must be used where no exemption applies.

• Marketing exemption: AIFs and AIFMs may be exempt from AIF Regulations/registration requirements provided the JFSC has granted prior written permission for the AIF to be marketed in the UK, an EU member state, or another EEA state where AIFMD applies.
• Depositary forms: Jersey depositaries of AIFs with a UK or EU/EEA AIFM must complete an AIF/CLOSED-ENDED DEPOSITARY application form (for closed-ended private equity/real estate COBO funds) or contact the JFSC for other COBO funds.
• Depositary notification: FSBs and Recognized Fund Functionaries acting as trustee, custodian or depositary to an AIF with a UK or EU/EEA AIFM must submit the AIF CODES/DEPOSITARY Notification Form to the JFSC within 28 days of the relevant appointment.
• AIF/AIFM forms table: A table sets out which application or notification form (e.g. AIF application form, CIF/UCF application form, FSJ/FSB application form, AIF/EXEMPT or AIFSB/EXEMPT notification forms) applies depending on whether the AIFM is self-managed, sub-threshold, or above threshold, and whether the fund is a non-fund entity, Jersey Private Fund, Collective Investment Fund, or Recognized Fund.
• Pre-marketing notification: Any AIF/EXEMPT notification forms must be submitted before any UK or EU/EEA marketing takes place.

The guidance also notes that the COBO framework referenced for closed-ended private equity/real estate depositary approvals is being repealed in 2027, meaning this area is subject to further change.

Key obligations

• FSBs and Recognized Fund Functionaries acting as trustee, custodian or depositary to an AIF with a UK or EU/EEA AIFM must submit the AIF CODES/DEPOSITARY Notification Form to the JFSC within 28 days of the relevant appointment.
• AIF/EXEMPT notification forms must be submitted prior to any UK or EU/EEA marketing of the relevant AIF.
• AIFs and AIFMs relying on an exemption for UK/EU/EEA marketing must obtain the JFSC's prior written permission before that marketing occurs.
• Depositaries seeking approval for COBO funds that are not closed-ended private equity/real estate AIFs must contact the JFSC to discuss the appropriate application process rather than using the standard depositary form.

Applies to

Alternative Investment Funds (AIFs), Alternative Investment Fund Managers (AIFMs), sub-threshold AIFMs, above-threshold AIFMs, depositaries, fund services businesses (FSBs), Recognized Fund Functionaries, Jersey Private Funds, Collective Investment Funds, Recognized Funds

Deadlines

• within 28 days of the relevant appointment: Submission of the AIF CODES/DEPOSITARY Notification Form by FSBs and Recognized Fund Functionaries acting as trustee, custodian or depositary to an AIF with a UK or EU/EEA AIFM.
• prior to any UK or EU/EEA marketing: Submission of any AIF/EXEMPT notification forms.