Jersey Private Funds Annual Compliance Returns

Summary

This is JFSC guidance addressed to Designated Service Providers (DSPs) of Jersey Private Funds (JPFs), summarising findings from the annual compliance return process and reminding DSPs of their obligations under the JPF Guide, the Money Laundering (Jersey) Order 2008, and related exemption Orders. It highlights recurring deficiencies seen in past annual returns and sets expectations for future filings.

• Accurate returns: DSPs are responsible for completing the JPF Annual Return accurately and in full, and must understand their responsibilities under the JPF Guide.
• Material issues: Material issues (e.g. a JPF winding up, investors not receiving required disclosures) must be notified via the prescribed online form within 28 calendar days of becoming aware, not left until the annual return.
• Investor eligibility: Only investors who have confirmed receipt and acceptance of the disclosure statement and investment warning are eligible to invest in a JPF; additional written acknowledgement is required where a JPF relies on the relevant 2001 exemption Orders.
• Due diligence on service providers: DSPs must carry out due diligence under Part G Paragraph 6(ii) of the JPF Guide to ensure promoters have ensured all service providers are fit and proper; negative or omitted confirmations due to ongoing remediation are unacceptable unless pre-agreed in writing with the DSP's supervisor.
• AML/CFT compliance: DSPs must be able to positively confirm they are meeting their obligations under the JPF Guide and the Money Laundering (Jersey) Order 2008; failure to confirm compliance, including due to time pressure, is treated as a potential internal controls failure and non-compliance may constitute a criminal breach requiring immediate remediation or referral to the Attorney General.
• Launch date field: DSPs must complete the JPF launch date field on the annual return, having regard to whether the JPF has admitted investors or collected capital contributions.

The guidance does not introduce new rules but reinforces existing JPF Guide and MLO obligations by flagging common annual-return shortcomings observed by the JFSC, with an emphasis on timely, complete and positive confirmations from DSPs.

Key obligations

• DSPs must complete the JPF Annual Return accurately and in full each year
• DSPs must notify material issues to the JFSC via the prescribed online form within 28 calendar days of becoming aware of the issue, rather than waiting for the annual return
• DSPs and service providers must ensure only investors who have confirmed receipt and acceptance of the required disclosure statement and investment warning invest in a JPF
• Where a JPF relies on the 2001 exemption Orders, relevant warnings must be received and acknowledged in writing by professional investors
• DSPs must carry out due diligence under Part G Paragraph 6(ii) of the JPF Guide to confirm promoters and service providers are fit and proper, and cannot give negative or omitted confirmations unless pre-agreed in writing with their supervisor
• DSPs must be able to positively confirm compliance with AML/CFT obligations under the Money Laundering (Jersey) Order 2008 on the annual return
• DSPs must complete the JPF launch date field on the annual return

Applies to

Designated Service Providers (DSPs), Jersey Private Funds (JPFs), promoters of JPFs, service providers to JPFs

Deadlines

• within 28 calendar days: Material issues affecting a JPF must be notified to the JFSC via the prescribed online form within 28 calendar days of becoming aware of the issue