Alternative Investment Funds (Jersey) Order 2013

Summary

This Jersey Order, made under the Alternative Investment Funds (Jersey) Regulations 2012, sets out exemptions from those Regulations for certain alternative investment funds (AIFs) and establishes an approval regime for service providers to AIFs. It is the current consolidated version, incorporating amendments made in 2015 and 2019/2020 relating to the UK's withdrawal from the EU.

• Exemptions: AIFs holding a certificate under the Collective Investment Funds (Recognized Funds) (Rules) (Jersey) Order 2003, or an Article 8B certificate under the Collective Investment Funds (Jersey) Law 1988 with Commission written permission to market in the UK, an EU member state or an EEA state, are exempt from the AIF Regulations.
• Certificate relief: An AIF otherwise subject to the AIF Regulations need not hold a Regulation 7 certificate for as long as the laws of the country where it is marketed or managed do not require compliance with the UK AIFM Regulations or Directive 2011/61/EU.
• Prescribed services: The Order prescribes specific depositary services and AIFM services (linked to the UK AIFM Regulations and Directive 2011/61/EU) as falling within the definition of service provider under the AIF Regulations.
• Approval requirement: A service provider must be approved by the Commission before carrying out any prescribed service, though approval is deemed given automatically to certain already registered or permitted trustees, custodians, depositaries, fund managers and AIF services businesses.
• AIFM exemption: An AIFM providing prescribed AIFM services is exempt from the approval requirement for as long as the laws of the country where it markets or manages the AIF do not require compliance with the UK AIFM Regulations or Directive 2011/61/EU.

The Order has been amended twice since original commencement (22 July 2013): by the Alternative Investment Funds (Amendment) (Jersey) Order 2015 (effective 27 March 2015) and by the European Union (United Kingdom Exit - Alternative Investment Funds) (Jersey) Regulations 2019 (effective 11 p.m. on 31 December 2020), which updated references following Brexit.

Key obligations

• A service provider must be approved by the Jersey Financial Services Commission before carrying out any service prescribed under Article 3 of the AIF Regulations, unless deemed approval applies under Article 4(2) or 4(3).
• An AIF relying on the Article 8B certificate exemption must obtain the Commission's written permission before being marketed in the UK, an EU member state, or an EEA state.

Applies to

Alternative Investment Funds (AIFs), AIF managers (AIFMs), depositaries, custodians, trustees, fund services businesses, AIF service providers

Deadlines

• 22 July 2013: Original commencement of the Alternative Investment Funds (Jersey) Order 2013.
• 27 March 2015: Commencement of amendments made by the Alternative Investment Funds (Amendment) (Jersey) Order 2015.
• 11 p.m. on 31 December 2020: Commencement of amendments made by the European Union (United Kingdom Exit - Alternative Investment Funds) (Jersey) Regulations 2019.

Related documents

• This document is made under Alternative Investment Funds (Jersey) Regulations 2012