Alternative Investment Funds (Jersey) Regulations 2012

Summary

These Regulations implement EU Directive 2011/61/EU (the AIFM Directive) in Jersey, creating a certification regime for alternative investment funds (AIFs) and their managers. They define what counts as an AIF, require such funds to hold a Jersey Financial Services Commission (JFSC) certificate, and set out ongoing supervisory, disclosure and enforcement powers for the Commission over AIFs, their principal persons, key persons and service providers.

• Certification: An AIF (or the relevant AIF entity, such as a company, trustee, general partner or LLC manager) must hold a certificate granted by the JFSC before carrying on business, and must apply using the prescribed process; the Commission may grant, refuse, condition or cancel certificates.
• Display requirement: Certificate holders must display their certificate and any conditions attached to it.
• Principal and key persons: Certificate holders must notify the Commission of principal persons (controllers, directors, significant shareholders) and key persons (compliance officer, money laundering compliance/reporting officer), and of changes in shareholdings or control; failure to notify is itself a breach.
• Information and investigation powers: The Commission may require certificate holders and others to provide information and documents, can issue directions, conduct investigations, and enter and search premises; obstruction of an investigation is prohibited.
• Codes of practice and promotional material: Certificate holders must comply with codes of practice issued under the Regulations and must not issue false, misleading or deceptive promotional material or statements.
• Public statements and appeals: The Commission may issue public statements about certificate holders (with notice and a notice period), and decisions and public statements are subject to appeal rights.
• Disclosure and cooperation obligations: Restrictions apply on disclosure of information obtained under the Regulations, subject to permitted disclosure gateways, cooperation with relevant supervisory authorities, and communication duties for auditors and approved professionals who identify certain matters.

The Regulations have been amended numerous times since 2012 (most recently effective 27 February 2024) to reflect changes such as the introduction of limited liability companies and post Brexit adjustments, but the core certification and supervisory framework remains in force.

Key obligations

• An AIF entity must hold a JFSC certificate before the AIF carries on business and must apply for one in the prescribed manner
• Certificate holders must display their certificate and any conditions imposed on it
• Certificate holders must notify the Commission of the identity of principal persons and key persons and of changes in principal persons, key persons or shareholdings/control
• Certificate holders and others must provide information and documents to the Commission when required under the general information power
• Certificate holders must comply with any applicable code of practice issued under the Regulations
• Certificate holders and service providers must not issue false or misleading promotional material or statements about an AIF
• Auditors and approved professionals must communicate certain matters to the Commission as required under Regulation 41
• Certificate holders must not obstruct an investigation conducted by the Commission

Applies to

Alternative Investment Funds (AIFs), AIF entities (companies, trustees of unit trusts, general partners of limited partnerships, LLC managers/members, LLP partners), AIFMs (managers of alternative investment funds), principal persons, key persons (compliance officers, money laundering compliance/reporting officers), service providers to AIFs, auditors and approved professionals

Related documents

• Alternative Investment Funds (Jersey) Order 2013 is made under this document
• Code of Practice for Alternative Investment Funds and AIF Services Business – EU/EEA regime is made under this document
• Code of Practice for Alternative Investment Funds and AIF Services Business – UK regime is made under this document