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INDICATIVE APPLICATION TIMESCALES FOR FUND PRODUCTS AND FUND SERVICE PROVIDERS

Upon receipt of a complete and correct application the JFSC will use its best endeavours to authorise the application within the following timescales*:

CIF PRODUCT AUTHORISATION TIMESCALE
Jersey Recognized Fund 20 working days'
Jersey Unclassified Fund 30 working days' (in the event that in principle consent is applied for in advance of the full application 10 working days' for in principle consent and up to a further 20 working days' for the full documentary review)
Jersey Expert Fund 3 working days' subject to prior FSB approval
Jersey Listed Fund 3 working days' subject to prior FSB approval
Jersey Eligible Investor Fund 3 working days' subject to prior FSB approval
Non-Domiciled Fund 5 working days' (for issue of COBO consent)
Sub-Fund 5 working days'
COBO PRODUCT AUTHORISATION TIMESCALE
Jersey Private Fund 2 working days' subject to prior DSP approval
AIF REGULATIONS PRODUCT AUTHORISATION TIMESCALE
AIF where existing Jersey Private Fund, Jersey Private Placement Fund or Jersey COBO Only Fund 5 working days' subject to prior AIFSB approval (where relevant)
AIF where existing Jersey Very Private Fund 10 working days'
SERVICE PROVIDER TO CIF PRODUCT AUTHORISATION TIMESCALE
FSB - full presence 30 working days'
FSB - managed entity applying high level codes 10 working days'
FSB – managed entity applying to act for additional CIF product 5 working days'
FSB - additional class 10 working days'
SERVICE PROVIDER TO AIF REGULATIONS PRODUCT AUTHORISATION TIMESCALE
AIFSB 10 working days'
Sub-Threshold AIF Manager 5 working days'
AIF Codes/Depositary (notification) 10 working days'
AIF/Closed-Ended Depositary 10 working days'
OTHER AUTHORISATION TIMESCALE
Maintenance Task (including AIF/EXEMPT and AIFSB/EXEMPT notifications) 10 working days'
Full Electronic PQ 30 working days'
Updated Electronic PQ 10 working days'

* Please note that it may not always be possible to meet the above indicative timescales (for example, during very busy periods or on receipt of multiple applications in connection with the same group or scheme arrangement). In such circumstances, applications will be dealt with on a best endeavours basis. Requests to the FSB/TCB authorisation team for applications to be dealt with on an expedited basis outside of the above indicative timeframes will be considered only if overall workloads permit. Where any application is not in compliance with relevant JFSC Policies, Codes and Guidance Notes the "clock" will stop until such time as all queries are satisfactorily resolved. Alternatively, where an application is seriously deficient, it will be returned to the applicant.

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