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Alternative investment fund managers directive (AIFMD) FAQs

For definitions of terms, see the glossary at the bottom of this page.

Q1: By when do we need to make our Jersey Alternative Investment Fund (AIF) application/notification to the Jersey Financial Services Commission (JFSC)?

The Alternative Investment Funds (Jersey) Regulations 2012 (Regulations) require that the JFSC approves a Jersey AIF prior to marketing of the Jersey AIF in the UK or an EU/EEA State.

Application/notification forms should be fully and accurately completed as any missing or incorrect information may lead to a delay in the JFSC’s processing of the application/notification.

The Jersey application/notification process is in addition to any application/notification process that a Jersey AIF may be required to complete by the UK or the EU/EEA State(s) into which it is to be marketed.

Paragraph 3 of the AIFMD Guidance Note provides guidance concerning the different types of AIFMD application/notification forms.

Q2: What are the AIFMD reporting requirements?

Third country alternative investment fund managers (AIFMs), including Jersey AIFMs, are required by the national rules of the UK or EEA state(s) in to which the relevant AIFM is marketing to make certain AIFMD reporting to the UK or relevant EEA state (in the form of a report as specified by the UK or relevant EEA state, based on the Level 2 AIFMD template (Annex IV) (the AIFMD Reporting).

In accordance with the requirements of Paragraph 18 of the AIF Code, the JFSC currently requires a copy of any such AIFMD Reporting to be copied and filed by the relevant Jersey AIFM with regulatorymaintenance@jerseyfsc.org on the same frequency as which the Jersey AIFM is required to file the AIFMD Reporting with the UK or relevant EEA state. No filing fees are payable to the JFSC in this regard.

Where the same AIFMD Reporting is filed by a Jersey AIFM in the UK or with a number of different EEA states, the Jersey AIFM is required to file only one copy of the AIFMD Reporting with regulatorymaintenance@jerseyfsc.org with written confirmation of the AIFMD Reporting being filed in the UK or the relevant EEA states.

In the case of a Jersey AIF having a non-Jersey AIFM, the relevant Jersey AIF is only required to file a copy of the AIFMD Reporting filed in respect of itself by its non-Jersey AIFM with the UK or relevant EEA state(s) on the JFSC’s request.

Please refer to the AIFMD ESMA guidance on reporting which is available on the ESMA website at https://www.esma.europa.eu/esmas-activities/investors-and-issuers/fund-management.

This includes the following documents (noting that in order to access some of the ESMA reporting templates you may need specific XML software):

The Q&As provide that when a non-EEA AIFM provides AIFMD Reporting to an EEA state pursuant to Article 42 AIFMD, only the AIFs marketed in that EEA state must be taken into account for the purpose of the AIFMD Reporting. 

Please also note that pursuant to Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 (AIFMD II) certain changes are being implemented to the AIFMD Reporting regime, including an updated Annex IV reporting template. Currently it is expected that the new Annex IV reporting template will be available in 2027.

It must be understood that for the purpose of AIFMD Reporting, in addition to the ESMA guidance, a Jersey AIFM is required to comply with the notification requirements of the UK or relevant EEA state(s) into which it is marketing. For example, if a Jersey AIFM is marketing in the UK, the relevant Jersey AIFM should check directly with its UK advisers/FCA as to what is required of it to be reported to the FCA.

Please refer to the following FCA guidance on reporting (which refers to the above ESMA guidance):

The page links to FCA Q&As and the 2017 guidance on Reporting Annex IV Transparency Information under the AIFMD. 

The guidance includes information for small non-EEA AIFMs and above-threshold non-EEA AIFMs marketing in the UK under the UK national private placement regime (NPPR) https://www.fca.org.uk/publication/documents/reporting-annex-iv-transparency-aifmd.pdf (such guidance was provided pre-Brexit, however it equally applies to small non-UK AIFMs and above-threshold non-UK AIFMs).

Q3: Is there any guidance on remuneration in respect of AIFMD?

Please refer to the following ESMA guidance on remuneration:

The ESMA Guidelines on remuneration apply to AIFMs and competent authorities. However, for so long as the NPPR continues in operation pursuant to Article 42 AIFMD, third country AIFMs, including Jersey AIFMs, which market to professional investors units or shares of AIFs in the UK or any EEA state without a passport are subject only to Section XIII (guidelines on disclosure) of the ESMA Guidelines when preparing AIFMD reporting.

Paragraph 162 of Section XIII. (guidelines on disclosure) of the ESMA Guidelines provides that “The Recommendation’s remuneration disclosures may be made on a proportionate basis, and the overall remuneration proportionality principle will apply to the type and amount of information disclosed. Small or non-complex AIFMs/AIFs should only be expected to provide some qualitative information and very basic quantitative information where appropriate. In practice, this could mean that such AIFMs/AIFs are not expected to provide all the information under paragraph (8) of the Recommendation. AIFMs should disclose how they have applied proportionality” (Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies in the financial services sector).

If and when the NPPR under Article 42 AIFMD is no longer in operation, the provisions of Articles 37 to 41 AIFMD (which apply to the UK and all EEA states), will also apply to Jersey AIFMs, including the full set of remuneration provisions set out in the ESMA Guidelines.

It must be understood that for the purpose of AIFMD remuneration, in addition to the ESMA guidance, a Jersey AIFM is required to comply with the remuneration requirements of the UK or relevant EEA state(s) in to which it is marketing. For example, if a Jersey AIFM is marketing in the UK, the relevant Jersey AIFM should check directly with its UK advisers/FCA as to what is required of it with regard to remuneration.

Please refer to the following FCA guidance on remuneration:

The FCA Guidance refers to the ESMA Guidelines (with particular reference to page 4, paragraph 5 on small AIFMs and page 7, table 2 on proportionality –AUM thresholds).

In addition to the ESMA Guidelines, the ESMA Q&As and the specific guidance issued by the UK or EEA state to which it is marketing, a Jersey AIFM should at all times observe the applicable disclosure requirements of the AIF Code, and where applicable, the fund services business code of practice, the certified funds code of practice and the Collective Investment Funds (Certified Funds– Prospectuses) (Jersey) Order 2012.

Q4: Treatment of self-managed AIFs

What is a self-managed AIF?

A “self-managed AIF” is:

  • established as a company;
  • an AIF; and
  • “managed” internally by its board of directors (also making it an AIFM for the purpose of the AIFMD).

Summary of the current regulatory treatment of self-managed AIFs

Certified Funds

In order for a “self-managed AIF” which is a Certified Fund under the Collective Investment Funds (Jersey) Law 1988 (CIF Law) to be treated as both an AIF and an AIFM, the self-managed AIF is required to complete and submit:

  • a CIF/UCF Application Form (Section C) (with relevant fees) on application to the JFSC to be a Certified Fund; or,
  • an AIF/EXEMPT Notification Form (no fee) at a date following its authorisation as a Certified Fund
    under the CIF Law.

Treatment of self-managed AIF which is a certified fund under the CIF law

The application of Jersey’s AIFMD regime to a self-managed AIF which is a Certified Fund under the CIF Law is as follows:

  • The self-managed AIF (in its capacity as AIF) is required to hold a CIF Certificate pursuant to the CIF Law.
  • Pursuant to Article 2(1)(b) of the AIF Order and (and subject to the Commission firstly having granted its permission for the relevant AIF to be marketed in the UK or any EU Member State or other EEA State to which the AIFMD applies), the self-managed AIF (in its capacity as AIF) is exempt from the requirements of the Regulations. Notwithstanding its exemption from the Regulations, the self-managed AIF is required to comply with the applicable sections of the AIF Codes relating to it in its capacity as an AIF.

Pursuant to Schedule 2 to the Financial Services (Jersey) Law 1998 (FS(J)L) and Article 4(3)(d) of the Alternative Investment Funds (Jersey) Order 2013 (the AIF Order) and subject to the JFSC firstly having granted its permission for the relevant AIF to be marketed in the UK or any EU Member State or other EEA State to which the AIFMD applies), the self-managed AIF (in its capacity as AIFM) is exempt from the requirement to be authorised to carry on AIFSB within the meaning of Article 2(11) of the FS(J)L in relation to that AIF and is exempt from the requirements of the Regulations. Notwithstanding these exemptions, the self-managed AIF is required to comply with the applicable sections of the AIF Code relating to it in its capacity as an AIFM.

It is important to note that a Jersey self-managed AIF that is a Certified Fund must still, prior to any marketing taking place, firstly obtain the JFSC’s permission (by completing and submitting either a CIF/UCF Application Form (Section C), on application, or an AIF/EXEMPT Notification Form following authorisation) to be marketed in the UK or any EU Member State or other EEA State to which the AIFMD applies and comply with the applicable sections of the AIF Code relating to it in its capacity as both an AIF and an AIFM.

COBO Funds

Alternatively, in order for a “self-managed AIF” which has been granted a consent pursuant to the Control of Borrowing (Jersey) Order 1958 (a COBO Fund) to be treated as both an AIF and an AIFM, the self-managed AIF is required to complete and submit:

  • an AIF Application Form with the relevant fee
  • a FSJ/AIFSB Application Form with the relevant fee, or
  • if it qualifies as a sub-threshold AIFM pursuant to the AIF Code, an AIF/SUB AIFM Application Form (no fee)

Treatment of self-managed AIF which is a COBO Fund

The COBO framework is being repealed in 2027. This section will be subject to further changes.

To date, there has been no change to the application of Jersey’s AIFMD regime to a self-managed AIF which is a COBO Fund:

  • The self-managed AIF (in its capacity as AIF) is required to hold a COBO consent and an AIF Certificate pursuant to the Regulations.
  • The self-managed AIF (in its capacity as AIFM) is also required to (i) register for the conduct of AIFSB under Article 2(11) of the FS(J)L; or (ii) be approved, as a ‘sub-threshold’ manager within the meaning of paragraph 2.1 of the AIF Codes, for the purposes of the AIF Order and Regulations and, in either case, comply with the applicable sections of the AIF Codes relating to it in its capacity as an AIFM.

Where a self-managed AIF is required to register for the conduct of AIFSB under Article 2(11) of the FS(J)L, shareholder controllers of the self-managed AIF will not be considered principal persons for the purposes of the FS(J)L and will not be subject to the prior approval and notification requirements contained in Article 14 of the FS(J)L.

Q5: Danish Reciprocal Statement

5 (a) What is the application process for a Jersey AIFM wishing to market shares or units of a Jersey AIF in Denmark pursuant to Article 42 AIFMD (NPPR)?

We understand as part of Denmark's NPPR regime, Jersey AIFMs wishing to market shares or units in Jersey AIFs to professional investors in Denmark pursuant to Section 130 of the Danish Alternative Investment Fund Managers Act (AIFMA) (Article 42 of the AIFMD) are required to obtain a licence from the Danish Financial Supervisory Authority (in Danish: Finanstilsynet) (FSA) to do so. An 'Application form for AIFM to market shares or units of non-EU AIFs in Denmark' (Application), which is available to download from the FSA's website, is required to be filed by the Jersey AIFM with the FSA.

Notably, an English limited partnership registered under the Limited Partnerships Act 1907 of England with a Jersey general partner (GP) and having its principal place of business in Jersey (at the registered office of the GP) will be treated as a Jersey AIF for the purpose of the Application.

The Application, inter alia, provides that any AIFM wishing to market a non-EEA AIF to investors in Denmark is required to provide a reciprocity statement from the supervisory authorities of the home country of the non-EEA AIF stating that the home country of the non-EEA AIF will permit Danish investment funds of a type similar to the non-EEA AIF to be marketed in its jurisdiction, subject to compliance with its applicable law.

In relation to the marketing of non-EEA AIFs to investors in Denmark, the relevant AIFM must also ensure that one or more entities (other than the AIFM) is appointed to carry out certain depositary responsibilities (depositary-lite) for the non-EEA AIFM.

The full requirements of the FSA with regard to the Danish NPPR should be considered by the Jersey AIFM and complied with in addition to the requirement of the AIF Code.

5 (b) What is the process for obtaining a reciprocity statement from the JFSC to the FSA?

The required reciprocity statement will be provided by the JFSC to the FSA on a confidential regulator to regulator basis in accordance with the memorandum of understanding (MOU) effective from 22 July, 2013 entered into between the FSA and the JFSC in relation to the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (EU AIFM Directive). As such, the reciprocity statement will not be disclosed to any third party.

The JFSC will prepare the reciprocity statement (the form of which has been agreed with the FSA) upon receipt of a copy of the draft (but complete) Application to the FSA. Upon reviewing the Application and subject to any comments or queries the JFSC may have in respect of the same, it will request that the signed and completed Application be submitted to the FSA.

Provided that the Jersey AIF to which the reciprocity statement relates and the Jersey AIFM have been authorised by the JFSC, the JFSC will send the reciprocity statement directly to the FSA (by pdf email with hard copy to follow by post) on receipt of the following documentation/confirmation:

  • signed and dated complete copy of the Application
  • confirmation that the signed and dated Application has been submitted to the FSA
  • confirmation of the appropriate contact at the FSA to whom the reciprocity statement should be addressed

The reciprocity statement will confirm for the purposes of the relevant Jersey AIFM's application for a licence pursuant to section 130 of the AIFMA, that the JFSC will permit Danish investment funds of a type similar to the relevant Jersey AIF to be marketed in Jersey, subject to compliance with applicable Jersey law. Once the reciprocity statement has been delivered to the FSA, the JFSC will provide confirmation that the reciprocity statement has been delivered.

5 (c) We understand the FSA has accepted an overarching statement from the Guernsey Financial Services Commission (GFSC) confirming that it is willing to permit the promotion of Danish AlFs in Guernsey through an entity licensed under appropriate Guernsey law. Does the JFSC intend to issue a similar overarching statement to the FSA in relation to the promotion of Danish AIFs in Jersey?

There is currently no similar overarching statement in place between the JFSC and the FSA. For the purpose of completing the Application, the following statement should be made under Part C 6) of the Application; "We understand that the required reciprocity statement will be sent directly to the FSA by the Jersey Financial Services Commission."

Q6: Dutch Attestation

6 (a) What is the process for a Jersey AIFM wishing to market shares or units of AIFs in the Netherlands pursuant to Article 42 AIFMD (NPPR)?

We understand as part of the Netherlands' NPPR regime and provided Jersey continues to be regarded by the Dutch authorities as having adequate supervision in place for its AIFMs and AIFs (providing it with 'designated state' status for the purpose of article 1.13b section 1 and 2 of the Dutch Act on Financial Supervision (Wft) (Article 42 of the AIFMD)), Jersey AIFMs wishing to offer units of AIFs to qualified investors in the Netherlands are not required to obtain a licence from the Netherlands Authority for Financial Markets (in Dutch: Autoriteit Financiele Markten (AFM)) to do so.

Rather, a 'Notification for managers of an alternative investment fund with their seat in a designated state or a non-designated state pursuant to 1.13b Wft' (Notification), which is available to download from the AFM's website, is required to be filed by the Jersey AIFM with the AFM, and indirectly with the Dutch Central Bank (in Dutch: De Nederlandsche Bank) (DNB).

The Annex to the Notification provides that an attestation be submitted from the competent authority of the relevant non-EEA AIFM confirming that it is able to effectively comply with the cooperation agreement between that competent authority and the AFM, as set out in article 1.13b section 1 and 2 Wft, in respect of the non-EEA AIFM which is notified to the AFM pursuant to the Notification.

The content of the attestation must satisfy the AFM and the DNB that the notified entity is a 'covered entity' under the cooperation agreement and that the competent authority of the non-EEA AIFM is consequently able to effectively impose the agreed terms under the cooperation agreements in relation to the particular non-EEA AIFM which is the subject of the Notification.

The full requirements of the AFM and the DNB with regard to the Netherlands NPPR should be considered by the Jersey AIFM and complied with in addition to the requirement of the AIF Code.

6 (b) What is the process for obtaining an attestation from the Jersey Financial Services Commission (Commission) to the AFM?

The required attestation will be provided by the JFSC to the AFM on a confidential regulator to regulator basis in accordance with the MOU effective from 22 July, 2013 entered into between the AFM and the JFSC in relation to the EU AIFM Directive. As such, the attestation will not be disclosed to any third party.

The JFSC will prepare the attestation (the form of which has been agreed with the AFM) upon receipt of a copy of the draft (but complete) Notification to the AFM. Upon reviewing the Notification and subject to any comments or queries the JFSC may have in respect of the same, it will request that the signed and completed Notification be submitted to the AFM.

Provided that the Jersey AIFM (and potentially the Jersey AIF) to which the attestation relates has been authorised by the Commission, the Commission will send the attestation directly to the AFM's central email address (non.eu.notifications.aifmd@afm.nl) on receipt of the following documentation/confirmation:

  • signed and dated complete copy of the Notification; and
  • confirmation that the signed and dated Notification has been submitted to the AFM.

The attestation will confirm that the Commission is able to effectively comply with the MOU in respect of the Jersey AIFM to which the attestation relates. Once the attestation has been delivered to the AFM, the JFSC will provide confirmation that the attestation has been delivered. 

6 (c) We understand that the AFM has accepted an overarching statement from the Guernsey Financial Services Commission (GFSC) confirming that it is able to effectively comply with the cooperation agreement between the GFSC and the AFM as set out in article 1.13b section 1 and 2 Wft in respect of each Guernsey AIFM notified to the AFM pursuant to a Notification with the AFM accepting a screen print from the GFSC website as confirmation that the relevant Guernsey AIFM is appropriately licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. Does the JFSC intend to issue a similar overarching statement to the AFM which will dispense with the requirement for individual attestations to be given by the JFSC in respect of each Jersey AIFM notified to the AFM pursuant to a Notification?

There is currently no similar overarching statement in place between the JFSC and the AFM. For the purpose of completing the Notification, the following statement should be made under the Annex to the individual Notification; "We understand that the required attestation in respect of [name of Jersey AIFM] will be sent directly to the AFM by the Jersey Financial Services Commission."

Glossary:

Term Meaning
AIF Alternative Investment Fund
AIF Code

Code of Practice for Alternative Investment Funds and AIF Services Business which, from 16 April 2026 being the effective date for the implementation of EU AIFMD II are now split between the:

  • EU/EEA and UK AIF Code (as defined below)
  • EU/EEA AIF Code (as defined below) 

N.B. 


The EU/EEA AIF Code applies only for the EU-focused EU AIFMD regime from 16 April 2026 to take account of the EU AIFMD II. 


The EU/EEA and UK AIF Code continues to apply only for the UK focused regime until such time as the UK’s new approach to AIFMD is fully developed and we introduce the new UK-focused code.
AIF Order Alternative Investment Funds (Jersey) Order 2013
AIFM Alternative Investment Fund Manager
AIFMD EU AIFM Directive and EU AIFMD II
CIF Law the Collective Investment Funds (Jersey) Law 1988
EEA State  State which is a Member State or any other State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 May, 1992 as adjusted by the Protocol signed at Brussels on 17 March 1993 (currently Iceland, Liechtenstein and Norway) or a State which becomes a contracting party to these arrangements in the future, to which the EU AIFMD applies.
EU AIFM Directive Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No.1060/2009 and (EU) No. 1060/2009 and (EU) No.1095/2010, including where appropriate, as it forms part of UK law 
EU AIFMD II Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 amending EU AIFMD as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depository and custody services and loan origination by alternative investment funds
EU/EEA AIF Code EU/EEA Alternative Investment Funds Code of Practice 
Effective from 16 April 2026 
NB – Relevant to EU/EEA-focused regime only from 16 April 2026
EU/EEA and UK AIF Code EU/EEA and UK Alternative Investment Funds Code of Practice 
Effective from 1 January 2021
NB – Relevant to UK-focused regime only from 16 April 2026
EU/EEA European Union/ European Economic Area
FS(J)L the Financial Services (Jersey) Law 1998
Member State Member State of the European Union (EU) or other EEA State
Regulations the Alternative Investment Funds (Jersey) Regulations 2012
UK United Kingdom 
NPPR National private placement regime

Date of issue: 19 June 2015

Updated: 8 April 2026