Application timescales for fund products and fund service providers

We aim to authorise complete and correct applications within the timescales below.

We may not always be able to meet these timescales for example, during busy periods or if we receive multiple applications in connection with the same group or scheme arrangement. In such circumstances, applications will be dealt with on a best endeavours basis.

Expedited requests

Requests to the Authorisation team for expedited applications outside of the timeframes will be considered only if workloads permit.

Non-compliant or incomplete applications

If an application is not in compliance with relevant JFSC policies, codes and guidance notes the ‘clock’ will stop until all queries are resolved. If an application is incomplete, it will be returned to the applicant.

AIF regulations products

	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

CIF products

	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

Service provider to AIF regulations products

	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

Service provider to CIF products

	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

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