Industry update

Updated Alternative Investment Funds Code of Practice, guidance and FAQs

We have made changes to our Alternative Investment Funds (AIF) Code of Practice and amended our guidance and frequently asked questions page. These changes follow on from our 2025 consultation on aligning our AIF Code with AIFMD II, as well as the feedback paper published in February 2026.
The impact on Jersey business is minimal as most of the changes apply to full passport AIFs and alternative investment fund managers (AIFMs) and have no impact on the national private placement regime, through which Jersey retains its market access as a third country.

These changes ensure we are aligned with the European Union’s updated Alternative Investment Fund Managers Directive II (EU AIFMD II), which comes into effect 16 April, so that Jersey maintains market access in Europe.

AIF Code

There are now two versions of the AIF Code of Practice:

Next steps

We will continue monitoring changes relevant to alternative investment fund managers in the UK and Europe. We will introduce a UK-focused code once the UK’s new approach to AIFs and AIFMs is fully developed. A new EU Annex IV reporting template is expected to be available in 2027.