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The Jersey Financial Services Commission (the “Commission”) has today published the following Codes of Practice, effective from 22 July 2013, which take into account the necessary changes in relation to the Alternative Investment Fund Managers Directive (the “AIFMD”), for the use specifically by Jersey fund industry practitioners:

  • Codes of Practice for Alternative Investment Funds and AIF Services Business (“AIF Codes”);
  • Codes of Practice for Certified Funds (“CIF Codes”); and
  • Codes of Practice for Fund Services Business (“FSB Codes”).

AIF Codes
The AIF Codes have been prepared and are issued for the purpose of establishing sound principles and providing practical guidance for alternative investment funds (“AIFs”); the conduct of alternative investment fund managers (“AIFMs”) who are managing an EU AIF, or who are marketing any AIF in a Member State of the EU or other European Economic Area State to which the AIFMD applies; and for Jersey depositaries.

CIF Codes and FSB Codes
The existing CIF Codes and FSB Codes have been updated to include an additional fundamental principle which provides that the relevant fund/registered person must comply with the applicable sections of the AIF Codes (where appropriate). The CIF Codes have also been amended to include reference to the new certified fund AIF product, devised to take account of AIFMD, known as the ‘Jersey Eligible Investor Fund’ and its accompanying Commission Guide known as the ‘Jersey Eligible Investor Fund Guide’.

It is important to note that the regulatory regime for Jersey investment funds, managers and depositaries falling outside the scope of AIFMD remains quite separate and entirely unaltered.

Copies of the AIF Codes and the updated CIF Codes and FSB Codes are available from the Commission’s Website.

Feedback on Consultation Paper No.4 2013 on AIFMD
The Commission has received formal feedback to its Consultation Paper No.4 2013 on AIFMD from various Jersey fund industry practitioners and will issue a feedback paper shortly.

New Commission Webpage
With the introduction of the regulatory regime for AIFs and AIFMs, the Commission has implemented a dedicated webpage which aims to reflect all Commission documentation relating to the AIFMD regulatory regime, which can be accessed by clicking here.

- Ends -

For further information please contact: -

David Porter - Lead Adviser, AIFMD
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822018

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