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   Home > Funds Securities Issues > AIFMD > Frequently Asked Questions (FAQ)

Alternative Investment Fund Managers Directive ("AIFMD")

Frequently Asked Questions (FAQ)

Glossary:

Term Meaning
AIF Alternative Investment Fund
 AIFM Alternative Investment Fund Manager
AIF Order Alternative Investment Funds (Jersey) Order 2013
CIF Law the Collective Investment Funds (Jersey) Law 1988
EU/EEA European Union/ European Economic Area
FS(J)L the Financial Services (Jersey) Law 1998
Regulations the Alternative Investment Funds (Jersey) Regulations 2012

Q1: By when do we need to make our Jersey AIFM application/notification to the Commission?

It depends.

Jersey’s AIFMD regime requires that the Commission approves a Jersey AIFM prior to it marketing any AIF (Jersey AIF or Non-Jersey AIF) in an EU/EEA State.

Transitional arrangements

Where a Jersey AIFM is relying on AIFMD transitional arrangements, the relevant application/notification form is to be submitted to the Commission in advance of the expiry of the first to expire of any AIFMD transitional arrangements upon which it is relying.  This is on the understanding that Jersey's AIFMD regime, including the AIF Codes, will not apply to the Jersey AIFM until the expiry of the first to expire of any such AIFMD transitional arrangements.

The Commission expects 22 July 2014 to be a key date for the expiry of EU/EEA AIFMD transitional arrangements, as although any transitional arrangements introduced by an EU/EEA State may differ from those introduced by other EU/EEA States, including the ability to extend the arrangement, many EU/EEA States initially granted a one-year transitional period. 

Submission of Forms

Due to the potential volume of applications/notifications that the Commission may receive leading up to 22 July 2014, Jersey AIFMs are encouraged to complete and submit the relevant application form and any applicable fee, or the relevant notification form, as soon as possible but in any event no later than 31 May 2014.

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

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

Paragraph 4 of the AIFMD Guidance Note issued by the Commission on 12 July 2013 provides guidance concerning the different AIFM application/notification forms for those Jersey AIFMs which are already regulated by the Commission and those seeking authorisation for the first time.
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Q2: By when do we need to make our Jersey AIF application/notification to the Commission?

It depends.

Jersey’s AIFMD regime requires that the Commission approves a Jersey AIF prior to marketing of the Jersey AIF in an EU/EEA State.

Transitional arrangements

Where a Jersey AIF is relying on AIFMD transitional arrangements, the relevant application /notification form is to be submitted to the Commission in advance of the expiry of the first to expire of any AIFMD transitional arrangements upon which it is relying.  This is on the understanding that Jersey’s AIFMD regime, including the AIF Codes, will not apply to the Jersey AIF until the expiry of the first to expire of any such AIFMD transitional arrangements.

The Commission expects 22 July 2014 to be a key date for the expiry of EU/EEA AIFMD transitional arrangements, as although any transitional arrangements introduced by an EU/EEA State may differ from those introduced by other EU/EEA States, including the ability to extend the arrangement, many EU/EEA States initially granted a one year transitional period.

Submission of Forms

Due to the potential volume of applications/notifications that the Commission may receive leading up to 22 July 2014, Jersey AIFs are encouraged to complete and submit the relevant application form and any applicable fee, or the relevant notification form, as soon as possible but in any event no later than 31 May 2014.

Application/notification forms should be fully and accurately completed as any missing or incorrect information may lead to a delay in the Commission’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 EU/EEA State(s) into which it is to be marketed. 

Paragraph 4 of the AIFMD Guidance Note issued by the Commission on 12 July 2013 provides guidance concerning the different AIF application/notification forms for those Jersey AIFs which are already regulated by the Commission and those seeking authorisation for the first time.
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Q3: What are the AIFMD reporting requirements?

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

In accordance with the requirements of Paragraph 18 of the AIF Codes, the Jersey Financial Services Commission (the “JFSC”) currently requires a copy of any such AIFMD Reporting to be copied and filed by the relevant Jersey AIFM with its relevant JFSC supervision contact on the same frequency as which the Jersey AIFM is required to file the AIFMD Reporting with the 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 with a number of different EEA states, the Jersey AIFM is required to file only one copy of the AIFMD Reporting with its relevant JFSC supervision contact with written confirmation of those EEA states with which the AIFMD Reporting has also been filed.

In the case of a Jersey Alternative Investment Fund (“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 relevant EEA state(s) on the JFSC’s request.

Please refer to the following ESMA guidance on reporting which is available on the ESMA website at http://www.esma.europa.eu/documents/overview/10, using the number reference set out below (noting that in order to access some of the ESMA reporting templates you may need specific XML software):

  • 2013/1368 – Press Release, 1.10.13
  • 2013/1339 - Final Report, 15.11.13 (with particular reference to the helpful flowchart at page 47, page 19, paragraph V. on reporting periods (on a quarterly basis at the end of March, June, September and December) and page 20, paragraph VII. on procedure for first reporting)
  • 2013/1359 - Consolidated AIFMD reporting template (revised), 15.11.13
  • 2013/1360 - Tables 8-10 of Annex 2, 15.11.13
  • 2013/1586 - Tables 1-7 of Annex 2, 15.11.13
  • 2013/1361 - XML documents, 25.03.14
  • 2013/1358 - IT Technical guidance, 23.09.14
  • 2014/869 - Guidelines and Recommendations, 08.08.14 (with reference to the Guidelines in the Final Report 2013/1339)

Please also refer to Section III, reporting of the ESMA Q&A, the latest version of which can be found at http://www.esma.europa.eu/system/files/2015-11_qa_aifmd_january_update.pdf and which provides 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.

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 relevant EEA state(s) in to which it is marketing. For example, if one of the EEA states in which a Jersey AIFM is marketing is 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):

With specific reference to the legal entity identification codes (referred to under paragraph 14 of the above referred to FCA guidance), the JFSC’s Companies Registry and Government are in discussions with a view to creating a unique identification number for all Jersey companies, as part of an international approach however, discussion on this matter, to date, is ongoing.  Whilst the Companies Registry does not currently have this capability, the JFSC’s systems do record a specific regulatory reference number for each Jersey AIFM conducting AIF Services Business (by way of approval or notification) which, for Fund Services Businesses is in addition to its primary FSB reference number and can be found on the JFSC website.  The JFSC does not currently designate specific AIF references for Jersey AIFs instead, the existing UT.X or $ references are used.

Date of issue: 13 March 2015
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Q4: 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 alternative investment fund managers (“AIFMs”) and competent authorities. However, for so long as the national private placement rules continue in operation pursuant to Article 42 AIFMD, third country AIFMs, including Jersey AIFMs, which market to professional investors units or shares of alternative investment funds (“AIFs”) in to any EEA state without a passport are subject only to Section XIII (guidelines on disclosure) of the ESMA Guidelines.

At such time as the private placement regime under Article 42 AIFMD is closed down, the provisions of Articles 37 to 41 AIFMD (which apply to all EEA states), will also apply to Jersey AIFMs, including the full set of remuneration provisions set out in the ESMA Guidelines.  

Paragraph 18 of Section V. (guidelines on which remuneration is covered) of the ESMA Guidelines provides that “delegation” of portfolio or risk management activities is subject to Article 20 AIFMD (noting that minimum Article 42 AIFMD requirements relate to Articles 22 to 24 and 26 to 30 AIFMD).

Paragraph 20 of Section VI. (guidelines on how to identify the categories of staff covered) of the ESMA Guidelines provides helpful guidance on which employees are in scope of the applicable remuneration provisions.

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).

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 relevant EEA state(s) in to which it is marketing.  For example, if one of the EEA States in which a Jersey AIFM is marketing is 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&A and the specific guidance issued by each EEA state in to which it is marketing, a Jersey AIFM should at all times observe the disclosure requirements of the FSB Codes, AIF Codes and as far as such requirements relate to a Jersey certified fund the CIF Codes and the CIF Certified Funds Prospectus Order.

Q5: 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 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 CIF fees) on application to the Commission 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.

COBO Funds

Alternatively, in order for a “self-managed AIF” which is 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 (£1,000 fee); and either
  • an FSJ/AIFSB Application Form (£1,000 fee); or
  • if it qualifies as a sub-threshold AIFM pursuant to the AIF Codes, an AIF/SUB AIFM Application Form (no fee).

Treatment of a self-managed AIF, which is a Certified Fund under the CIF Law, from 22 July 2013 to 27 March 2015

The application of Jersey’s AIFMD regime to a self-managed AIF which has been granted a certificate (CIF Certificate) that is in force, under Article 8B of the CIF Law in relation to an unclassified fund (Certified Fund) has, up until recently, been as follows:

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

Dual regulation

The requirement for a self-managed AIF which is a Certified Fund to be registered/approved under both the CIF Law and the FS(J)L or the AIF Order and Regulations has, in practice, been found to impose an unnecessary level of dual regulation on the self-managed AIF and in recognition of this, the Financial Services (Amendment of Schedule 2 to Law) (No. 5) (Jersey) Order 2015 and the Alternative Investment Funds (Amendment) Jersey Order 2015 (together, the New Orders) were brought into force on 27 March, 2015.

The Financial Services (Amendment of Schedule 2 to Law) (No. 5) (Jersey) Order 2015

This Order amends Schedule 2 to the FS(J)L, the effect of which is to exempt an AIF which is a person who has been granted a Certificate, that is in force, under the CIF Law (and in respect of which permission to market in any EU Member State or other EEA State to which the AIFMD applies has been granted by the Commission), 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.  

Alternative Investment Funds (Amendment) (Jersey) Order 2015

This Order amends Article 4(3) of the AIF Order to provide that the approval of the Commission which is required to be obtained by a service provider prior to carrying out any service prescribed under the Regulations (which include (in Article 3(b) of the AIF Order) the services of an AIFM which, under Article 3 of, and Part 5 of Schedule 2 to, the FS(J)L, is not treated as an AIFSB for the purposes of the FS(J)L) is also deemed to have been given if the service provider (AIFM) is a person who has been granted a Certificate, that is in force, under the CIF Law in relation to the AIF for which the person is the service provider.

Treatment of a self-managed AIF, which is a Certified Fund under the CIF Law, from 27 March 2015

From 27 March 2015 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 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 FS(J)L and Article 4(3)(d) of the AIF Order (and subject to the Commission firstly having granted its permission for the relevant AIF to be marketed in 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 Codes relating to it in its capacity as an AIFM.

Notwithstanding the effect of the New Orders, 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 Commission’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 any EU Member State or other EEA State to which the AIFMD applies and comply with the applicable sections of the AIF Codes relating to it in its capacity as both an AIF and an AIFM.

AIF Codes and AIFMD Forms

To take account of the above, the Commission has produced revised versions of the CIF/UCF Application Form, the AIF/EXEMPT Notification Form and the AIF/SUB AIFM Application Form and will, in due course, produce revised AIF Codes.
 
Any self-managed AIF which is a Certified Fund and which is currently registered to carry on AIFSB within the meaning of Article 2(11) of the FS(J)L in respect of itself should apply to the Commission in writing as soon as possible to have its AIFSB registration revoked and its CIF Certificate re-conditioned such that it “MUST comply with the applicable sections of the AIF Codes relating to it in its capacity as the AIF (and any constituent parts of the AIF) and in its capacity as the Alternative Investment Fund Manager”. 

Treatment of self-managed AIF which is a COBO Fund

To date, there has been no change to the application of Jersey’s AIFMD regime to a self-managed AIF which has been granted consent pursuant to the Control of Borrowing (Jersey) Order 1958 (COBO) which is as follows:

  • 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. 
Consideration is however currently being given by the Commission to a proposed partial exemption whereby self-managed AIFs which are COBO Funds will continue to be subject to Article 2(11) of the FS(J)L but where the shareholder approval mechanics (centred principally around Article 14 of the FS(J)L) will be “switched off”.  Further information will be provided in this regard in due course.

Q6: Danish Reciprocal Statement

6 (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 (national private placement rules (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.

6 (b) What is the process for obtaining a reciprocity statement from the Jersey Financial Services Commission (Commission) to the FSA?

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

The Commission 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 Commission 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 Commission, the Commission 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:

  • i. signed and dated complete copy of the Application;
  • ii. confirmation that the signed and dated Application has been submitted to the FSA; and
  • iii. 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 Commission 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 Commission will provide confirmation that the reciprocity statement has been delivered and will record the details of the reciprocity statement on the register of reciprocity statements/attestations maintained by the Commission's TCB/FSB supervision team.

6 (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 Commission 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 Commission and the FSA but such an arrangement is under the Commission's consideration. In the meantime, and 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.".

Q7: Dutch Attestation

7 (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 (national private placement rules (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.

7 (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 Commission to the AFM on a confidential regulator to regulator basis in accordance with the memorandum of understanding effective from 22 July, 2013 entered into between the AFM and the Commission in relation to the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (MOU). As such, the attestation will not be disclosed to any third party.

The Commission 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 Commission 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:

  • i. signed and dated complete copy of the Notification; and
  • ii. 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 attestion relates. Once the attestation has been delivered to the AFM, the Commission will provide confirmation that the attestation has been delivered and will record the details of the same on the register of reciprocity statements/attestations maintained by the Commission's TCB/FSB supervision team.

7 (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, as amended. Does the Commission intend to issue a similar overarching statement to the AFM which will dispense with the requirement for individual attestations to be given by the Commission 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 Commission and the AFM but such an arrangement is under the Commission's consideration. In the meantime, and for the purpose of completing the Notfication, 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.".

Date of issue: 19 June 2015

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