Jersey Alternative Investment Fund (AIF) 

A Jersey Eligible Investor Fund is an Alternative Investment Fund (AIF) as defined by the Alternative Investment Funds (Jersey) Regulations 2012 and is a collective investment fund that falls within Article 3 of the Law and which is established in Jersey.

Key Features of an Eligible Investor Fund;

  • Such funds may be open or closed-ended
  • The units of an Eligible Investor Fund may only be offered to Eligible Investors
  • The units may be listed, though only on exchanges or markets that permit transfer restrictions to ensure that only Eligible Investors may acquire the units

Eligible Investor ‘Definition’

  • Any person who agrees to invest not less than US$1,000,000, or the equivalent in another currency
  • A person whose ordinary business or professional activity includes or could be reasonably expected to
  • Include the acquisition, underwriting, management, holding or disposal of investments, whether as principal or agent or the giving of advice on investments and employees, directors or shareholders of or consultants

    to, such persons

  • A functionary in relation to the fund or an associate of such a functionary (eg the investment manager administrator, trustee etc.)
  • employees, directors or shareholders of, or consultants to, a functionary or associate, who in making the relevant subscription acquires units in the fund as remuneration, or reward, as such an employee, director or shareholder or consultant
  • An individual whose property has a total market value of not less US$10,000,000 or the equivalent in another currency
  • company, partnership, limited partnership or limited liability partnership, trust, or unincorporated association, which owns property with a total market value of not less than US$10,000,000 or the equivalent in another currency or every shareholder of the company, every partner of the partnership, limited partnership or limited liability partnership, every beneficiary of the trust or every member of the association (as the case requires) is, himself or herself, an Eligible Investor
  1. A wholly-owned subsidiary of a company specified above
  2. Trustees of certain trusts established for the benefit of an Eligible Investor
  3. A person acting as or for a public sector body

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application is Belize:

  1. Company
  2. Limited partnerships,
  3. Unit trust or
  4. Any other similar body formed under the laws of Jersey or any other jurisdiction which collects and pools investor funds for the purpose of collective investment.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Designated Service Providers (DSP) JPF must appoint a “Designated Service Provider” and there may be no change to the DSP without the prior approval of the JFSC.
Fund Administrator The Administrator shall be a company incorporated and resident in Jersey. A company incorporated under the laws of a recognized jurisdiction.
Fund Manager The applicant must have a local fund manager who shall be a company incorporated and resident in Jersey.
Custodian The applicant must have a local custodian who can be the below:

  • A company which is a member of a major banking or insurance group of companies.
  • Any other institution which is acceptable to the Commission
Jersey Office No compulsory
Auditor The applicant should hire an auditor who can be:

  • A person or partnership qualified in accordance with the Companies (Jersey) Law 1991 or any legislation made under that law relating to the appointment of an auditor of a Jersey company.
  • A person or firm otherwise acceptable to the Commission
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
Minimum Capital Requirements USD 1,000,000
Application Fee USD 2,235
License Fee USD 2,235

Ongoing Obligations

  1. Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
  2. Maintain such accounting records and financial statements available for examination by the Registrar or any person authorized under his hand at its principal place of business or registered office in Jersey;
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

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