Jersey Alternative Investment Fund (AIF) Guidelines
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
- A wholly-owned subsidiary of a company specified above
- Trustees of certain trusts established for the benefit of an Eligible Investor
- A person acting as or for a public sector body
The entity making the application is Belize:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|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.|
The applicant must have a local custodian who can be the below:
|Jersey Office||No compulsory|
The applicant should hire an auditor who can be:
|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|
- 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
- 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;
- 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.
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