Alternative
Investment Funds (Jersey) Order 2013
1 Interpretation
In this Order “AIF Regulations” means the Alternative Investment Funds
(Jersey) Regulations 2012.
2 Exemption
from application of AIF Regulations for certain AIFs
(1) The AIF Regulations do
not apply in relation to an AIF in respect of which –
(a) a
certificate has been granted under the Collective Investment Funds (Recognized Funds)
(Rules) (Jersey) Order 2003; or
(b) a
certificate has been granted under Article 8B of the Collective Investment Funds (Jersey)
Law 1988,
if the Commission grants permission in writing for that AIF to be
marketed in the United Kingdom, in a member State of the European Union, or in
any other EEA State to which Directive 2011/61/EU applies.[1]
(2) In this Article
“EEA State” means a State which is a member State of the European
Union or any other State which is a contracting party to the agreement on the European Economic Area signed at
Oporto on the 2nd May 1992 as adjusted by the Protocol signed at
Brussels on the 17th March 1993.
(3) An AIF in respect of
which the AIF Regulations apply shall not be required to hold a certificate
under Regulation 7 of the AIF Regulations for so long as the laws of the
country in which the AIF is being marketed or managed do not require compliance
by the AIF with the UK AIFM Regulations or with Directive 2011/61/EU.[2]
3 Prescribed
services[3]
For the purposes of the definition of “service provider”
in Regulation 2 of the AIF Regulations, the following services are
prescribed –
(a) the
services of a depositary that is not carrying on fund services business, within
the meaning of Article 2(10) of the Financial Services (Jersey) Law 1998, and is appointed under –
(i) the
UK AIFM Regulations, or
(ii) Article 21
of Directive 2011/16/EU (whether or not the AIFM is an AIFM to which Article 36
of Directive 2011/61/EU applies);
(b) the
services of an AIFM that –
(i) is –
(A) a small third country AIFM
for the purposes of the UK AIFM Regulations, or
(B) an AIFM in respect of
which Article 3(2) of Directive 2011/61/EU applies, and
(ii) is
not treated as an AIF services business under Article 3 of, and
Part 5 of Schedule 2 to, the Financial Services (Jersey) Law 1998.
4 Service
provider to be approved by the Commission
(1) A service provider must
be approved by the Commission before carrying out any service prescribed under
the AIF Regulations.
(2) Approval under
paragraph (1) is deemed to have been given to a service provider to carry
on the services of a depositary described in Article 3(a) if the service
provider is –
(a) a
trustee, custodian or depositary registered under Article 9 of the Financial Services (Jersey) Law 1998 as a person carrying on fund
services business; or
(b) a
person granted a permit under Article 7 of the Collective
Investment Funds (Jersey) Law 1988 to be a trustee, custodian
or depositary.
(3) Approval under
paragraph (1) is deemed to have been given to a service provider to carry
on the services described in Article 3(b) if the service
provider –
(a) is a
person registered under Article 9 of the Financial Services (Jersey) Law 1998 as a person carrying on fund
services business and that business includes the business described in Article 2(11)
of that Law;
(b) is a
person registered under Article 9 of the Financial Services (Jersey) Law 1998 as a person carrying on AIF
services business;
(c) is a
person granted a permit under Article 7 of the Collective Investment Funds (Jersey)
Law 1988 to be a manager; or
(d) is a
person who has been granted a certificate, that is in force, under Article 8B
of the Collective Investment Funds
(Jersey) Law 1988 in relation to the AIF for which the person is the service
provider.[4]
(4) If under paragraph (1)
the Commission approves a service provider described in Article 3(a)
(except where approval is deemed to have been given under paragraph (2)),
the service provider shall be treated for all purposes as if it had been
registered under Article 9 of the Financial Services (Jersey) Law 1998.
(5) An AIFM providing the
services referred to in Article 3(b) in respect of an AIF shall be exempt
from the requirement in paragraph (1) for so long as the laws of the country
in which the AIFM is marketing or managing that AIF do not require compliance
by the AIFM with the UK AIFM Regulations or with Directive 2011/61/EU.[5]
5 Citation
This Order may be cited as the Alternative Investment Funds (Jersey)
Order 2013.