JERSEY: JFSC issues updated Code of Practice for AIF and AIF services business

Friday September 2 2016

The Jersey Financial Services Commission (JFSC) has prepared and issued Codes of Practice setting out the principles and detailed requirements that must be complied with in the conduct of financial services businesses.

The Code of Practice for Alternative Investment Funds (AIFs) and AIF Services Business is one of the documents that has been updated.

A new update to the Code concerns situations where a relevant person considers that it may not be able to achieve full compliance with the Code for a temporary period (for example, for a short period after first being licensed). In these circumstances a relevant person should, in advance, agree a plan of action (to include timescales) with the JFSC to bring itself into full compliance with the Code.

Also included in part 6 of this Code is a list of general and specific notifications that must be made to the JFSC.

Click on the above link to access this Code of Practice, effective 1st September 2016, which includes mark-ups detailing the changes that have been made since the last version.