The JFSC has published Position Paper 2020 regarding consequential changes to the Code of Practice for Alternative Investment Funds and AIF Services Business Certified Funds and Fund Services Business to take account of Jersey legislative changes regarding Brexit effective from 1 January 2021.

In the same way as the changes brought in by the Regulations are designed to ensure the continued functioning of Jersey’s AIF legislation beyond Brexit, the updated Codes are aimed at preserving the status quo and ensuring business as usual notwithstanding the UK’s exit from the EU effective from 1 January 2021. The updated Codes were advised to industry in a Joint Statement from the Government of Jersey and the JFSC on ‘Beyond Brexit: End of UK – EU transition period’, issued in October 2020.

Key Consequential Amendments to the Updated Codes

AIF Code

A number of changes to the definitions of the AIF Code have been made to reflect the changes to be made by the Regulations. In summary, these changes relate to UK AIF, UK AIFM and UK Depositary requirements in accordance with the UK AIFM Regulations. For reference the principal changes are:

  • ‘Directive AIF’ amended to ‘Directive/UK AIFM Regulations AIF’;
  • ‘EU AIF’ amended to ‘EU/UK AIF’;
  • ‘Non-EU AIF’ amended to ‘Non-EU/UK AIF’;
  • ‘Directive AIFM’ amended to ‘Directive/UK AIFM Regulations AIFM’;
  • ‘EU AIFM’ amended to ‘EU/UK AIFM’; and
  • ‘Non-EU AIFM’ amended to ‘Non-EU/UK AIFM’.

CIF Code

Consequential changes have been made to the definitions of the CIF Code to reflect the changes to be made by the Regulations, in particular to Principle 9 in relation to the requirement, where relevant, to comply with the applicable sections of the AIF Code. In addition, the Jersey Eligible Investor Fund Guide has been updated to refer to an ‘EU/UK AIFM’ rather than an ‘EU AIFM’ in relation to depositary requirements.

FSB Code

Consequential changes have been made to the definitions of the FSB Code to reflect the changes to be made by the Regulations, in particular to Principle 8 in relation to the requirement, where relevant, to comply with the applicable sections of the AIF Code.

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