This Guidance Note was published by the JFSC in relation to acting as the Manager of a Managed Entity (a "MoME"), being a class of fund services business introduced under the Financial Services (Jersey) Law 1998 (the "FSJ Law").
The FSJ Law does not provide a definition of the activities that would constitute acting as a MoME - however, in broad terms, the activity is interpreted by the Commission as involving the provision of management services to another person registered to conduct fund services business so as to enable that person (the "managed entity") to comply with a material part of the regulatory framework.
The fund services business licensing policy establishes that a managed entity shall have a MoME. It is not for the Commission to determine who shall be the MoME; however, where a service provider has supplied the managed entity with a compliance officer, the Commission would ordinarily expect that provider to be fulfilling the MoME role. The Commission also regards the provision of the following services, from within Jersey, as being indicative of a MoME relationship:
- provision of director(s);
- provision of a money laundering reporting officer and/or a money laundering compliance officer;
- maintenance of statutory and non-statutory books and records for the managed entity, in particular minutes of board meetings and statutory registers;
- inclusion of the managed entity on the MoME's PII policy;
- provision/adoption of MoME's procedures manual by the managed entity;
- provision of company secretarial services to the managed entity; and
- provision of a registered office for the managed entity.