Jersey's EFA Granted MoME Operational License

by Amanda Banks, Tax-News.com, London

12 November 2010

Europlan Fund Administrators Limited (EFA), the Jersey based specialist fund establishment and administration service provider, has announced that it has extended its current fund services' offering having received a license from the island's Financial Services Commission (JFSC) to provide Manager of Managed Entity (MoME) services to Jersey Fund Services Businesses (FSBs).

Within the remit of the MoME licence, EFA’s fund services team is able to provide full administration and financial reporting, corporate governance, compliance monitoring and regulatory reporting services.

EFA said that changes in the way FSB’s are regulated in Jersey has resulted in a need for specialist MoME service providers.

EFA explained that as a MoME licensee it is well placed to facilitate FSBs in their compliance efforts: “MoME licensees are required to hold in depth knowledge of the JFSC’s current regulatory policies, as well as extensive and detailed knowledge of local laws and the JFSC’s Codes of Practice."

EFA says that its team comprises professional personnel with extensive funds industry, regulatory, compliance and legal experience that enables it to provide FSBs the following services:

• Assistance with the establishment of a comprehensive compliance monitoring program;
• Assistance with the drafting and implementation of an appropriate compliance manual;
• Dedicated compliance, anti-money laundering reporting and compliance officers at board level;
• Statistics officer for the compilation and submission of periodic submissions to the JFSC, as required;
• Technical updates and details of changes to fund legislation and regulation to both the appointed non-executive and non-resident FSB board members;
• Preparation of risk and compliance board reports;
• Maintenance of the FSB breaches (material and non-material), errors and omissions, complaints and conflicts registers;
• Collation and maintenance of investor KYC and statutory information; and,
• Risk profiling / monitoring programmes.

According to the company, EFA also supplies more traditional offshore services to FSBs, including:

• The provision of a company secretary and registered office;
• Establishment, operation and maintenance of bank accounts;
• Provision and maintenance of minute books, registers and accounting records as well as the submission of annual filing requirements and tax returns;
• Calculation and submission of quarterly and annual statistics to the JFSC;
• Organisation of all necessary board meetings including:
  • The collation and circulation of agendas as well as minutes of previously held meetings; and
  • Attendance at, and preparation and circulation of all board minutes;
• Obtaining the appropriate approval of expenses prior to arranging settlement;
• Preparation of management and year end audited financial statements in accordance with Company documentation and applicable GAAP’s;
• Calculation of management and incentive fees; and,
• Arrangement of PII and D&O insurance cover.

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