We are an independent global specialist in the administration of traditional funds and alternative assets with a particular specialism in private equity and real estate.
CRS & FATCA
We can support your fund through its entire lifecycle and the growth of your business. We provide a comprehensive range of private equity solutions delivered from key onshore and offshore jurisdictions to leading companies investing in a broad range of industries.
Our Fund Services Division has a proven track record in providing a broad range of fund services where the asset class is real estate.
JTC Fund Services can offer a fully AIFMD-compliant ManCo service. The activities of the ManCo include providing a portfolio management, risk management and oversight function.
We have a deep understanding of listing funds on internationally recognised stock exchanges and the ongoing regulatory requirements of administering listed funds.
As a truly independent fund administrator you can be reassured that your fund administration requirements are entrusted to people that care about your investment structures.
We will project manage your application and guide you through the process and co-ordinate the various advisors to assist with the fund launch and strive to ensure everything happens within the expected timescales.
We offer a transparent, proactively managed range of cash management, foreign exchange and lending services, supported by a dedicated team of experienced professionals.
JTC Corporate Services provides a comprehensive range of corporate and fund services from key onshore and offshore jurisdictions to leading companies in their field of expertise.
We provide corporate finance services for corporate and institutional clients including debt capital solutions, treasury and escrow services.
We provide employee benefit structures, administration services to ensure employees get maximum value from the plans that organisations put in place.
Global experience in this dynamic asset class, spanning our corporate, funds and private client divisions.
JTC Private Wealth Services specialises in protecting and nurturing your private capital in real estate, financial and non-financial assets across countries and generations.
Superior service delivered by industry leading experts for private individuals, entrepreneurs and their families.
We provide a tailored range of private office solutions that work effectively for each family, from generation to generation.
Our Marine & Aviation Services team has a deep working knowledge and proven track record, collectively and individually, in dealing with a wide variety of structures and transactions across the aviation, yachting, shipping and offshore supply industries.
We are able to partner with corporate and institutional wealth providers to complement their service offering by providing trust and company services.
JTC has extensive cross-jurisdictional experience and expertise in working with institutional and private clients in Africa, Americas, Asia, Australasia, Caribbean, Channel Islands, Europe, Middle East, Russia & CIS and the United Kingdom.
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14 Feb 2018
Date: 2-4 May 2018
20 Nov 2017
13 Dec 2017
We are JTC, an independent, award-winning provider of fund, corporate and private wealth services to institutional and private clients.
Established in 1987, we are proud of our history and excited about our future.
To build partnerships with our clients, we live and breathe our values. Together they form our unique culture and JTC DNA.
We value shared ownership, we put relationships first, we invest in our people, we embrace technology. We are JTC.
Our CSR policy sets a common approach for us to follow in conjunction with our Code of Business Ethics, creating the maximum benefit to our people and the communities that they live and works in.
Our shared ownership philosophy extends to the communities where we live and work.
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Join a dynamic team at JTC where everyone is dedicated to continuously delivering a service beyond our clients' expectations.
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We want everyone, wherever they work in the JTC network, to be able to develop the skills and knowledge that they need to be excellent in our world and we deliver this to our team through the JTC Academy.
JTC Gateway offers our people the opportunity to develop their careers by working in Group locations across the world.
JTC is committed to the policy of equal treatment of all its employees and requires all employees of whatever grade or authority, to abide by and aspire to this general principle.
We have a highly qualified and multilingual workforce. In 1998 we created the JTC Employee Benefit Trust, which turned our employees into stakeholders. This enables us to attract and retain the best people, whilst keeping them absolutely motivated and dedicated to our clients.
In 2014 this belief in share ownership was embedded further into the JTC culture with the equity for all scheme, allowing all permanent members of staff the opportunity to invest in the future of their company. That helps explain why they are so dedicated and care so much about their client’s work.
Our shared ownership culture benefits our clients.
JTC is an international organisation with global reach and true cross border capability. We are proud of our ability to provide the best solutions for clients irrespective of geography.
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The Regulations apply automatically in every EU Member State and require the production by or on behalf of relevant investment products of a new standardised KID, which is intended to improve the retail investor's understanding of PRIIPs and the comparability of those products. Relevant investment products include, but are not limited to, investment companies traded on stock and investment exchanges in EU member states and investment products marketed either directly or indirectly to retail investors in EU member states.
In March, 2017 the EU Commission published the level two regulations specifying in detail the format and content of the KID and in July, 2017 the European Securities and Markets Authority (“ESMA”) published the final Q&A on the required disclosures for the KID. Various industry bodies, most notably the Association of Investment Companies (”the “AIC”), also published guidance over Summer, with the final revised guidance from the AIC being published in September, 2017. As a result, all necessary information has now been published to enable manufacturers of a PRIIP (which may be the PRIIP itself) to comply with these regulations.
The UK’s Financial Conduct Authority (the “FCA”) has published a policy statement setting out inter alia the types of investment entity which are likely to be required to prepare a KID (“In Scope Entities”) and the content of certain prescribed disclosures. In Scope Entities include investment companies admitted to trading on a regulated market in the European Union (the “EU”), and a large number of different types of open-ended investment funds marketed into the EU. Unlike under the Alternative Investment Fund Manager’s Directive (the “AIFMD”), the FCA has indicated that companies whose shares are not being actively marketed but are traded in the secondary market should still be considered within scope of this regulation. A key test is whether the shares are available to the retail investor, as opposed to marketed for the purposes of the AIFMD.
The manufacturer of the PRIIP is responsible for preparing a KID. Where the entity has an AIFM or investment manager, it may be the case that the AIFM or investment manager can take responsibility for preparing the KID. However, in the event that such third party either is not willing to take responsibility or does not exist, it is envisaged that the PRIIP itself will be responsible for preparation of the KID.
In the case of a PRIIP constituted as a limited partnership, the general partner may be the manufacturer and, in the case of a PRIIP constituted as a unit trust, the manager may be considered to be the manufacturer.
Article 6 of level 1 of the Regulations provides that “The KID shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading.”, so significant responsibility attaches to the party responsible for preparation of the KID.
The information contained in the KID will vary, depending on the complexity and category of the PRIIP. Each KID will contain tightly prescribed information about the PRIIP’s structure, investment objective and policy, costs and risks, as well as performance and stress testing data, calculated under various prescribed scenarios, and will be three pages in length.
The KID should be reviewed and revised “every time there is a change that significantly affects or is likely to significantly affect the information contained in the KID and, at least, every 12 months following the date of the initial publication of the KID”. This might be a change due to corporate activity, such as the announcement of a tender offer, a change of service provider, change of investment objective or policy or a material change in fees payable, or it might be a change in available financial information underpinning the disclosures, such as a significant change in the value of the investment portfolio or a change in market conditions affecting the PRIIP’s future prospects.
The Regulations require that the KID should be made available on the PRIIPs manufacturer’s website. For publicly-traded investment companies with their own website, JTC envisages that the KID will usually be published on their own website. For those PRIIPs with an AIFM, the KID may also be published on the AIFM’s website and, if the AIFM is deemed to be the PRIIP’s manufacturer, the KID will only be required to be published on the AIFM’s website. If the PRIIP is being actively marketed, we would recommend that a copy of the KID be provided to any placees or offerees when the PRIIP is offered to them.
In addition, for those PRIIPs which are publicly traded within the EU, it is recommended that the PRIIP release an announcement via a regulatory information service, notifying the market of the publication of the KID. For PRIIPs traded on a regulated market in the United Kingdom, the KID should be submitted to the FCA’s National Storage Mechanism and a statement of such submission included in the afore-mentioned announcement.
JTC has been monitoring the Regulations for some time and is well placed to assist our clients with compliance with this new requirement. If instructed, we can prepare the template for the KID and populate the majority of the prescribed disclosures. Calculation of the summary risk indicator (the “SRI”) and forecast performance data (“Performance Data”) in four scenarios, including a stress scenario, will need to be calculated by a third party.
JTC has liaised with numerous possible counterparties, including audit firms, risk analysts and other consultancy firms and can procure formal quotations for clients for their calculation of this data on your behalf if requested. Where required, we will also provide source data from our systems, including portfolio data and valuations, to enable this information to be calculated and JTC will co-ordinate the drafting process. We can also procure quotations from legal advisers for a legal review of the KID if requested.
Because this is a new legal requirement imposed on the PRIIP manufacturer, these services fall outside of the scope of agreed services with JTC and your other service providers and preparation of KIDs will therefore need to be charged for separately.
The costs of producing the KID will usually be JTC’s fees for producing the KID itself, the fees of third parties for calculation of the SRI and Performance Data and, if required by the manufacturer of the PRIIP, counsel’s fees for the legal review. These fees will depend upon the size and complexity of each PRIIP and quotations can be provided upon request. Whilst the preparation of the first KID may be quite costly, periodic reviews of the KID should not be particularly significant unless there are frequent or material changes to the KID.
Should you wish to discuss any of the matters raised in this briefing note or to request a quotation, please contact any of Matt Tostevin, Matthew Riley or James Tracey by e-mail or telephone.
Senior Director – Fund Services
Director - Fund Services
Manager - Fund Services
JTC Group entities that carry on regulated business are (respectively): regulated by the British Virgin Islands Financial Services Commission; the Cayman Islands Monetary Authority; the Guernsey Financial Services Commission; the Jersey Financial Services Commission; the Commission de Surveillance du Secteur Financier and the Ordre des Experts-Comptables (Luxembourg); the Financial Services Commission (Mauritius); De Nederlandsche Bank (Netherlands), the South African Financial Services Board as an authorised financial services provider; chartered and regulated to provide trust services by the South Dakota Division of Banking in South Dakota (USA); a member of l’Association Romande des Intermédiaires Financiers (Switzerland); licensed by the Isle of Man Financial Services Authority and authorised and regulated by the Financial Conduct Authority (UK).
L’Association Romande d’Intermédiaires Financiers (ARIF) is a self-regulated agency approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of financial intermediaries referred to in Article 2 para.3 of the Swiss Federal Act concerning the fight against money laundering and terrorist financing in the financial sector (LBA). ARIF is also recognised by FINMA as a professional organisation for the enactment of rules of conduct relating to the exercise of the profession of independent managers within the meaning of the Collective Investment Schemes Act (CISA).
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