MoME

Europlan Fund Administrators Limited ("EFA") is pleased to announce that it has extended its current fund offering in that it is now licensed by the Jersey Financial Services Commission ("JFSC") to provide Manager of Managed Entity ("MoME") services to Jersey registered FSB's.

Within the remit of the MoME licence, EFA's fund services team is well positioned to supply, in addition to providing full administration and financial reporting, corporate governance, compliance monitoring and regulatory reporting services. Under the MoME, the services that EFA is able to provide to businesses which will help ensure effective management and control include:

• Permitting businesses to place reliance on EFA's well established and robust internal procedures, as well as the JFSC's policy on outsourcing;

• Providing experienced directors to add value at board level to ensure that appropriate corporate governance standards are maintained; and

• Providing experienced directors at short notice to guarantee transaction deadlines whilst ensuring that full corporate governance standards at all times remain uncompromised.

Changes in the way FSB's are regulated in Jersey has resulted in a need for specialist MoME service providers. Those granted a MoME licence require an 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.

At EFA, we have a team which comprises professional personnel with extensive funds industry, regulatory, compliance and legal experience that enables us to provide the following services:

• Assistance with the establishment of a comprehensive compliance monitoring program for the FSB;

• Assistance with the drafting and implementation of an appropriate compliance manual for the FSB;

• Dedicated compliance, anti-money laundering reporting and compliance officers at board level for the FSB;

• A 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;

• Tailored 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

• Providing the FSB with risk profiling / monitoring programmes.

Details of the more traditional offshore services that can be provided by EFA to the FSB include:

• 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.