Financial Services (Limited Partnership Fees) (Amendment) Regulations, 2024

Summary

This regulation amends the Financial Services (Limited Partnership Fees) Regulations to align fees and penalties with changes made by the Limited Partnership (Amendment) Act, 2024. It restructures the existing fee schedule, adds new filing fees, creates a new schedule of escalating late filing penalties, and introduces a separate tiered schedule of administrative fines for substantive contraventions of the Limited Partnership Act.

• New and revised fees: Schedule 1, Part I now sets fees for filings such as notice of change in particulars, appointment or resignation of a registered agent, rescission notices, filing or changing registers of general and limited partners, filing beneficial ownership information and changes to it, and notices relating to continuation outside the Virgin Islands (fees ranging from 25 to 150 dollars).
• Late filing penalties: Schedule 1, Part II imposes escalating monthly penalties (up to a specified cap, often 5,000 dollars) for late filing of initial or amended registers of general/limited partners, beneficial ownership information and changes to it, and Court Orders restoring a limited partnership to the Register.
• Tiered administrative fines: New Schedule 2 sets four tiers of administrative penalties (up to 10,000, 25,000, 50,000 and 75,000 dollars) for specified contraventions of the Limited Partnership Act, including failing to maintain a general or limited partner, failing to properly manage or retain records, failing to file annual returns, acting as an unlicensed registered agent, failing to maintain accurate beneficial ownership information, and providing false or misleading information in a return.

The Regulations come into force on the same date as the Limited Partnership (Amendment) Act, 2024, rather than a fixed calendar date, so the effective date depends on that Act's commencement.

Key obligations

• Pay the fees set out in Schedule 1, Part I for the specified limited partnership filings (e.g. change of particulars, registered agent appointment/resignation, register filings, beneficial ownership filings, continuation notices).
• Pay escalating late filing penalties under Schedule 1, Part II if required filings (registers, beneficial ownership information, Court Orders) are not made within the specified statutory period.
• Be liable for tiered administrative fines under Schedule 2 for specified contraventions of the Limited Partnership Act, such as failing to maintain a general/limited partner, failing to keep or retain records, failing to file annual returns, acting as an unlicensed registered agent, failing to maintain accurate beneficial ownership information, or providing false or misleading information.

Applies to

limited partnerships, registered agents of limited partnerships, general partners, limited partners

Deadlines

• on the date that the Limited Partnership (Amendment) Act, 2024 comes into force: Commencement date of these Regulations

Related documents

• This document is made under Financial Services Commission Act (Revised Edition 2020)