Consultation No. 1 2023: On amending the application and amendment fees for certain registered persons under the Supervisory Bodies Law

Summary

This is a JFSC consultation paper seeking industry feedback on proposed application and amendment fees for certain registered persons under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008. It is a draft proposal, not yet in force, and responses were invited by 31 January 2023.

The proposals cover fees for persons newly required to register because of forthcoming amending legislation (the Proceeds of Crime (Amendment No. 6) (Jersey) Law 2022), particularly those who appoint an Anti-Money Laundering Services Provider (AMLSP), and separately propose zero application and amendment fees for registered persons that are Alternative Investment Funds (AIFs) or Jersey Private Funds (JPFs).

• AMLSP discount: Where a registration application or amendment is submitted via an appointed AMLSP, a discounted fee of £300 (£110 for sole traders) is proposed, versus £500 (£185 for sole traders) for direct applications, reflecting a roughly 40% discount.
• AIF and JPF fees: Application and amendment fees for registered persons that are AIFs or JPFs are proposed to be set at £0, aligning them with regulated persons using the notification regime.
• Scope excluded: The consultation does not address annual fees for registered persons who have appointed an AMLSP; that will be considered in the 2024 fee-setting process.
• Not covered: Fees for firms of lawyers and firms of accountants are excluded from this draft Addendum Fees Notice.

If adopted, the fee schedule in draft Appendix B would take effect once the Amendment No. 6 legislation comes into force, expected in early 2023, and would apply to Schedule 2 registered persons including financial institutions, DNFBPs, and virtual asset service providers (excluding lawyers and accountants).

Key obligations

• Registered persons applying via a direct application (not through an AMLSP) would pay £500 (£185 for sole traders) in application or amendment fees under the proposed schedule, except AIFs and JPFs which would pay £0
• Registered persons applying via an appointed AMLSP would pay £300 (£110 for sole traders) in application or amendment fees under the proposed schedule, except AIFs and JPFs which would pay £0
• Interested parties wishing to comment on the proposed fees must submit responses to the JFSC or Jersey Finance Limited by 31 January 2023

Applies to

registered persons under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, Alternative Investment Funds (AIFs), Jersey Private Funds (JPFs), Anti-Money Laundering Services Providers (AMLSPs), financial institutions (Schedule 2, Part 2), designated non-financial businesses and professions (Schedule 2, Part 3), virtual asset service providers (Schedule 2, Part 4)

Deadlines

• 31 January 2023: Deadline for interested parties to submit comments on the consultation proposals to the JFSC or to Jersey Finance Limited
• 28 days after publication of the report (per Article 21(6) of the Law): Minimum statutory comment period the JFSC must allow before introducing a fee, referenced as the basis for this consultation