Consultation No. 12 2023 - Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons

Summary

This is a JFSC consultation paper seeking comments on proposed fee changes for persons registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 as Schedule 2 businesses. It sets out draft fees notices for accountants, lawyers and other registered persons (including financial institutions, DNFBPs and virtual asset service providers) and invites feedback before the fees are finalised for 2024.

• Who is affected: All persons registered under the Law as Schedule 2 businesses, including firms of accountants and lawyers, financial institutions, DNFBPs, virtual asset service providers, AMLSPs, AIFs, JPFs, sole traders acting as Schedule 2 directors, and ICC/PCC security issuer platforms, plus anyone becoming registered on or after 1 January 2024.
• Key proposals: An overall RPI-linked fee increase of 10.1 percent; discounted application and annual fees where a registered person uses an AMLSP; a reduced £150 annual fee for sole trader Schedule 2 directors; zero fees for AIFs and JPFs; and a tiered fee structure (capped at £20,000 annual fee) for qualifying ICC/PCC security issuer platforms based on number of cells.
• Draft fees notices: Appendix B covers fees for accountants and lawyers; Appendix C and Schedules 1 to 4 cover application, annual, amendment and late filing fees for other Schedule 2 businesses.
• Consultation questions: The JFSC asks for views on the 10.1 percent fee increase, the AMLSP-related fee proposals, fees for Schedule 2 directors, and fees for ICC/PCC security issuer platforms.

This document is a consultation draft, not a final rule; the JFSC intends to publish feedback and bring a final fees notice into effect on or before 1 January 2024, administered through registered persons' myJFSC accounts.

Key obligations

• Interested parties wishing to comment must submit responses to Jersey Finance Limited or directly to the JFSC no later than 22 December 2023
• Once finalised, registered persons will be required to pay the new application, annual, amendment or late filing fees as set out in the draft fees notices via their myJFSC account
• Registered persons that fail to file or deliver a required document by its due date will be liable for a late filing fee of £100 per complete month or part thereof until filed, unless prior written agreement for a later date has been obtained from the JFSC

Applies to

firms of accountants, firms of lawyers, financial institutions (Schedule 2 Part 2), designated non-financial businesses and professions (Schedule 2 Part 3), virtual asset service providers (Schedule 2 Part 4), Anti-money laundering services providers (AMLSPs), Alternative Investment Funds (AIFs), Jersey Private Funds (JPFs), sole trader Schedule 2 directors, ICC/PCC security issuer platforms and schemes

Deadlines

• 22 December 2023: Deadline for interested parties to submit comments on the consultation to Jersey Finance Limited or the JFSC
• 1 January 2024: Date on or before which the final fees notice is intended to take effect, and from which new registrants will be affected by the proposed fees
• 30 September 2024: End of the transitional period during which sole trader Schedule 2 directors are subject to reduced obligations under Article 24B of the Money Laundering (Jersey) Order, relevant to the proposed £150 director annual fee