Consultation No. 3 2023: Fund Business Fees

Summary

This is a JFSC consultation paper proposing an increase to fund business fees across all fund related regimes for the period 1 July 2023 to 30 June 2024. It sets out draft fees notices covering AIF and AIF services business, collective investment funds, Control of Borrowing consents, fund services business, and qualifying segregated managed accounts, and invites industry comment before the fees are finalised.

• Who is affected: Any person applying for, or already holding, a registration, certificate, permit, consent or exemption under the Alternative Investment Funds (Jersey) Regulations 2012, the Collective Investment Funds (Jersey) Law 1988, the Control of Borrowing (Jersey) Order 1958, the QSMA Exemption Order 2014, or the Financial Services (Jersey) Law 1998 in respect of fund services business or AIF services business.
• Proposed fee increase: A headline fee increase of 14.7 percent (RPI of 12.7 percent plus 2 percent) is proposed across FSB, AIF, CIF, JPF, CoBO and QSMA fee categories to meet a target of raising £8.7m from the funds sector in 2023.
• Draft fees notices: Appendices set out draft Notices of Fees for AIF and AIFSB, CIF, CoBO, FSB and QSMA, including application fees, annual fees, new pool of assets fees, and late payment surcharges (5 percent of unpaid amount for late payment).
• Consultation question: Respondents are asked whether they agree with the proposed fee increase of 2.0 percent above RPI.
• Future review: The JFSC proposes further analysis in H2 2023, with industry, to develop an amended fee calculation methodology for Jersey Private Funds for 2024.

This document is a consultation only; no fees or obligations are yet in force. The JFSC states it will publish feedback and finalised fees notices in June, after which fees will be administered via the myJFSC portal with email invoice notifications.

Applies to

Fund Services Business (FSB) registrants, Alternative Investment Fund Services Business (AIFSB) registrants, Alternative Investment Funds (AIFs), Collective Investment Funds (CIFs) and their permit/certificate holders, Jersey Private Funds (JPFs), Control of Borrowing (CoBO) consent holders, Qualifying Segregated Managed Account (QSMA) operators

Deadlines

• 23 June 2023: Deadline for interested parties to submit comments on the consultation to Jersey Finance Limited or the JFSC.
• 1 July 2023 to 30 June 2024: Period for which the draft fees set out in the appended Notices of Fees would be effective.
• June (following the consultation): JFSC intends to publish feedback and the final fees notices.