Consultation No. 3 2024

Summary

This is a JFSC consultation paper proposing annual fee changes across several regulatory regimes: investment business, fund services business, alternative investment funds (AIF/AIFSB), collective investment funds (CIF), Control of Borrowing (CoBO), qualifying segregated managed accounts (QSMA), and insurance business. It proposes a 6% increase in fee rates (below the December 2023 RPI of 7.5%) and a move to align annual fee periods with the calendar year, with draft fee notices attached as appendices for each regime.

• Fee increase: Proposes raising fee rates by 6% across the covered fee notices.
• Fee cycle alignment: Proposes moving annual fee periods to align with the calendar year, meaning 2024 fee notices would be pro rated to 31 December 2024.
• Draft fee notices: Includes draft Investment Business, AIF/AIFSB, CIF, CoBO, FSB, QSMA and Insurance Business Fees Notices setting out application, annual, change of control, alteration, late payment and late filing fees.
• Fee structure review: Notes JFSC has appointed KPMG to review its overall funding model and fee structure, covering jurisdictional comparison, fee elasticity, sector views and market trends.
• Consultation questions: Asks respondents whether they agree with aligning fees to the calendar year (Question 1) and with the proposed 6% fee increase (Question 2).

As a consultation in draft status, this document does not itself impose binding obligations; it invites industry feedback before the JFSC finalises and publishes the fee notices with an effective date.

Key obligations

• Interested parties wishing to comment must submit responses to the JFSC by 31 May 2024, using the published response form where possible
• Comments submitted via Jersey Finance should reach Jersey Finance by 30 May 2024 for collation
• Industry bodies or associations responding should provide a summary of the individuals and/or institutions they represent

Applies to

investment business registrants, fund services business providers, alternative investment fund (AIF) and AIF services businesses, collective investment fund (CIF) operators, Control of Borrowing (CoBO) consent holders, qualifying segregated managed account (QSMA) exemption holders, insurance business permit holders

Deadlines

• 31 May 2024: Deadline for interested parties to submit consultation comments to the JFSC
• 31 May 2024: Deadline for completing and submitting the published response form
• 30 May 2024: Deadline for comments to reach Jersey Finance for collation
• 1 May 2024 to 31 December 2024: Proposed period for which the draft Investment Business Fees Notice fees would be effective (pro rated 2024 fee period)