Consultation Paper No. 5 2020: Limited Partnerships Continuance Fees

Summary

This is a JFSC consultation paper seeking feedback on a proposed application fee for foreign limited partnerships wishing to continue as Jersey limited partnerships under new Draft Limited Partnerships (Continuance) (Jersey) Regulations 202-. It sets out the proposed fee, the legal basis for fee-setting, and invites industry comment before the regulations and fee take effect.

• Who is affected: Any person or eligible foreign limited partnership applying under the Draft Regulations to continue as a limited partnership within Jersey.
• Proposed fee: An application fee of £605 must accompany an application under Regulation 3 of the Draft Regulations; the JFSC will not determine an application unless this fee is paid.
• Additional fees: This fee is in addition to any other fees required to obtain a certificate of continuance, including consent fees under the Control of Borrowing (Jersey) Order 1958 or the Collective Investment Funds (Jersey) Law 1998 where applicable.
• Legal basis: The consultation is issued under Article 8(3) and Article 15(3) of the Financial Services Commission (Jersey) Law 1998, which requires publication of a report and a comment period before a new fee is introduced.
• Timing: The Draft Regulations were due to be debated by the States of Jersey on 14 July 2020 and, if passed, would come into force on 15 July 2020, with the fee taking effect the same date.

Because of the urgency of bringing the Draft Regulations into force, a full public consultation was not undertaken; instead, feedback was sought from representative bodies (Jersey Funds Association and Jersey Finance Limited) within a short window. The JFSC intended to publish feedback and the final fees notice in July 2020.

Key obligations

• Applicants under Regulation 3 of the Draft Regulations must pay the published application fee (proposed at £605) before the JFSC will determine the application
• Any other fees required under the Draft Regulations or related legislation (e.g. Control of Borrowing (Jersey) Order 1958, Collective Investment Funds (Jersey) Law 1998) must be paid in addition to obtain a certificate of continuance
• Respondents wishing to comment on the proposed fee must submit comments to the JFSC or Jersey Finance Limited no later than 14 July 2020

Applies to

foreign limited partnerships (eligible foreign limited partnerships) applying to continue as Jersey limited partnerships, representative industry bodies (e.g. Jersey Funds Association, Jersey Finance Limited)

Deadlines

• 14 July 2020: Deadline for submitting comments on the consultation paper to the JFSC or Jersey Finance Limited
• 14 July 2020: Expected date of States of Jersey debate on the Draft Regulations
• 15 July 2020: Proposed commencement date of the Draft Regulations and the £605 application fee