Feedback on Consultation No. 3 2021: Fund Services Business Fees

Summary

This is the JFSC's feedback paper following Consultation No.3 2021 on fund services business fees. It summarises responses received and confirms which fee proposals will proceed, be deferred, or be dropped, and publishes the final Fees Notices (in the appendices) covering AIF, AIF services business, CIF, CoBO, FSB and QSMA fees.

• Proceeding: A 2.0% increase to annual fee rates across AIF, CIF, JPF, CoBO, FSB and QSMA fee schedules, and a new £400 alteration fee for adding, amending or removing licence conditions or licence classes.
• Deferred: The proposed new transaction fee for changes of control of a Registered Person is deferred pending further discussion between the JFSC and the Jersey Funds Association.
• Not proceeding: The proposed formal 1 May deadline for revocations will not be introduced, following industry concerns about practicality.
• Effective date: All revised fees take effect from 1 July 2021, as set out in the finalised Fees Notices in Appendices B to F.

Firms are notified via myJFSC when an invoice is ready for payment, and payment is due within 30 days of the invoice date; late payment attracts a 5% surcharge on the unpaid amount, applied on the day after the due date and on the first day of each subsequent month.

Key obligations

• Pay the increased annual fees (up 2.0%) applicable to AIF, AIFSB, CIF, CoBO, FSB and QSMA registrations/permits from 1 July 2021.
• Pay a £400 alteration fee when applying to add, amend or remove licence conditions or licence classes.
• Pay invoiced fees within 30 days of the invoice date; late payments incur a 5% surcharge on the unpaid principal, applied the day after the due date and on the first day of each subsequent month.
• Permit holders must pay the annual CIF fee (based on pools of assets held on 1 July) by the due date of 31 July each year.
• QSMA operators must pay the initial or subsequent charging period fee, with subsequent-period fees due by 31 July each year.

Applies to

Fund services business registrants, Alternative Investment Fund (AIF) registrants, AIF Services Business (AIFSB) registrants, Collective Investment Fund (CIF) permit holders and certificate holders, Jersey Private Funds (JPF), Control of Borrowing (CoBO) consent holders, Qualifying Segregated Managed Account (QSMA) operators, Registered persons under the Financial Services (Jersey) Law 1998

Deadlines

• 1 July 2021: Revised fees (2.0% increase and new £400 alteration fee) become effective; Fees Notices for the period 1 July 2021 to 30 June 2022 apply.
• 30 days from the date of the invoice: Due date for payment of fees invoiced via myJFSC.
• 31 July each year: Due date for the annual CIF permit holder fee and subsequent QSMA charging period fee.
• 21 June 2021: Closing date of the consultation period on the fee proposals (informational, already passed).