Feedback on Limited Partnership Continuance Fees (Consultation Paper No. 5 2020)

Summary

This is a feedback paper published by the JFSC summarising responses to Consultation Paper No. 5 2020 on fees for continuance of a foreign limited partnership into Jersey under the Limited Partnerships (Continuance) (Jersey) Regulations 2020. It confirms the JFSC is adopting the fee rate originally consulted on and sets out the final Fees Notice as Appendix A.

• Fee confirmed: An application fee of £605 applies to accompany an application for an eligible foreign limited partnership to continue as a limited partnership in Jersey under the Regulations.
• Effective date: The fee is effective from 17 July 2020, matching the commencement of the Limited Partnerships (Continuance) (Jersey) Regulations 2020.
• Consultation outcome: Respondents, including the JFA Legal and Technical Committee, raised no substantive objection to the proposed fee; one respondent flagged concerns about market entry barriers and the short consultation timeframe, but the JFSC proceeded with the fee as proposed.
• Consultation process note: The consultation ran for one week (rather than the statutory 28 days) with agreement of the Jersey Funds Association and Jersey Finance Limited, to align with the States of Jersey's debate of the Regulations on 16 July 2020.

The document is primarily informational, reporting consultation feedback and confirming the finalised fee, but the attached Fees Notice in Appendix A creates the operative fee obligation for applicants.

Key obligations

• An eligible foreign limited partnership applying to continue as a limited partnership in Jersey under the Limited Partnerships (Continuance) (Jersey) Regulations 2020 must pay an application fee of £605 to the JFSC.

Applies to

foreign limited partnerships seeking continuance in Jersey, limited partnerships, trust company business/funds service business

Deadlines

• 17 July 2020: Effective date from which the £605 continuance application fee applies.