QSMA Annual Fee Return Form

Summary

This is the QSMA Annual Fee Return form, used by operators relying on the exemption in Article 3(1) of the Financial Services (Investment Business (Qualifying Segregated Managed Accounts - Exemption)) (Jersey) Order 2014 (the QSMA Order). It is completed annually to declare the number of Qualifying Segregated Managed Accounts (QSMAs) an operator relies on the exemption for and to calculate and pay the associated Annual Fee.

• Who completes it: An FSB-licensed person (Manager, Trustee, Investment Manager, or Member of a Partnership) acting as Operator and relying on the QSMA Order exemption.
• Fee trigger: Payable on 1 July immediately following expiration of the Initial Charging Period, and on 1 July every subsequent year, based on the number of Relevant QSMAs as at 1 July.
• Fee calculation: Computed using the table in the Schedule to the QSMA Fees Notice published on the Commission's website, based on the number of Relevant QSMAs as at 1 July.
• Payment: The Annual Fee must be settled by electronic transfer by 31 July in the relevant year, following receipt of an invoice issued after form submission.
• Declaration: The Operator must declare the information provided is complete, true and accurate; knowingly or recklessly providing false or misleading information is an offence under Article 28 of the Financial Services (Jersey) Law 1998.
• Additional notifications: The Operator must notify the Commission in writing if it retains a Class B investment business licence while relying on the QSMA Order, or if it permanently ceases to rely on the QSMA Order and why.

The form also collects personal and operator information subject to the Data Protection (Jersey) Law 2018, and includes a section for the Commission's internal use recording fee receipt.

Key obligations

• Operators relying on the QSMA Order exemption must submit the QSMA Annual Fee Return declaring the number of Relevant QSMAs as at 1 July each year.
• Operators must pay the calculated Annual Fee by electronic transfer by 31 July in the relevant year.
• Operators must notify the Commission in writing if they retain a Class B investment business licence while relying on the QSMA Order.
• Operators must notify the Commission in writing if they permanently cease to rely on the QSMA Order, stating the reason.
• Signatories must declare that the information provided is complete, true and accurate, and are subject to offence provisions under Article 28 of the Financial Services (Jersey) Law 1998 for false or misleading information.

Applies to

FSB-licensed persons, Managers, Trustees, Investment Managers, Members of a Partnership (except a Limited Partner), Operators relying on the QSMA Order

Deadlines

• 1 July: Date as at which the number of Relevant QSMAs is determined for calculating the Annual Fee, and the date the fee becomes payable following the Initial Charging Period and each subsequent year
• 31 July: Deadline by which the Annual Fee must be settled by electronic transfer in the relevant year