CIF Fees Notice 2024

Summary

This JFSC notice sets the fees payable under the Collective Investment Funds (Jersey) Law 1988 for recognised funds and certified funds. It was effective for the period 1 July 2024 to 31 December 2024 and has since been superseded by a later fees notice. It applies to permit holders, certificate holders and applicants for functionary permits or fund certificates, and sets out application fees, annual fees, fees for adding pools of assets or fund service providers, and late payment/late filing penalties.

• Functionary permit application: £3,646 fee to accompany an application for a permit to be a functionary of a collective investment fund.
• First permit fee: Fee per Schedule 1 (based on number of pools of assets), due one month after the date of the permit; pro-rated at 1/6 per complete month if granted other than on 1 July.
• Annual permit fee: Permit holders pay an annual fee per Schedule 1 based on pools of assets held on 1 July each year.
• New pool of assets fee: £1,638 per new pool of assets added, payable at time of application.
• Cell conversion fee: £4,282 where a permit holder company applies to become a cell company, incorporated cell company, protected cell company or cell (in lieu of fees under paragraphs 4.1 or 6.1).
• Certificate application fee: £3,646 plus £3,646 per fund service provider, with reduced fees for joint or subsequent applicants under paragraphs 9.2 and 9.3.
• Grant of certificate fee: Fee per Schedule 2 based on pools of assets, payable no later than one month after the certificate is issued.
• Annual certificate fee: Payable by certificate holders as at 1 July, due no later than 31 July, capped at £74,987, based on Schedule 2.
• Certificate alteration fees: £1,638 per pool of assets added; £4,282 for conversion to cell structure; £530 for name changes, removal of a pool, or condition changes.
• Increase in fund service providers: £3,646 per additional fund service provider, payable when the increase occurs; joint and several liability where multiple certificate holders exist.
• Late payment fee: 5% of unpaid principal applied the day after the annual fee due date (31 July) and on the first day of each subsequent month.
• Late filing fee: £100 payable the day after a required document falls due, plus £100 on the first day of each subsequent month it remains unfiled, unless the JFSC agrees in writing to a later filing date.

Because this notice's fee period (1 July to 31 December 2024) has ended and it is marked superseded, readers should confirm current fees against the JFSC's latest CIF fees notice rather than relying on the amounts here for ongoing compliance.

Key obligations

• A permit holder must pay the fee due on the grant of a first permit within one month of the date of the permit.
• A permit holder must pay the annual fee (per Schedule 1) based on pools of assets held as at 1 July each year.
• A permit holder must pay £1,638 at the time of application for each new pool of assets added.
• A certificate holder must pay the fee for grant of a certificate no later than one month after the certificate is issued.
• A certificate holder must pay the annual fee (capped at £74,987) no later than 31 July each year.
• A certificate holder must pay £1,638 per pool of assets added on alteration of a certificate, or £4,282 for conversion to a cell structure, at the time of application.
• A certificate holder must pay £3,646 for each additional fund service provider at the time the increase occurs.
• Permit holders and certificate holders who fail to pay the annual fee by 31 July incur a 5% late payment fee, reapplied monthly until paid.
• Permit holders and certificate holders who fail to file or deliver required documents by their due date incur a £100 late filing fee, plus £100 for each subsequent month of continued non-filing, unless the JFSC agrees in writing to a later date.

Applies to

permit holders (recognised funds), certificate holders (certified funds), fund service providers, applicants for functionary permits, applicants for fund certificates, collective investment funds, cell companies, incorporated cell companies, protected cell companies

Deadlines

• 1 July 2024 to 31 December 2024: Period for which the fees set out in this notice are effective.
• one month after the date of the permit: Deadline to pay the fee due on the grant of a first permit.
• no later than one month after the day the certificate is issued: Deadline to pay the fee for grant of a certificate.
• 31 July: Deadline for certificate holders to pay the annual fee due as at 1 July.
• 1 July each year: Date on which pools of assets are counted for calculating the annual fee for permit holders and certificate holders.

Related documents

• CIF Fees Notice 2025 replaces this document