Investment Business Fees Notice 2024

Summary

This notice sets out the fees payable by persons registered, or applying to be registered, to carry on investment business in Jersey under the Financial Services (Jersey) Law 1998. It covers application fees, annual fees, change of control fees, alteration fees, and late payment or late filing fees, and was effective for the period 1 May 2024 to 31 December 2024. It has since been superseded by a later fees notice.

• Application fee: Payable when applying for registration to carry on investment business, at the rate set out in the Schedule for the relevant class (A, B, C, D or E).
• Annual fee: Payable by any person registered to carry on investment business at any point during 1 May to 31 December 2024, calculated using base amounts plus per employee or per fund charges depending on class; the JFSC may remit fees for members of an associated group where another member has already paid a like fee.
• Change of control fee: Payable when a registered person becomes, ceases to be, or merges with another registered person, or when a shareholder controller's interest reaches or exceeds 20%, 33% or 50% (pro rated to the proportion acquired); an additional £1,304 applies for firms subject to heightened supervision or enforcement.
• Alteration fee: A £519 fee applies for a change of name, addition/alteration/removal of a licence condition, or removal of a licence class, unless a change of control fee is also payable for the same event.
• Late payment/late submission fees: Investment employee data was due by 15 June 2024; annual fee payment is due 30 days from invoice date (or on grant of application for new registrants); late payment triggers a 5% surcharge on unpaid principal, and late supply of employee data triggers a £200 administration fee, both recurring periodically until resolved.
• Late filing fee: A £100 fee applies for each complete month or part thereof that a required document remains unfiled, unless the JFSC has agreed in writing to a later filing date.

Detailed fee amounts by class of investment business (A/B/C, D, and E) are set out in the Schedule, distinguishing application fees from annual fees calculated per employee or per fund.

Key obligations

• Registered persons must pay the application fee specified in the Schedule when applying for registration to carry on investment business.
• A person registered to carry on investment business at any point from 1 May 2024 to 31 December 2024 must pay the annual fee calculated per the Schedule.
• Registered persons must pay a change of control fee when becoming, ceasing to be, or merging with another registered person, or when a shareholder controller's stake reaches or exceeds 20%, 33% or 50%.
• Registered persons subject to heightened supervision or enforcement must pay an additional £1,304 fee under the change of control provisions.
• Registered persons applying for an alteration (name change, licence condition change, or removal of a licence class) must pay a £519 alteration fee unless a change of control fee already applies.
• Registered persons must provide investment employee data to the JFSC by 15 June 2024.
• Registered persons must pay the annual fee within 30 days of the invoice date (or by the date an application is granted for new registrants), or incur a 5% late payment surcharge that recurs monthly.
• Registered persons that fail to supply required fee-calculation information by the due date incur a £200 administration fee, recurring on the 15th of each month while outstanding.
• Registered persons that fail to file or deliver a required document by its due date are liable for a £100 fee per complete month or part thereof the document remains outstanding, unless the JFSC has agreed in writing to a later date.

Applies to

persons registered to carry on investment business, applicants for registration to carry on investment business, registered persons in Class A, B, C, D or E investment business categories

Deadlines

• 1 May 2024 - 31 December 2024: Period for which the fees set out in this notice are effective
• 15 June 2024: Due date for provision of investment employee data to the JFSC
• 30 days from the invoice date: Due date for payment of the annual fee for firms already registered on 1 May 2024 (otherwise the date an application is granted)

Related documents

• Investment Business Fees Notice 2025 replaces this document