Jersey Regulator To Hike Fees By Seven Percent
by Jason Gorringe, Lowtax.net, London
14 June, 2016
Jersey's financial services regulator, the Jersey Financial Services Commission, will proceed with a proposed seven percent increase to fee tariffs for Alternative Investment Funds, Alternative Investment Fund Managers, certified fund certificate holders, recognized fund permit holders, CoBO funds, and registered persons.
The decision follows positive feedback on the Commission's fee increase proposal in its April Consultation Paper, including from the Jersey Funds Association.
The respondents said the proposed increases to the fees cap and tariffs would place Jersey within a range of comparable jurisdictions, being no more or less expensive.
As stated in the consultation paper, 2016 annual fees must be paid by bank transfer, and these payments, to be assessed on July 1, can only be paid by firms who have established a myJFSC account. Payment is due by July 31, with a late-payment penalty applying from August 31.
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