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Collective Investment Funds (Certified Funds - Fees) (No. 2) (Jersey) Order 2012

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A decision made 25 June 2012:

Decision Reference: MD-E-2012-0073

Decision Summary Title:

Draft Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-

Date of Decision Summary:

22 Jun 2012

Decision Summary Author:

 

Deputy Director, Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-            

Date of Written Report:

22 Jun 2010

Written Report Author:

Deputy Director, Finance Industry Development

Written Report :

Public or Exempt?

 

Public

Subject:

Approval of the Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-drawn pursuant to Articles 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988.

 

Decision(s): The Minister approved and made the Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 2012 (the “Fees Order”) pursuant to Articles 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988.

 

Reason(s) for Decision:

Article 8 of the Collective Investment Funds (Jersey) Law 1988 contains a requirement which prevents certain persons from carrying on the business of an unclassified collective investment fund unless that person has been granted a certificate in relation to the fund.

Article 8A(2)(e) of the Collective Investment Funds (Jersey) Law 1988 requires that an application for a certificate is to be accompanied by the ‘prescribed fee’.

Article 8B(13) of the Collective Investment Funds (Jersey) Law 1988 allows for the prescription of fees to be paid by certificate holders at prescribed intervals and on the occurrence of prescribed events.

Article 1 of Collective Investment Funds (Jersey) Law 1988 confirms that ‘prescribed’ means prescribed by an Order made by the Minister for Economic Development on the recommendation of the Jersey Financial Services Commission.

The Jersey Financial Services Commission has recommended that the Minister for Economic Development prescribe the fees as set out in the Fees Order.

Following a period of public consultation and agreement with the body representing the interests of those liable to pay the fees prescribed by the Fees Order, the Fees Order alters, and adds to, fees prescribed by the Collective Investment Funds (Certified Funds – Fees) (Jersey) Order 2012, which will be revoked when the Fees Order comes into force.

 

Resource Implications:

 

There are no financial or manpower resources for the States of Jersey arising from this decision.

 

The decision to make the Fees Order will result in those applying for a certificate and who are holders of certificates being liable for new and increased fees payable to the Jersey Financial Services Commission in line with the public consultation and the agreement reached with the body representing the interests of those liable for such fees.

 

Action required:

 

The Minister to sign, date and seal the Fees Order and the Fees Order to be returned to the States Greffe without delay, with the Greffier of the States to be requested to arrange for the Order to be notified to the States.

 

Signature:

 

 

 

Senator AJH Maclean

Position:

 

Minister for Economic Development

 

 

Date Signed:               

 

 

Date of Decision:                  

 

 

Hide report
Collective Investment Funds (Certified Funds - Fees) (No. 2) (Jersey) Order 201-

Report for Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-

 

 

MINISTER FOR ECONOMIC DEVELOPMENT

 

Report for

 

COLLECTIVE INVESTMENT FUNDS (CERTIFIED FUNDS – FEES) (No. 2) (JERSEY) ORDER 201-;

 

  1. THE ISSUE AND RECOMMENDATION
    1.     The Decision Summary concerns the making of the draft Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 2012 (the “Fees Order”).
    2.     The Fees Order prescribes fees under the Collective Investment Funds (Jersey) Law 1988 (the “CIF Law”).  It will impose new fees upon the occurrence of specified events and will otherwise replace those already prescribed by the Collective Investment Funds (Certified Funds – Fees) (Jersey) Order 2012.
    3.     It is recommended that the Minister for Economic Development signs the Decision Summary, approves and makes the Fees Order and lodges the documentation au Greffe at the earliest possible opportunity.
  2. BACKGROUND AND SUMMARY
    1.     Article 8 of the CIF Law contains a requirement which prevents certain persons from carrying on the business of an unclassified collective investment fund unless that person has been granted a certificate in relation to the fund.
    2.     Article 8A(2)(e) of the CIF Law requires that an application for a certificate is to be accompanied by the ‘prescribed fee’.
    3.     Article 8B(13) of the CIF Law allows for the prescription of fees to be paid by certificate holders at prescribed intervals and on the occurrence of prescribed events.
    4.     Article 1 of the CIF Law confirms that ‘prescribed’ means prescribed by an Order made by the Minister for Economic Development on the recommendation of the Jersey Financial Services Commission.
    5.     The Jersey Financial Services Commission (the “Commission”) has recommended that the Minister for Economic Development prescribe the fees as set out in the Fees Order.
    6.     Under the Fees Order, fees will become payable:
      1.      with an application for the grant of a certificate in relation to an unclassified fund;
      2.      upon the grant of a certificate;
      3.      annually, whilst the certificate is in force;
      4.      upon an application for certain variations to the certificate; and
      5.      upon an increase of the number of fund service providers in relation to a fund.
    7.     The fees prescribed by the Fees Order will replace all those that are currently payable under the Collective Investment Funds (Certified Funds – Fees) (Jersey) Order 2012.  New fees are also introduced such as the fee payable upon the increase in the number of fund service providers in relation to a fund.
    8.     The new and replacements fees were the subject of public consultation.  The Commission’s Consultation Paper No. 1/2012 was issued on 1 February 2012 and a feedback paper published in May 2012.  Agreement was reached on the proposed fees and the proposed fee levels between the Commission and the Jersey Funds Association (the body representing the interests of those liable to pay the fees prescribed by the Fees Order).
    9.     In light of the above and in satisfaction of the requirement under Article 1 of the CIF Law, the Commission recommends that the Minister make the Fees Order.
    10. The Fees Order will come into force on 1 July 2012, on which date the existing Collective Investment Funds (Certified Funds – Fees) (Jersey) Order 2012 will be revoked.
  3. RESOURCE IMPLICATIONS
    1.     There are no financial or manpower resources for the States of Jersey arising from this decision.
    2.     The decision to make the Fees Order will result in those applying for a certificate and who are holders of certificates being liable for new and increased fees payable to the Commission in line with the public consultation and agreement reached with the body representing the interests of those liable for such fees.
  4. RECOMMENDATION
    1.     It is recommended that the Minister signs, dates and seals the Fees Order and that it then be returned to the States Greffe without delay.
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