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Limited Partnerships (Annual Additional Charging) (Jersey) Regulations: Lodging

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A decision made 28 September 2012:

Decision Reference:  MD-E-2012-0114

Decision Summary Title :

Separate Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

Incorporated Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-. 

Date of Decision Summary:

18 September 2012

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Separate Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

Incorporated Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-. 

Date of Written Report:

18 September 2012

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

 

Subject: Approval of the draft Annual Additional Charge Regulations pursuant to the Incorporated Limited Partnerships (Jersey) Law 2011, Separate Limited Partnerships (Jersey) Law 2011 and Limited Partnerships (Jersey) Law 1994.

Decision(s):

The Minister for Economic Development approved the following draft Regulations and reports for lodging:

 

i)    Incorporated Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-. 

ii)   Separate Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

iii)  Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 201-;

 

The Minister further directed that the documents be lodged au Greffe for debate by the States at the earliest opportunity.

Reason(s) for Decision:

 

Article 26 of the Incorporated Limited Partnerships (Jersey) Law 2011, Article 33 of the Separate Limited Partnerships (Jersey) Law 2011 and Article 30A of the Limited Partnerships (Jersey) Law 1994 each respectively permit the States (through Regulation) to require limited partnerships established under these three laws to pay an ‘annual additional amount’, being a charge additional to the annual administration fee (currently £35) published by the Jersey Financial Services Commission.

 

In October 2011, the Jersey Financial Services Commission consulted on the level of annual fees payable by the three different types of limited partnership (Consultation No 5 2011).  The level of the annual additional amount being proposed across these draft Regulations (namely, £115) is in line with the amounts outlined in that consultation, provide for parity with similar fees paid by Jersey companies and foundations, and is lower than the comparator fees payable in many of Jersey’s competitor jurisdictions.

 

Resource Implications:

There are no manpower implications. The financial implications of these Regulations will be to raise an additional £115 per ILP/SLP/LP as revenue to the Treasurer of the States.

 

Action required:

 

The documents to be lodged au Greffe for debate by the States at the earliest opportunity.

 

Signature:

 

 

Position:

 

Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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