Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 2012 Amendment: Law drafting instructions

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A decision made on 27 August 2020

MINISTERIAL DECISION REFERENCE: MD-ER-2020-0030
DECISION SUMMARY TITLE: Law drafting request for amendments to the Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 2012
DECISION SUMMARY AUTHOR:	Lead Policy Advisor, Financial Services	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Amendment to the Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 2012
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)	Lead Policy Advisor, Financial Services	IS THE REPORT PUBLIC OR EXEMPT		Public
DECISION AND REASON FOR THE DECISION: The Minister for External Relations approved the report and authorised the Financial Services and Digital Economy Department to instruct the principal legislative drafter to draft amendments to the Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 2012, to increase the additional annual amount payable to £145 to reflect the increase in amount in respect of other entities under the draft Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 202-.
RESOURCE IMPLICATIONS: Law drafting time will be required. There are no additional resource implications for the Government of Jersey.
ACTION REQUIRED: That law drafting instructions be submitted by the Financial Services and Digital Economy Department.
SIGNATURE: SENATOR IAN GORST			POSITION: MINISTER FOR EXTERNAL RELATIONS

DATE SIGNED			EFFECTIVE IMMEDIATELY

Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 2012 Amendment: Law drafting instructions

Report to MD: Amendment to the Limited Partnership (Annual Additional Charge) (Jersey) Regulations 2012

Introduction

The annual additional fee payable by the Jersey Financial Services Commission (“Commission”) to the Treasury in respect of all entities, including limited partnerships, has not increased in some time, despite significant increases to the annual return fees and annual administration fees.

Under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202- (the “Disclosure Law”), entities transition to an annual confirmation statement in place of an annual return or annual administration fee. Draft Regulations made under the Disclosure Law increase the annual additional fee payable by entities from £115 to £145. It is intended that the same change be made in relation to limited partnerships to align fees across the board.

Background

The Limited Partnership (Jersey) Law 1994 (the “LP Law”) permits the Commission to require the payment of an annual administration fee and an additional amount which shall be payable by the Commission to the Treasury.

The amount prescribed in Regulations and the additional amount payable to the Treasury is £115. This amount has not increased, notwithstanding that the Commission has increased annual return fees and annual administration fees over recent periods.

Discussions have taken place between the Commission and the Government of Jersey where it was agreed that the amount payable to the Treasury would increase by £30. Legislative changes are required to reflect that agreement.

The Disclosure Law was adopted by the States in July 2020, which permits an additional annual fee in respect of annual confirmation statements. The annual confirmation replaces the annual return and requires companies, foundations, limited liability partnerships, separate limited partnerships and incorporated limited partnerships to confirm information as being accurate at a certain point. A fee is also payable in this respect, and an annual additional charge is payable to the Treasury. The annual additional fee is specified in draft Regulations as £145.

In order to align the position on fees and to reflect the agreement between the Government of Jersey and the Commission, it is intended that the annual additional charge in respect of limited partnerships shall also increase by £30 to £145.

Law drafting instructions

It is recommended that the Minister for External Relations approves the submission of law drafting instructions to amend the Limited Partnership (Annual Additional Charge) (Jersey) Regulations 2012.

Reason

The amendment will bring the charges in relation to limited partnerships in line with all other entities.

Resource implications

There are no resource implications for the Government of Jersey as a result of this decision, save that law drafting time will be required. It is anticipated that law drafting time will be minimal as the amendments required are to change the figure in the Limited Partnership (Annual Additional Charge) (Jersey) Regulations 2012 from £115 to £145.