Jersey's Financial Services Commission has launched a consultation on proposals to increase the fees paid by Collective Investment Funds and Fund Services Businesses.
In order to support the sector, application and annual fees for Collective Investment Funds have not been increased since 2002. The Commission said that while the proposed increases are significant, where possible they have been kept in line with - or below - the cumulative annual increase in Jersey's Retail Price Index since 2002.
The Commission said the fees are required to partly fund the existing operational needs for the sector, which have been running at a significant annual deficit, and which is presently being covered by the Commission's reserves. The increase, the Commission said, also reflects the identified need for additional policy resources for Jersey to continue to align its regulations with international standards and emerging European Union requirements.
.Tags: tax | offshore | investment | legislation | investment funds | hedge funds | international financial centres (IFC) | Jersey | fees | regulation | legislation amendments | Jersey
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