Collective
Investment Funds (Amendment and Validation) (Jersey) Law 2012
A LAW to amend the Collective
Investment Funds (Jersey) Law 1988 with regard to the publication of fees
and to validate fees paid between the period beginning with 4th April 2008 and
ending with and including 17th February 2012.
Adopted by the
States 29th May 2012
Sanctioned by
Order of Her Majesty in Council 17th October 2012
Registered by the
Royal Court 26th
October 2012
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have
adopted the following Law –
1 Interpretation
In this Law –
“1988 Law” means the
Collective Investment Funds (Jersey) Law 1988[1];
“1998 Law” means the
Financial Services Commission (Jersey) Law 1998[2];
“certificate”,
“certificate holder” and
“prescribed” shall be construed
in accordance with Article 1 of the 1988 Law;
“Commission” means
the Jersey Financial Services Commission established by the 1998 Law; and
“relevant period”
means the period beginning with 4th April 2008 and ending with and
including 17th February 2012.
2 The
Collective Investment Funds (Jersey) Law 1988 amended
(1) The
1988 Law is amended in accordance with paragraphs (2) to (4).
(2) In Article 7(7)(h),
for the words “any fee prescribed under paragraph (12)” there
are substituted the words “any fee published in accordance with paragraph (12)”.
(3) In Article 8A(2),
for sub-paragraph (e) there is substituted the following
sub-paragraph –
“(e) be accompanied by such fee as
may be published by the Commission in accordance with Article 15 of the
Financial Services Commission (Jersey) Law 1998[3].”.
(4) In
Article 8B –
(a) in paragraph (10),
for sub-paragraph (f) there is substituted the following
sub-paragraph –
“(f) if the certificate holder
fails to pay any fee published in accordance with paragraph (13).”;
and
(b) for
paragraph (13) there is substituted the following paragraph –
“(13) The Commission may, in accordance with
Article 15 of the Financial Services Commission (Jersey) Law 1998[4], publish fees that shall be
payable by the holders of certificates at such intervals and upon the
occurrence of such events as the Commission may determine.”.
3 Initial
publication of fees
(1) The
Commission must publish fees for the purposes of Article 8A(2)(e) and
8B(13) of the 1988 Law before the commencement of Article 2 as if that
Article had come into force.
(2) The
fees so published –
(a) shall
be the same as those prescribed in the Fees Order; and
(b) shall
have effect when Article 2 comes into force.
(3) On
the coming into force of Article 2 the fees published under this Article
shall be taken to have been published in accordance with Article 15 of the
1998 Law (notwithstanding that the requirements of that Article have not been
met).
(4) In
this Article –
“published” in respect of
fees published under this Article, means published in a manner likely to bring
them to the attention of those affected by the fees; and
“Fees Order” is a reference to an Order made under Article 8A(2)(e), 8B(13)
and 20 of the 1988 Law, which is in force on the date that this Article comes
into force.
4 Validation
(1) The
Fees Order shall be taken to have been in force throughout the relevant period.
(2) Subject
to paragraph (3), where during the relevant period –
(a) an
applicant for a certificate; or
(b) a
certificate holder,
has paid a fee in accordance with a scale of fees published by the
Commission, but which was not prescribed in accordance with Article 8A(2)(e)
or 8B(13) of the 1988 Law, those fees shall be taken to have been paid in
accordance with the Fees Order.
(3) If,
during the relevant period, an applicant for a certificate or a certificate
holder paid a fee that is less than would be required under the Fees Order, the
applicant or certificate holder shall be taken to have paid the full amount
required by the Fees Order.
(4) Notwithstanding
paragraph (1), a person shall not be guilty of an offence against Article 16(6)
of the 1988 Law by reason of having failed to pay a fee prescribed in the Fees
Order and due from the person during the relevant period.
(5) In
this Article “Fees Order” means the Collective Investment Funds
(Certified Funds – Fees) (Jersey) Order 2012[5] as it was made by the
Minister for Economic Development on 17th February 2012.
(6) Nothing
in this Article shall be taken to derogate from the power to prescribe a fee
under Article 8A(2)(e) or 8B(13) of the 1988 Law after 17th February 2012
and before Article 2 of this Law comes into force.
5 Citation
(1) This
Law may be cited as the Collective Investment Funds (Amendment and Validation)
(Jersey) Law 2012.
(2) Articles
1, 3, 4 and this Article shall come into force on the day after the date of
registration of this Law.
(3) Article 2
shall come into force 28 days following the date of registration of this
Law.
m.n. de la haye
Greffier of the States