Fees for persons licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 with effect from 1 January 2023
Full details of the revised fees payable under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (and other legislation administered by the Commission) appear in The Financial Services Commission (Fees) Regulations, 2022, but for ease of reference a summary is shown in the table below.
Regulatory Fees with effect from 1 January 2023
Open-ended Collective Investment Schemes
| Annual Fees | |
|---|---|
| Scheme | £3,780 |
| Per additional class | £265 |
| Application Fees | |
|---|---|
| Scheme | £3,780 |
| Fast track (additional application fee £500) | £4,280 |
| New class of umbrella/multi class scheme | £855 |
Closed-ended Collective Investment Schemes
| Closed-ended Collective Investment Schemes | |
|---|---|
| Annual fee | £3,780 |
| Application fee | £3,780 |
| Fast track (additional application fee £500) | £4,280 |
| Additional Fee for Additional Elements to Fast Track Funds | £500 above normal fee |
"De-QIFing" (QIF = Qualified Investor Fund)
| "De-QIFing" (QIF = Qualified Investor Fund) | |
|---|---|
| Application fee | £3,055 |
"De-PIFing" (PIF = Private Investment Fund)
| "De-PIFing" (PIF = Private Investment Fund) | |
|---|---|
| Application fee | £3,055 |
Licensees
| Annual Fees | |
|---|---|
| Designated Persons; | See Below |
| Brokers; and | See Below |
| Licensees with an authorised financial advisor (excluding bank licensees) | See Below |
|
Turnover band (annual): Under £1,500,000 £1,500,000 to £2,999,999.99 £3,000,000 to £5,999,999.99 £6,000,000 to £11,999,999.99 £12,000,000 and above |
£3,940 £6,210 £8,370 £10,800 £13,500 |
| Principal Manager of authorised or registered open-ended collective investment schemes | £1,970 |
| Manager of authorised or registered closed-ended collective investment schemes | £1,970 |
| Manager of overseas collective investment schemes | £3,940 |
| Other Licensees | £3,940 |
| Persons licensed to carry on the restricted activity of operating an investment exchange | £77,290 |
| Application Fee | |
|---|---|
| Licensees | £2,755 |
Change of Controller Fee
| Change of Controller Fee | |
|---|---|
| Application fee | £2,370 |
Extension of Licence
| Extension of Licence | |
|---|---|
| Application fee | £1,345 |
Form EX Notification
| Form EX Notification | |
|---|---|
| Annual Fee | £660 |
| Application Fee | £1,310 |
Amalgamation of a company or migration out of a company
The following fees are payable under The Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) (Amendment) Regulations, 2022:
| The Amalgamation and Migration of Companies | |
|---|---|
|
An application for the Commission's consent for the amalgamation of two or more bodies corporate pursuant to the provisions of the Companies (Guernsey) Law, 2008 |
£2,635 |
| An application to the Commission for the consent of the Commission for the removal of a supervised company from the Register of Companies for the purposes of becoming registered as a company under the law of a district, territory or place outside Guernsey in accordance with the provisions of the Companies (Guernsey) Law, 2008 | £2,635 |
Migration out of a Limited Partnership
The following fees are payable under The Limited Partnerships (Fees) (Amendment) Regulations, 2022.
| Migration out of a Limited Partnership | |
|---|---|
| An application to the Commission for the consent of the Commission for the removal of a supervised limited partnership from the Register of Limited Partnerships for the purposes of becoming registered as a limited partnership under the Law of a district, territory or place outside Guernsey in accordance with the provisions of the Limited Partnerships (Guernsey) (Migration) Regulations, 2020. | £2,450 |
Incorporation consent for an unregulated PCC / ICC
The following fee is payable where a request is made under The Companies (Guernsey) Law, 2008 for consent to incorporate a PCC or ICC structure that will not be regulated and / or does not form part of a licence application.
| An application to the Commission for consent to incorporate a PCC / ICC that will not become a regulated entity. | £500 |
Registration of a Non-Application Prospectus
The following fee is payable where a prospectus is being registered under The Prospectus Rules and Guidance, 2021 for a prospectus that is not connected to a registered fund application.
| Registration of a prospectus for a fund or offering not connected to a wider application for fund registration. | £500 |
Administrative Financial Penalties
LATE FILING PENALTIES
Where a licensee files a relevant document (such as its annual return and accounts) after its specified deadline date, a late filing penalty may apply. This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Filing Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
The Commission may grant deadline extensions under extenuating circumstances. Where the Commission has done this that date will be taken as the revised deadline date for the purposes of calculating any late filing penalty.
LATE PAYMENT PENALTIES
Where a licensee pays its annual fee subsequent to its due date, a penalty may apply. For the annual fee levied each calendar year, the due date is 31 January. For pro-rated annual fees, this would be 30 days after the fee became payable. In both cases, the due date will be included on the invoice.
This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Payment Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
INACCURATE FILING PENALTIES
As consulted on in 2022, where a licensee has submitted a relevant document that is materially inaccurate a penalty will be calculated as per the table below.
|
Inaccurate Filing Penalty |
Error Identified by Firm | Error Identified by the Commission |
|---|---|---|
| On identification of the error and return of the submission for correction by the firm | £125 | £500 |
| Each subsequent month taken to correct the error | £125 | £500 |
Inaccurate filing penalties only apply to data within returns considered necessary for the Commission to carry out its statutory functions (such as data around capital or liquidity requirements, or attestation around whether a firm has received an emphasis of matter or qualified audit opinion).
To ensure the regime is proportionate, inaccurate filing penalties only apply where the Commission has determined the error to be material. This will be considered on a case-by-case basis, which looks to ensure such penalties are not issued for small discrepancies, single errors, or where guidance is unclear.
In considering whether an error was materially inaccurate, the Commission will consider:
- the quantum of the error and its implications for the licensee’s compliance with the minimum criteria for licensing,
- the length of time taken to detect the error and correct it on the part of the licensee, and
- the frequency with which a licensee submits incorrect information in returns.