Domicile watch: June 2022

UK

FCA publishes regulated fees and levies for 2022/23
The FCA has published a policy statement with regards to fees and levies for 2022/23, following a consultation paper which was published in April.

The 80-page document features a complete breakdown of the following

- FCA periodic fees for authorised firms
- FCA periodic fees for other bodies
- FCA application fees
- Applying financial penalties

Other sections include: Financial Ombudsman Service general levy, money and pensions service levies, devolved authorities levy as well as illegal money lending levy.

To view the document, including all relevant breakdowns of fees and levies, click here. 
To view the consultation paper which was published back in April, click here. 

Jersey

JFSC makes further update to AML/CFT handbook
Jersey Financial Services Commission (JFSC) has made a further update to its AML/CFT handbook, reflecting recent amendments to the Proceeds of Crime (Jersey) Law 1999.

Background
The Proceeds of Crime (Amendment No.7) (Jersey) Law 2022 came into force on 24 June. The amendment creates a new offence of failure to prevent money laundering. It also makes further provisions for where offences are committed by limited liability partnerships, separate limited partnerships, incorporated limited partnerships and other corporate bodies.

Handbook changes
JFSC has amended sections 1, 6, 8, 13 and 16.

The regulator stated these changes are purely administrative in nature and do not add to or amend any AML/CFT codes of practice.

JFSC extends deadline for 2022 JPF annual compliance returns
JFSC has extended the deadlines for the 2022 Jersey Private Funds (JPF) annual compliance returns.

This is due to the process bring migrated to the regulator’s new myJFSC platform, which takes place on 1 August 2022.

As such, the submission deadline for the returns document has been extended from 31 July to 31 August 2022. The reporting period up to 30 June remains the same.

The payment date for the JPF annual fee also remains on 1 July.

For further guidance on completing the JPF annual compliance returns, click here. 

Ireland

Ireland reaches €4trn
Ireland reached €4trn of assets domiciled in the jurisdiction for the first time at the end of 2021, according to data collected by Irish Funds.

The figure represents a 22.5% year-on-year growth.

According to Irish Funds, Ireland is home to 6% of global investment fund assets and almost 19% of European fund assets.

By March 2022, the total number of Irish domiciled funds, including sub-funds, reached 8,450.

“The funds and asset management industry in Ireland has proven its resilience throughout the pandemic and is making a tangible and increasing contribution to the economy at all levels - locally, regionally and nationally,” commented Pat Lardner, CEO of Irish Funds.