Thursday November 3 2016

News Source: Global Disclosures

Focus: Major Shareholdings

Type: General

Country: Jersey




The Government of Jersey has released a policy document detailing an enhanced policy on Beneficial Ownership and a Register of Directors.

Further to a public consultation earlier in 2016, the policy document details the further development of a domestic policy to ensure that Jersey continues to fulfil its obligation as a responsible international finance centre.

The policy, which is predominantly relevant to trust and company service providers (TCSPs) who administer Jersey corporate and legal entities, will require the TCSP to update the central registry within 21 days of knowledge of a change of beneficial ownership of a corporate that they administer.

Additionally, the Government will be creating a central register of directors of Jersey companies, with information being exchanged with law enforcement and tax authorities on request, on the same basis that beneficial ownership information is exchanged.

The Government also notes the importance of technology in enabling TCSPs computer systems to automatically and securely provide the central registry with information. The policy document notes that the launch of the policy will be supported by a programme of outreach by the Government and the Jersey Financial Services Commission (JFSC) to the financial services industry before the end of 2016. The JFSC Companies Registry will also be communicating with companies and publishing documents relevant to the implementation of the new policy.

The areas covered in the Government of Jersey consultation regarding beneficial ownership are as follows:

  • Automatic updating (post implementation) of the company’s registry by Trust and Company Service Providers (TCSP) upon change of beneficial ownership and control over the 25% threshold
  • The introduction of a central register of directors

Further information can been found here

Please click the link at the top of the page for an announcement by the Jersey Financial Service Commission.