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Jersey

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Jersey Implements New Beneficial Ownership Reporting Requirements

Jersey has published the Financial Services (Disclosure and Provision of Information) (Jersey) Order and the Financial Services (Disclosure and Provision of Information) (Jersey) Regulations, which provide certain rules for the implementation of the Financial Services (Disclosure and Provision of Information) (Jersey) Law. The commencement (effective) date of the Order, the Regulations, and the Law is 6 January 2021.

The Law provides for the introduction of new reporting requirements on beneficial owners and significant persons of certain types of entities. Entities subject to the requirements include:

  • Companies;
  • Foundations;
  • Incorporate limited partnerships;
  • Limited liability companies;
  • Limited liability partnerships;
  • Separate limited partnerships; and
  • Any other prescribed body or person.

Beneficial owner under the new law means an individual who ultimately owns or controls the entity, or the individual on whose behalf a transaction is being conducted by the entity, including an individual who exercises ultimate effective control over the entity. For this purpose, ultimate effective control over an entity includes ownership or control exercised through a chain of ownership or by means of control other than direct control.

Significant person under the new law means:

  • In relation to a foundation, a member of the council of the foundation;
  • In relation to an incorporated limited partnership or a separate limited partnership, a general partner of the partnership;
  • In relation to a limited liability partnership, a partner participating in the management of the partnership (being a person who is able to cause the partnership to take a particular action);
  • In relation to a company, a director or secretary of the company, or any other officer purporting to act in a similar capacity;
  • In relation to a limited liability company, a manager of the limited liability company or, if there is no manager, the members involved in the management of the limited liability company;
  • In relation to any other type of entity, any other person purporting to act in a similar capacity to those described above; and
  • Any other person prescribed by regulations.

In general, the requirement to provide information under the new law applies when an application to the Jersey Financial Services Commission is made to register or establish an entity under relevant entity legislation. If there are any changes in the information or error or inaccuracy is discovered, this must be notified within 21 days.

The new law also requires the submission of an annual confirmation statement, verifying that the beneficial owner information, significant person information, and any other prescribed information provided to the Commission in relation to the entity is accurate. The statement is generally due between 1 January and the end of February in each year following the year in which an entity is established. However, the deadline for the first statement is 30 April 2021.

Further information on the requirements for submitting the new annual confirmation statement can be found on the Commission website.

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