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:
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 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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