Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020

Summary

This Jersey Law requires Jersey-incorporated entities (companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships and separate limited partnerships) to disclose beneficial ownership and significant person information to the Jersey Financial Services Commission (JFSC), and to keep that information current through annual confirmation statements and a nominated person mechanism. It also sets out offences for false information, rules on disclosure and use of beneficial ownership data for AML purposes, and transitional obligations for entities that existed before the Law's commencement.

Initial disclosure: An application to register or establish an entity must include the proposed entity's beneficial owner information, significant person information, and details of any nominee/nominator shareholder arrangement.
Ongoing notification: An entity that becomes aware of a change, error or inaccuracy in its significant person or beneficial owner information must notify the Commission within 21 days.
Annual confirmation statement: Each entity must, within the relevant period (1 January to end of February each year following establishment, or such other prescribed period), confirm to the Commission that its held information remains accurate.
Nominated person: Every entity must appoint at least one eligible nominated person (e.g. a trust company business provider, a Jersey-resident significant person, lawyer, accountant, or fund services business) to liaise with the Commission; if a nominated person resigns or is removed, a replacement must be appointed and notified within 21 days.
Register and disclosure: The Commission maintains a register of this information and may disclose beneficial owner information to relevant persons or their representatives (and local competent authorities) for AML/CFT compliance purposes, subject to restrictions on further disclosure or use.
Offences: Providing false or misleading information, and non-compliance with notification, annual confirmation or nominated person requirements without reasonable excuse, are criminal offences; general partners of partnership-type entities can also be criminally liable.
Transitional obligations for existing entities: Entities that existed before the appointed day had to notify the Commission, within 3 months of the appointed day, of their nominated person appointment and the information to be contained in their first annual confirmation statement (with the Commission able to extend these periods by published notice).

The Law also covers fees payable for providing information, limitation of liability for the Commission, and power for the States to make Regulations and Orders to prescribe further detail (including additional entity types, information requirements, and fees).

Key obligations

An entity must include beneficial owner information, significant person information and nominee/nominator details in its application to register or establish the entity.
An entity must notify the Commission of any change, error or inaccuracy in its significant person or beneficial owner information not later than 21 days after becoming aware of it.
An entity must provide an annual confirmation statement to the Commission verifying that its beneficial owner, significant person and other prescribed information is accurate, within the relevant period (1 January to end of February each year following establishment, or as otherwise prescribed).
An entity must specify the appointment of at least one eligible nominated person in its application to register or establish the entity.
If a nominated person resigns or their appointment is revoked and the entity has no other nominated person, the entity must appoint a new eligible nominated person and notify the Commission within 21 days.
An entity must revoke the appointment of a nominated person as soon as practicable if it becomes aware the person is no longer eligible.
A person must not disclose or use beneficial owner information obtained from the Commission's register except as permitted under Article 8B.
Existing entities (pre-dating the appointed day) had to notify the Commission of their nominated person appointment within 3 months of the appointed day.
Existing entities had to notify the Commission of the information for their first annual confirmation statement, and of any nominee/nominator or foundation abridged regulations details, within 3 months of the appointed day.

Applies to

companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships, separate limited partnerships, nominated persons (trust company businesses, lawyers, accountants, fund services businesses), relevant persons under the Money Laundering (Jersey) Order 2008

Deadlines

21 days after the entity becomes aware of it: Notification to the Commission of any change, error or inaccuracy in beneficial owner or significant person information.
21 days after revocation or resignation: Appointment of a replacement nominated person and notification to the Commission if the entity is left without one.
between 1 January and the end of February each year following the year the entity is established (or such other prescribed period): Provision of the annual confirmation statement to the Commission.
not later than 3 months after the appointed day: Existing entities must notify the Commission of their nominated person appointment.
not later than 3 months after the appointed day: Existing entities must notify the Commission of the information for their annual confirmation statement (and related nominee/nominator or foundation details).

Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020

Summary

Key obligations

Applies to

Deadlines

Related documents

Topics

Version history

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