Feedback on Consultation Paper No.11 2021: Registry Late Fees

Summary

This is JFSC's feedback paper on Consultation Paper No.11 2021, confirming the introduction of new late fees under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020. It summarises consultation responses (which supported the proposals unchanged) and sets out the final Fee Notice, effective from 1 February 2022, in Appendix A.

The late fees apply to entities registered with the Jersey Companies Registry that fail to meet statutory deadlines for five specific types of filings or actions under the Disclosure Law. Fees escalate in tiers based on how many calendar days late the submission or action is.

• Beneficial owner/significant person changes (Art.4(3)): Late fee applies if notification of a change, error or inaccuracy in beneficial owner or significant person information is not given within 21 days of the entity becoming aware of it; fees rise from £61 to £484 depending on lateness up to 210 days.
• Nominated person appointment (Art.6(6)): Late fee applies if a new nominated person is not notified within 21 days after a prior nominated person's revocation or resignation; same escalating fee scale up to £484.
• Information/documents to competent authority (Art.9(1)): Late fee applies if information or documents required by a written notice are not provided within the period specified in the notice; escalating fees up to £484.
• Attendance to answer questions (Art.9(2)): Late fee applies if a defined person fails to attend in person to answer questions within the period specified in a written notice; escalating fees up to £484.
• Delivery of Act of Court (Art.19(6)/19(7)): Late fee applies if the Act of Court declaring dissolution of an entity void is not delivered to the Registrar within 28 days of the order (or such longer period as the Royal Court allows); escalating fees up to £484.

No changes were made to the proposed fee levels following consultation, as the only substantive respondent, the Jersey Association of Trust Companies, agreed with them and no concerns were raised.

Key obligations

• Notify the Registrar of any change, error or inaccuracy in beneficial owner or significant person information within 21 days of the entity becoming aware of it, or incur an escalating late fee.
• Notify the Registrar of the appointment of a new nominated person within 21 days after a nominated person's revocation or resignation, or incur an escalating late fee.
• Provide information or documents required by a local competent authority's written notice within the period specified in that notice, or incur an escalating late fee.
• Attend in person to answer questions required by a local competent authority's written notice within the period specified, or incur an escalating late fee.
• Deliver the Act of Court declaring an entity's dissolution void to the Registrar within 28 days of the order (or such longer period as the Royal Court allows), or incur an escalating late fee.

Applies to

entities registered under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, trust company businesses

Deadlines

• 1 February 2022: Effective date of the Fee Notice introducing the new late fees.
• 21 days: Deadline for notifying the Registrar of a change, error or inaccuracy in beneficial owner or significant person information, from when the entity becomes aware of it (Art.4(3)).
• 21 days: Deadline for notifying appointment of a new nominated person after revocation or resignation of a prior nominated person (Art.6(6)).
• period specified in the notice: Deadline for providing information or documents requested by a local competent authority (Art.9(1)).
• period specified in the notice: Deadline for attending in person to answer questions requested by a local competent authority (Art.9(2)).
• 28 days: Deadline for delivering to the Registrar the Act of Court declaring dissolution of the entity void, from the date of the order (Art.19(6)/19(7)).