Application for registration of a new participating member of an existing trust company business affiliation

Summary

This is a JFSC application form used by a person or entity seeking to become a Participating Member of an existing Trust Company Business Affiliation under the Financial Services (Jersey) Law 1998. It sets out the information, declarations and supporting submissions the JFSC requires before it will register a new participating member and issue a registration certificate for specified classes of trust company business.

• Who can use it: Applicants seeking authorisation as a Participating Member of an existing Trust Company Business Affiliation, either as a primary or secondary activity; Managed Trust Companies cannot join an Affiliation and must apply separately.
• Form structure: Part 1 covers general information including legal status, financial resources and insurance, financial statements and auditors, business record, business plan and other information; Part 2 is a signed declaration; Part 3 is a submission checklist.
• Key Persons and Principal Persons: Principal Persons and Key Persons (e.g. Compliance Officer, Money Laundering Reporting Officer, Money Laundering Compliance Officer) must each submit a myProfile application via the JFSC website, either for the first time or updated.
• Submission requirements: Applicants must submit the completed paper Application Form with supporting documents, the relevant myProfile applications online, and will then receive an invoice for the applicable fee.
• Ongoing disclosure duty: Applicants must disclose relevant significant past events and must give the JFSC immediate written notice of any material change or new information arising after submission and before a decision is made.
• Signatures: The form must be signed by two prospective Principal Persons of the applicant, who make declarations as to completeness and accuracy of the information provided.
• Offence provisions: Knowingly or recklessly providing false or misleading information in connection with the application is an offence under Article 28 of the FS(J)L, punishable by up to five years imprisonment or a fine, or both.

The form itself does not state a filing deadline; it is submitted when a person seeks registration as a new Participating Member. Applicants should also refer to the JFSC's Fees Notice, Licensing Policy, Codes of Practice and relevant Guidance Notes referenced throughout the form.

Key obligations

• Applicants must complete all parts of the Application Form, clearly stating where a question is not applicable
• Principal Persons and Key Persons listed in the form must submit (or update) a myProfile application via the JFSC website
• Applicants must submit the completed paper Application Form with supporting documents together with the myProfile applications, and pay the fee upon invoice
• Applicants must keep a copy of the submitted Application Form and supporting documents for their own records
• Applicants must disclose details of any significant past events relevant to the JFSC's determination of the application
• Applicants must give the JFSC immediate written notice of any material alteration to, or event affecting, information supplied while the application is pending, per Article 8(6) of the FS(J)L
• The Application Form must be signed by two prospective Principal Persons of the Applicant, declaring the information is complete and correct
• Applicants must notify the JFSC immediately of any significant changes to information provided, even after submission and before a decision is reached

Applies to

trust company business applicants, participating members of a trust company business affiliation, Principal Persons, Key Persons