Application for Trust Company Business (Form 8)

Summary

This is Form 8, the application form used to apply for registration to carry on trust company business in Jersey under the Financial Services (Jersey) Law 1998. It is completed by firms seeking authorisation, either as a primary or secondary activity, and is submitted electronically to the JFSC's Authorisations Unit.

• Structure: Comprises four parts: Part 1 general information (status, ownership/group structure, financial resources, insurance, financial statements, auditors, business record, business plan), Part 2 trust company business classes of registration and participating member details (up to five members), Part 3 declaration, and Part 4 checklist.
• Key persons and principal persons: All individuals identified as Principal Persons or Key Persons (including Compliance Officer, MLRO, MLCO) must submit a myProfile application via the JFSC website.
• Financial resources and insurance: Applicant must demonstrate compliance with paid-up share capital/net assets and Adjusted Net Liquid Assets requirements under the TCB IB Accounts Order and the Code, and confirm professional indemnity insurance is in place per the Code.
• Ongoing disclosure duty: Applicant must give immediate written notice to the JFSC of any alteration or event materially affecting the information supplied while the application is pending, and disclose any significant events relevant to the application.
• Declaration and signatures: The application and declaration in Part 3 must be signed by two prospective Principal Persons of the applicant, who confirm the information is complete and correct and undertake to notify JFSC of any significant changes.
• Fees: An invoice is issued after submission and the application will not be reviewed until the application fee has been received.

Providing false or misleading information in connection with the application is a criminal offence under Article 28 of the FS(J)L, punishable by up to five years' imprisonment or a fine, or both. Deviating from the prescribed form may invalidate the application.

Key obligations

• Applicants must complete Form 8 in full for registration to carry on trust company business under Article 8 of the FS(J)L; deviation from the prescribed form may invalidate the application.
• All questions in the relevant parts must be answered, with non-applicable questions clearly stated as such.
• Applicants must retain 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.
• Under Article 8(6) of the FS(J)L, an applicant must give the JFSC forthwith written notice of any alteration to, or event materially affecting, information supplied while the application is awaiting determination.
• All individuals listed as Principal Persons or Key Persons must submit a myProfile application via the JFSC website.
• The declaration in Part 3 must be signed by two prospective Principal Persons of the applicant.
• The application will not be reviewed until the application fee has been received.
• Applicants must notify the JFSC in writing if relying on an exemption from ANLA requirements as a branch or deposit-taking registered entity.
• It is a criminal offence under Article 28 of the FS(J)L to knowingly or recklessly provide false or misleading information in connection with the application.

Applies to

trust company business applicants, companies, partnerships, sole traders, participating members, principal persons, key persons