11 Jan 2021

Implementation of new online public Digital Registry in Jersey

Following the introduction of the Financial Services (Disclosure of Provision of Information) (Jersey) Law 2020, which came into force on 6 January 2021, regulated entities are required to appoint a nominated person and give the JFSC more information on their significant persons.

The new law provides a definition of the significant persons for each of the different entities (including Companies, Foundations, ILPs, LLCs, LLPs, SLPs, LPs and any other prescribed bodies or persons).

KEY CHANGES:

  • Each entity must appoint at least one eligible person as a nominated person by 6 April 2021.
  • The most notable change is the requirement to update the JFSC’s public central register with details of significant persons. You must also notify the JFSC with information changes within 21 days.
  • Details of beneficial ownership to be provided to the JFSC.
  • The Easy Company Registry will be replaced with myRegistry. Paper filing will not be accepted.
  • Annual confirmation statements replace the annual return process.
  • Each entity must submit an annual confirmation statement that confirms that the information provided is accurate.
  • The first annual confirmation statement is due by 30 April 2021.