Jersey company registry legislation RE - beneficial owners, controllers and significant persons?
22/06/2020
Jersey to enact new company registry legislation and enhance its registers of beneficial owners, controllers and significant persons?
The Jersey Financial Services Commission (JFSC) has recommended Jersey enact new company registry legislation and enhance its registers of beneficial owners, controllers and significant persons.
This evidences Jersey's commitment to adopting high levels of compliance with international standards on anti-money laundering and counter-terrorist financing.
Key points:
- The central register will be split into a public and a private section so that some information such as company directors' details can be made publicly available, while beneficial ownership remains private.
- Information on significant persons (at least company directors) is likely to become publicly available.
- Beneficial ownership information will remain private until an international consensus is reached on the level and type of public information disclosure.
- It will be possible to apply for dispensations to the public disclosure of information.
- The JFSC will issue guidance on the application of the definition of beneficial ownership.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.