I AM A JERSEY DIRECTOR. AM I REQUIRED TO BE REGISTERED AND REGULATED? See the JFSC FAQ page

The JFSC has published an FAQ page to address some of the common questions they are receiving from directors following the recent changes to schedule 2.

• Schedule 2 Business FAQs for Directors https://www.jerseyfsc.org/industry/sectors/financial-crime-schedule-2-business/schedule-2-business-faqs-for-directors/

I am a Non-Executive Director (NED) of a charity. Am I now within the scope of an individual providing director services? 

• JFSC SAY =
  • No, where you, as a director, act in an honorary, recreational or charitable capacity, you remain out of scope.
  • See 2.4.12 of the Guidelines https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf

I am a NED of businesses that are not financial services businesses. Am I now within scope? 

• JFSC SAY =
  • The type of business you provide director services to is irrelevant.
  • The business of providing "director services" is caught, regardless of whether it is a financial services business.
  • You are likely to be in scope when you are on a board and are in that role because you are in the business of providing "director services".
  • See 2.4.8 of the 

I am a NED of a financial services business that is regulated business. I have filed a personal questionnaire and received no objection from the JFSC. Am I now within scope? 

• JFSC SAY =
  • The type of business you provide director services to is irrelevant.
  • The business of providing "director services" is caught, regardless of whether it is a financial services business.
  • Where you are on a board and are in that role because you are in the business of providing "Director services", you are likely to be in scope.
  • See 2.4.8 of the Guidelines https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf

I am an employee of a trust company.  I have been appointed as a Director of a client entity during my employment.  Am I now in scope? 

• JFSC SAY =
  • A trust company business provides services and, in doing so, provides one of its employees to act as a director.
  • See 2.4.9 of the Guidelines https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf

I am registered as a Class G Director under the Financial Services (Jersey) Law. What do I need to do? 

• JFSC SAY =
  1. As a Class G director, you should have received a notification workbook, which you must complete and send back to the JFSC.
  2. At a minimum, you must notify the JFSC that you are conducting Director activities under Paragraph 23 (2), "Director, Secretary, Partner etc.".
  3. The JFSC  would also ask that you consider whether you are undertaking any other schedule 2 business activities.

I am a NED who is now in scope. A) how do I register, and B) when do I need to register? 

• JFSC SAY =
  1. The application form FOR registration is here:
     • Schedule 2 Forms https://www.jerseyfsc.org/industry/sectors/schedule-2-forms/
  2. You must submit your registration application no later than midnight on 30 June 2023.

Why has Schedule 2 been amended, and the scope exemptions removed for AML/CFT/CPF?  

• For full background on the amendments, please see the following:
  • Exemptions Consultations https://www.jerseyfsc.org/industry/consultations/consultation-on-exemptions-no-12-december-2021/
  • Feedback on Exemptions consultation https://www.gov.je/SiteCollectionDocuments/Industry and finance/Feedback on AMLCFT scope exemptions.pdf
  • Follow-on consultation on AML/CFT scope exemptions  https://www.jerseyfsc.org/industry/consultations/cp-exemptions-september-2022/
  • Feedback on Follow-on consultation on AML/CFT scope exemptions  https://www.jerseyfsc.org/industry/consultations/feedback-and-further-consultation-on-investment-business-regime/