JERSEY £36K in CRIMINAL FINES under the Financial Services (Jersey) Law 1998
As shown in the attached Jersey magistrates [HERE] court publication [APRIL 2023], the following FAILED to appoint a nominated person as required by Art 6(7) Financial Services (Jersey Law 2020) and were fined.
- Lansdowne Capital Partners £8,000.00
- Limited Intelligent Equity Limited £8,000.00
- Millgate Properties Limited £8,000.00
- IEL F45 (Richmond) Limited £8,000.00
- Jersey Street Properties Limited £4,000.00
All five were convicted in the absence, and £36K fines issued
THE FOLLOWING PROVIDES THE REQUIREMENTS
THE ROLE OF A NOMINATED PERSON
- Every entity must have a nominated person.
- The nominated person is the main contact between your company and the Registry and is authorised to provide information and make submissions.
- A nominated person has access through the JFSC digital registry, myRegistry, to all the company's public and private information, including the details of the beneficial owners and controllers.
- The nominated person will submit the annual confirmation statement, changes to associated parties and other applications.
- An entity must appoint at least one nominated person, and can appoint more than one
ELIGIBILITY TO BE A NOMINATED PERSON
- A nominated person must have a link to Jersey and must be:
- A significant person of the entity (e.g. a director or secretary) who is resident in Jersey
- A lawyer or account who is resident in Jersey and is carrying on business described in Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999
- A Jersey registered trust company business providing secretarial or registered office address services
- A Jersey registered funds services business
- For example,
- You can be the nominated person if you are a director or company secretary resident in Jersey.
- If you are not eligible to be the nominated person, you must appoint someone who is.
- Nominated person requirement
- An entity must have a nominated person.
- If the only nominated person resigns or has its appointment revoked, the entity must appoint a replacement and notify us of the replacement. within 21 days.
- It is a criminal offence if the entity does not appoint a nominated person or goes for more than 21 days with no nominated person and does not have a reasonable excuse.
Article 6 (7) OFFENCE:
- Failure, without reasonable excuse, to appoint nominated person and notify the Commission upon incorporation/registration or upon resignation/revocation of appointment where there is no other nominated person
- A fine not exceeding level 3 (currently £10,000) on the standard scale.
- An entity is also liable to a daily default fine, being a fine not exceeding level 2 (currently £1,000) on the standard scale, for each day (other than the first day) on which the subsequent offence is proved to have continued if –
- The entity has been convicted of an offence;
- The entity is convicted of having again committed that offence; and
- On that subsequent occasion, the contravention continued for more than one day.
APPOINTMENT OF A NOMINATED PERSON
Article 6 (1) An application to the Commission to register or establish an entity must specify the appointment of at least one of the following persons (an “eligible person”) as a nominated person for the entity –
(a) A person registered under Part 2 of the Financial Services (Jersey) Law 1998 to carry on trust company business that involves the provision of a service –
(i) To act as or arrange for another person to act as secretary, alternate, assistant or deputy secretary of a company or a limited liability partnership, or
(ii) To provide a registered office or business address for a company, partnership or foundation;
(b) A significant person of the entity who is ordinarily resident in Jersey;
(c) A lawyer who is ordinarily resident in Jersey and carrying on a business described in paragraph 1 of Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;
(d) An accountant who is ordinarily resident in Jersey and carrying on a business described in paragraph 2 of Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;
(e) A fund services business construed in accordance with Article 2(10) of the Financial Services (Jersey) Law 1998;
(f) Such other person as may be prescribed.
Article 6 (6) If the appointment of a nominated person is revoked or a nominated person resigns, and the entity has no other nominated person, the entity must, not later than 21 days after the revocation or resignation –
(a) Appoint at least one nominated person, being an eligible person; and
(b) Notify the Commission of the appointment.
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