JFSC Beneficial ownership 3 tier UBO guidance diagram updated along with x2 other changes
The update includes two critical updates to the guidance.
- In Section 1,
- The JFSC now explain the definition of “beneficial owner” in the law and
- How The JFSC record the information in myRegistry.
- Section 5 for companies owned by a trust.
As of August 2021 [20th], the JFSC has updated our beneficial ownership guidance. The guidance was last updated in January 2021 when the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (Disclosure Law) came into force.
The update includes the following updated 3 tier UBO guidance diagram:
Jersey regulated firms no longer need to record the SETTLOR AS A CONTROLLER unless:
- The settlor has retained powers of control, such as:
- The right to appoint or remove a trustee,
- Amend the trust deed, or
- Revoke the trust.
- And although Settlors are not controllers, the JFSC still wish to collect their details as part of the more comprehensive information the JFSC use to assess the activities and structure.
- They also say the guidance also applies to an entity held in a charitable trust; and say:
- Where there is a legal arrangement that is a charitable trust or any capital market transaction, you must also identify as a controller each security-holder that can exercise effective control over the underlying security–issuing vehicle.
- And the JFSC will also require details of the arranger or instigator of any capital market transactions involving charitable trusts as part of the more comprehensive information the JFSC use to assess the activities and structure.
- And the data is input into:
- The activity field (upon incorporation) or
- The further information field (upon transition or update of associated parties).
Aug 2021 update:
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