JFSC industry update - 21 December 2020 - COBO consents from 6 January 2021

The JFSC has issued an industry update - 21 December 2020 – on COBO consents from 6 January 2021

THE JFSC SAY - On 6 January 2021, the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (“the new Law”) comes into force. This law includes a requirement for providing beneficial owner and controller information. It also includes a requirement to update this information within 21 days of any changes.

The new Law applies to:

1. Companies registered under the Companies (Jersey) Law 1991
2. Foundations registered under the Foundations (Jersey) Law 2009
3. Incorporated Limited Partnerships registered under the Incorporated Limited Partnerships (Jersey) Law 2011
4. Limited Liability Companies registered under the Limited Liability Companies (Jersey) Law 2018
5. Limited Liability Partnerships registered under the Limited Liability Partnerships (Jersey) Law 1997
6. Separate Limited Partnerships registered under the Separate Limited Partnerships (Jersey) Law 2011

The JFSC say

• Will reissue Control of Borrowing Order (COBO) consents for the above entities in 2021

COBO

• The conditions relating to the provision and updating of beneficial owner and controller information will be removed from the reissued consents. And
• Until the consents are reissued, if an entity complies with the requirements of the new Law for providing and updating beneficial and controller information, it will be deemed to have complied with the conditions of its COBO consent relating to beneficial owner and controller information.

Under the new Law there is no requirement to obtain prior consent to a change of beneficial owner.

Article 4 COBO consents

If your company is a special purpose vehicle with an Article 4 COBO consent, you are still required to provide the JFSC with confirmation that the directors have taken reasonable steps to confirm to the best of their knowledge that no breaches have occurred.

You should provide this via general correspondence in myRegistry. There will not be an upload function on the annual confirmation statement.

Limited partnerships

Limited Partnerships registered under the Limited Partnerships (Jersey) Law 1994 are not subject to the new Law.

COBO consents for Limited Partnerships will not be reissued and the existing conditions will remain in place for the provision and updating of beneficial owner and controller information.

Read more:

https://www.jerseyfsc.org/news-and-events/cobo-consents-from-6-january-2021/ -