JFSC Q2 2025 [1 April 2025 to 30 June 2025] Registry Supervision inspection programme feedback

Throughout the year, the JFSC  meet with entities and legal partnerships to inspect documentation and ensure the data recorded in our central companies' register is accurate and up to date.

The JFSC has summarised the common inaccuracies they have noticed during this quarter and provided some actions you can take to ensure your information is adequate, accurate, and up to date.

The JFSC Say:-

• Boards, senior management, and owner-operators should consider these findings and update their practices accordingly.

The most common findings were:

1. Inaccuracies in recording joint ownership of shares;
2. Inaccuracies and outdated information in the statutory registers;
3. Directors’ details being overlooked when circumstances changed;
4. Inadequate identification of executors where the beneficial owner is deceased;
5. Failure to disclose the individuals controlling a corporate trustee where the JFSC does not regulate it; and
6. Registry filings not being made within the required 21-day period.

Actions for you to take:

1. If any changes are made to an associated party, ensure the register is updated within the 21-day time frame.
2. If a beneficial owner, significant person or members’ details change and they are associated with multiple companies, a separate filing must be submitted for each company:
1. Updating the records of one company does not automatically update the others.
2. You can use the myParties feature within myRegistry, as this enables users to create a central file where those details can be used to populate significant person information without having to duplicate the information.
3. When recording joint ownership, only record the first-named individual as a member and in the joint ownership box, add the names and addresses of additional members:
1. If the joint owners are beneficial owners and controllers, then a separate entry will need to be added.

READ MORE HERE

https://www.jerseyfsc.org/media/eujcnsan/registry-supervision-inspection-programme-q2-2025.pdf