Revised JFSC Director FAQs published on Friday 14 April.
On 03 March 2023, the JFSC published a Schedule 2 business Directors FAQ page to address some of the common questions we are receiving from directors, following the recent changes to schedule 2.
The JFSC than told us on the 19th of April that it was updated on Friday 14 April.
A table to the main document [Appendix 1] shows what the JFSC expect of different types of Directors.
Further to the above, please note, that following the JFSCs update on Schedule 2 business registrations, and its publication of revised Director FAQs [Friday 14 April] an extension to the registration period is being granted to the FOLLOWING two groups ONLY
- Directors; and
- Family Offices
- Family offices that do not use a PTC administered by a person registered to carry out trust company business in Jersey (Family Offices).
These businesses, being extended from 30 JUNE to midnight on 31 August 2023.
The extension is being granted because both are new sectors, predominantly individuals, who are currently outside of the scope of regulation.
This additional registration period will allow for further engagement to ensure those in scope Directors and PTCs better understand their new obligations and how they might meet those obligations.
To support this, the JFSC will be:
- Hosting a series of events aimed at discrete groups of directors in the week commencing 24 April
- Publishing further guidance on PTCs on 12 May
- Hosting a series of drop-in sessions throughout May 2023 to provide support to Directors and PTCs who may wish to seek support with completing the registration process.
Director FAQs [Friday 14 April] https://www.jerseyfsc.org/industry/financial-crime/schedule-2-business-directors-faqs/
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