The Jersey Financial Services Commission has updated its beneficial ownership guidance.
The guidance was last updated in January when the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 came into force.
The Commission has made two key updates to the guidance:
• In Section 1, it now explains the definition of “beneficial owner” in the law and how the information is recorded in myRegistry.
• In Section 5, for companies owned by a trust, you no longer need to record the settlor as a controller unless the settlor has retained powers of control – for example, the right to appoint or remove a trustee, to amend the trust deed or to revoke the trust.
Settlors, instigators and arrangers will not be recorded as controllers, but the Commission will still collect their details as part of the wider information used to assess the activities and structure.
• To view the guidance click here