Jersey extends beneficial ownership reporting deadline by three more months
The confirmation statement replaces the previously required annual company return, under the Financial Services (Disclosure and Provision of Information) Law 2020 (the Disclosure Law) and associated secondary legislation that came into force on 6 January this year. It requires every company, foundation, limited liability partnership, incorporated limited partnership and separate limited partnership to appoint a 'nominated person' with a duty to identify their 'significant persons' and submit current information about them. 'Significant persons' include directors and partners; members; and, crucially, beneficial owners and controllers required to implement the Financial Action Task Force (FATF) Recommendation 24.
Information on beneficial ownership will be held on the registry but will remain confidential. It must be updated within 21 days of the nominated person becoming aware of a change. A new submission must be made every year, with a confirmation that it is accurate and up-to-date at the date of submission. Companies must also ensure their share capital information is up-to-date before making the annual confirmation statement.
The filing deadline for the first such confirmation statement was originally set at 28 February 2021, but commencement of the Disclosure Law had to be delayed to give industry sufficient notice in the circumstances of the coronavirus pandemic. The deadline was duly deferred to 30 April 2021. However, when the law came into force in January, technical problems with the online central registry forced the Jersey Financial Services Commission (JFSC) to withdraw the service for repairs. When the system became operational two months ago, the reporting deadline was again reset, this time to 30 June.
However, many Jersey businesses say they need more time to comply with the new reporting obligations. The JFSC has thus agreed to defer the deadline by another three months to 30 September 2021. Nominated persons who have not submitted their confirmation statements by that date will be charged a late filing fee, it says.
- Limited partnerships are not required to submit an annual confirmation statement, but must pay the annual fee.
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