After the enactment of the Financial Services (Disclosure and Provision of Information) Law, on July 14th, Jersey Government has started discussions over the introduction of secondary legislation over the practical provisions for disclosure of information on beneficial ownership (BO) registers.
“Secondary legislation will be crucial in order to understand the scope and the type of information to be provided to the authorities, and most importantly it will determine which information will be publicly available, and which will be able to be withheld upon request.” Says Barbara Demergazzi, Compliance specialist at Capital Trustees.
The Government already clarified that details of minors, company secretaries or significant persons of share transfer companies will not be registered by the system, and authorities are liaising with industry representatives in order to precise requirements concerning nominee directors.
The draft regulations is expected to be approved by 1 December 2020, but it could be further delayed due to the current Pandemic.
SOURCE: www.gov.je