Non-controlling Jersey settlors will not classify as BOs

Following the introduction of the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (Disclosure Law), which came into force in January 2021 and created a beneficial ownership register for certain entities under scope, Jersey recently amended beneficial ownership guidance for companies owned by a trust.

With the latest amendments, companies owned by a trust no longer need to record the trust’s settlor as a controller of the company, unless the settlor has retained some powers of control over the trust, such as the right to:

  1. appoint or remove a trustee;
  2. amend the trust deed; or
  3. revoke the trust.

Settlors’ details will nonetheless be collected be Jersey Financial Services Commission (JFSC) in order to assess the company’s activities and structure.