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