JERSEY £36K in CRIMINAL FINES under the Financial Services (Jersey) Law 1998

As shown in the attached Jersey magistrates [HERE] court publication [APRIL 2023], the following FAILED to appoint a nominated person as required by Art 6(7) Financial Services (Jersey Law 2020) and were fined.

1. Lansdowne Capital Partners £8,000.00
2. Limited Intelligent Equity Limited £8,000.00
3. Millgate Properties Limited £8,000.00
4. IEL F45 (Richmond) Limited £8,000.00
5. Jersey Street Properties Limited £4,000.00

All five were convicted in the absence, and £36K fines issued

THE FOLLOWING PROVIDES THE REQUIREMENTS

THE ROLE OF A NOMINATED PERSON

1. Every entity must have a nominated person.
2. The nominated person is the main contact between your company and the Registry and is authorised to provide information and make submissions.
3. A nominated person has access through the JFSC digital registry, myRegistry, to all the company's public and private information, including the details of the beneficial owners and controllers.
4. The nominated person will submit the annual confirmation statement, changes to associated parties and other applications.
5. An entity must appoint at least one nominated person, and can appoint more than one

ELIGIBILITY TO BE A NOMINATED PERSON

1. A nominated person must have a link to Jersey and must be:
   1. A significant person of the entity (e.g. a director or secretary) who is resident in Jersey
   2. A lawyer or account who is resident in Jersey and is carrying on business described in Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999
   3. A Jersey registered trust company business providing secretarial or registered office address services
   4. A Jersey registered funds services business
2. For example,
   1. You can be the nominated person if you are a director or company secretary resident in Jersey.
   2. If you are not eligible to be the nominated person, you must appoint someone who is.
3. Nominated person requirement
   1. An entity must have a nominated person.
   2. If the only nominated person resigns or has its appointment revoked, the entity must appoint a replacement and notify us of the replacement. within 21 days.
   3. It is a criminal offence if the entity does not appoint a nominated person or goes for more than 21 days with no nominated person and does not have a reasonable excuse.

THE OFFENCE

Article 6 (7) OFFENCE:

• Failure, without reasonable excuse, to appoint nominated person and notify the Commission upon incorporation/registration or upon resignation/revocation of appointment where there is no other nominated person

FINE TOTALS

1. A fine not exceeding level 3 (currently £10,000) on the standard scale.
2. An entity is also liable to a daily default fine, being a fine not exceeding level 2 (currently £1,000) on the standard scale, for each day (other than the first day) on which the subsequent offence is proved to have continued if –
   • The entity has been convicted of an offence;
   • The entity is convicted of having again committed that offence; and
   • On that subsequent occasion, the contravention continued for more than one day.

APPOINTMENT OF A NOMINATED PERSON

Article 6 (1) An application to the Commission to register or establish an entity must specify the appointment of at least one of the following persons (an “eligible person”) as a nominated person for the entity –

(a) A person registered under Part 2 of the Financial Services (Jersey) Law 1998 to carry on trust company business that involves the provision of a service –

(i) To act as or arrange for another person to act as secretary, alternate, assistant or deputy secretary of a company or a limited liability partnership, or

(ii) To provide a registered office or business address for a company, partnership or foundation;

(b) A significant person of the entity who is ordinarily resident in Jersey;

(c) A lawyer who is ordinarily resident in Jersey and carrying on a business described in paragraph 1 of Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;

(d) An accountant who is ordinarily resident in Jersey and carrying on a business described in paragraph 2 of Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;

(e) A fund services business construed in accordance with Article 2(10) of the Financial Services (Jersey) Law 1998;

(f) Such other person as may be prescribed.

Article 6 (6) If the appointment of a nominated person is revoked or a nominated person resigns, and the entity has no other nominated person, the entity must, not later than 21 days after the revocation or resignation –

(a) Appoint at least one nominated person, being an eligible person; and

(b) Notify the Commission of the appointment.

Source

https://www.jerseyfsc.org/registry/myregistry-for-local-businesses/register-as-a-nominated-person/

https://www.jerseyfsc.org/registry/registry-legislation/offences-and-penalties-financial-services-disclosure-and-provision-of-information-jersey-law-2020/