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Jersey consultation on OBLIGED ENTITY ACCESS to Central Register of Companies

02/05/2024

JerseyGov consultation on obliged entity access to Jersey’s Central Register of Companies and legal persons

The Government of Jersey has opened a consultation [April 2024] on draft legislation concerning PERSONS OBLIGED TO CONDUCT CUSTOMER DUE DILIGENCE (“CDD") [obliged entity access] to Jersey's central register of beneficial ownership and control.

The deadline for the above consultation feedback is 7 June 2024.

The Governments of Guernsey, Jersey and the Isle of Man have committed to deliver the OBLIGED ENTITY ACCESS in 2024.

ABOUT THE CONSULTATION

​​​​​The above referenced April 2024 consultation follows the Obliged Entity access to information consultation in October 2022,

The JerseyGov are now seeking views on the draft legislation which will enable access to Jersey's central register of beneficial ownership and control for obliged entities.

Proposed access will be for PERSONS OBLIGED TO CONDUCT CUSTOMER DUE DILIGENCE (“CDD") in accordance with the Money Laundering (Jersey) Order 2008 (the “MLO").

​LIMB A & B

This April 2024 consultation seeks feedback on draft legislation concerning OBLIGED ENTITY ACCESS which will meet the requirement of LIMB (A) of the revised commitment.

It should be noted LIMB (B) of the commitment relating to LEGITIMATE INTEREST ACCESS, whilst briefly discussed, is not directly consulted in this paper.

BACKGROUND

In 2022, the Government of Jersey issued a high-level consultation paper on proposals to enable obliged entity access to the central register of beneficial ownership and control.

Responses to the consultation were generally supportive of the approach, noting that the implementation of the policy may bring benefits to the industry. A response paper was published in December 2022.

The intention was to implement obliged entity access in 2023, in line with a 2019 commitment on transparency of beneficial ownership and control, however,

  • Following decisions in the Court of Justice of the European Union (the “CJEU"), the Government of Jersey together with the Governments of Guernsey and the Isle of Man sought legal advice as to the approach on access to the registers.

As a result of those decisions and the advice obtained, a revised joint commitment was issued in December 2023.

This commitment supersedes the 2019 commitment published by the Governments of Guernsey, Jersey and the Isle of Man.

The 2023 commitment agreed to:

  1. ​Deliver obliged entity access in 2024.​
  2. Develop and deliver legitimate interest access in a leading timeframe.

HOW TO SUBMIT COMMENTS TO THE CONSULTATION

You can submit your comment​s online.​

You can also submit your response:​​

  • By email to Economy@gov.je with the subject he​ading FAO Thomas Wright
  • By post to: FAO Thomas Wright, Department for the Ec​​onomy, 19-21 Broad Street, St Helier, JE2 3RR​​​

Jersey Finance will also be collating an industry response. These responses should be sent:

  • By email to lisa.springate​@jerseyfinance.je
  • By post to: Lisa Springate, Jersey Finance Limited, 4th Floor Sir Walter Raleigh House, 48-50 Esplanade, St Helier, Jersey, JE2 3Q​​

​​Sources

JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.