JFSC Exemptions & Registration extensions & more FAQs on Directors/ Family Offices/ trusts & lending activities / private lenders
27/06/2023
Directors/ Family Offices/ trusts & lending activities - Extension 30 September 2023:
The requirement to register as a Schedule 2 business is, for the following businesses, being extended to midnight on 30 September 2023:
- Directors
- Family Offices that do not use a PTC administered by a person registered to carry out trust company business in Jersey (Family Offices)
- Trustees in respect of any trusts that undertake lending activities.
An extension to the registration period is being explicitly granted for these three business categories to allow the continuation of engagement to ensure those in scope businesses know their registration requirements and better understand their new obligations and how they might meet them.
FAQs trusts & lending activities – more guidance promised
To support the above extension, the JFSC will:
- Publish additional questions to the Lending FAQs by 30 June 2023.
- Host a further series of drop-in sessions throughout July to support those who may wish to seek support with completing the registration process.
Exemptions – Private Lending by Individuals
Further communication will be issued the week commencing 26 June 2023.
Exemptions – Private Trust Companies (PTCs)
- The JFSC wish to remind Industry that
- A corporate trustee, which is a company acting as a trustee, will, in most cases, be considered acting as a business and acting as a professional trustee.
- The reason being is because they will either
- Conduct their trade or
- Be an integral part of the business offering of their wider group.
- For further details, please refer to the JFSC Statutory Guidelines (particularly section 2.4.13) on interpretation.
- Questions 3 and 6 in the JFSC Private Trust Companies & Family Offices FAQs might also be of assistance.
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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.