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JFSC Feedback from Registry inspections in 2022

05/04/2023

On 4 APRIL 2023, the JFSC published its feedback [REPORT] regarding its Registry Supervision inspection programme in 2022.

JFSC Registry Supervision

  1. A JFSC Registry Supervision team was established in January 2022 to check that the information provided to Registry is, accurate and up to date.
  2. This new supervision includes:
    • Onsite inspections
    • The review and interrogation of data submitted to the Registry to highlight and investigate anomalies.
    • Regular review of public information sources.

The Report

  1. On 4 APRIL 2023, the JFSC published its first feedback [REPORT] regarding its Registry Supervision inspection programme in 2022.
  2. The report provides.
    • Consolidated feedback upon the visit programme,
    • Examples of good practice identified during the examinations.
    • Responses received to questions asked during visits or interviews.
  3. The report shows that between April 2022 to December 2022,
    • 560 entity inspections took place and
    • 4,843 associated parties were reviewed and details authenticated.  

Report conclusion

  • Most deficiencies have been minor infractions and words of advice have been given on how to rectify registry records without using penalties which has proved proportionate as all records have been rectified in a timely manner. As the number of visits increased during 2022, the team could see improvements in the quality of records kept.

JFSC recommendation

  • Boards, senior management, and owner operators are encouraged to consider the findings and conclusion within this paper.

BACKGROUND

  1. The Registry Supervision function, established at the start of 2022, develops, and expands existing Registry oversight activities by undertaking additional risk based supervisory activities.
  2. These new functions accord with existing legislation and the DPI Law.
  3. An inspection programme, designed to carry out checks to authenticate the information provided started in April 2022.
  4. This includes inspection appointments where relevant individuals are met face to face by Registry Examination Officers.
  5. During these appointments records and original documents are inspected and information is provided to authenticate the information provided to the Registry including details of beneficial owners, controllers, directors, and other significant persons.

Source

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.  

news disclaimer -

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.