JFSC UBO Guidance note updated (reissued) | 01 January 2021
05/01/2021
The JFSC have updated (reissued) the Beneficial ownership and controller guidance for regulated service providers. This guidance covers the beneficial ownership and controller information to be provided upon establishment or registration of corporate and legal entities, and upon change of beneficial ownership and controller information.
The JFSC guide reminds the industry, who is a controller?
- There are several interpretations. In Jersey, we follow the FATF interpretation outlined in Section 4 of the AML Handbook and the "three-tier test".
- A three-tier test is a three-step approach to identifying controllers: is here:
- Tier 1 Each individual with a material controlling ownership interest in the company's capital (through direct or indirect holdings of interests or voting rights) or who exerts control of the company through other ownership means.
- Tier 2 To the extent that there is doubt about whether the individuals exercising control through ownership are beneficial owners, or where no individual exerts control through ownership, any other individual is exercising control over the company through other means.
- Tier 3 Where no individual is otherwise identified under this section, individuals who exercise control of the company through positions held (who have and exercise strategic decision-taking powers or have and exercise executive control through senior management positions). You will only get to tier 3 if there are no individuals at tier 1 or tier 2. If you have identified a controller at tier 1 or tier 2, you do not need to consider tier 3.
JFSC UBO Guidance note - Table of Contents
- 2 Application of FATF standards to beneficial ownership and control .......6
- 3 Foundations..........................................................................................14
- 4 Partnerships .........................................................................................17
- 5 Trusts ....................................................................................................20
Read here - https://www.jerseyfsc.org/media/4062/gn-beneficial-ownership-and-control-guidance.pdf
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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.