On August 20, the Jersey Beneficial Ownership Guidelines were amended for trusts. It is no longer necessary to register the settlor as a controlling person unless the settlor has retained certain powers, such as the right to appoint or remove a trustee, amend a trust deed, or revoke a trust.
However, the Guidelines indicate that the Jersey regulator will still need information about the founder (if he is not dead) in order to assess the risk of the structure as a whole. You will need to provide the following information about the founder: full name, address, date and place of birth. This should be indicated in the activity field (at registration) or in the additional information field (at transition or update of related parties). You do not need to provide any information about the deceased founder, however there may be times when additional information will be requested after the authorities have reviewed the organization's profile.
At the beginning of January in Jersey, the Financial Services Regulation was published, which establishes certain rules for the implementation of financial services. Under this act, the beneficial owner is the individual who ultimately owns or controls the organization. The act also defines the concept of controlling persons of the company. The new law requires confirmation of the relevance of information about the beneficial owner, controlling person and any other necessary information in relation to a legal entity once a year.
The application must be submitted between January 1 and the end of February each year following the year the organization was founded. The deadline for the first application has been pushed back from April 30 to September 30, 2
The creation of a common register of beneficiaries of companies was the biggest innovation of the Directive of the European Parliament and of the Council of the European Union of May 20, 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, upon which Jersey began to discuss and implement appropriate measures.
The beneficial owner is any individual who ultimately (directly or indirectly) owns a sufficient percentage of shares or voting rights, or a share of ownership (as a rule, we are talking about 25% or more, but the exact amount is determined by the legislation of the country individually) or controls the company or the natural person on whose behalf the transaction or activities of the company are made.
