Introduction
On 6 January 2021 the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (the DPI Law) came into effect, together with the Financial Services (Disclosure and Provision of Information) (Jersey) Order (the DPI Order) and the Financial Services (Disclosure and Provision of Information) (Jersey) Regulations (the DPI Regulations).
The DPI Law affects Jersey companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships and separate limited partnerships (both existing and new). The DPI Law introduces a revised statutory framework for reporting information on beneficial owners and controllers to the Jersey Financial Services Commission (JFSC). The most important change is the introduction of the concept of 'significant persons' for these entities, with certain reportable information being made publicly available for the first time.