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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.
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.
The Financial Services (Disclosure and Provision of Information)
(Jersey) Law 2020 (the
Registry Law )
came into force on Wednesday 6 January 2021. Under the new law a
central register of directors and other significant
persons of certain types of Jersey entities has been created,
the requirement to file beneficial ownership information with the
Companies Registry has been put on a statutory footing, and annual
returns have been replaced with an annual confirmation
statement.
Since the obligation to file beneficial ownership with the
Registrar of Companies has up until the introduction of the
Registry Law been dealt with through the consents issued to Jersey
separate limited partnerships
Certain entities are exempt from providing beneficial owner
information, including (i) an entity which is wholly owned by
another entity or an organisation (being a body that is equivalent
to an entity but which is formed under the laws of a jurisdiction
other than Jersey) where the parent entity or organisation is
listed on a regulated market; (ii) an entity which is listed on a
regulated market; and (iii) an entity which is wholly owned or
controlled by another entity which is regulated under the Financial
Services (Jersey) Law 1998 (the
FSJ Law) to carry
out certain limited classes of trust company business in respect of