central register of beneficial ownership - welcome to · ›transparency of beneficial ownership of...
TRANSCRIPT
› Agenda
George Pearmain Government of Jersey
Julian Lamb & Denis PhilippeJersey Financial Services Commission (JFSC)
› Jersey policy “Its Genesis”
› JFSC role and Registry roadmap
› Technical roadmap, Registry portal and API
› Interactive sessions
› Summary/Actions
› International Standards and Global Initiatives
› The Government committed to ensure an appropriately regulated financial services industry taking a proportionate risk-based approach in order to uphold our reputation and accountability to our business partners while ensuring that we remain competitive
› Transparency of beneficial ownership of corporate and legal entities has recently been headline news around the world
› Jersey recognises that beneficial ownership transparency is a critical factor preventing the abuse of the global financial system for laundering the proceeds of crime and the financing of terrorism.
› Beneficial Ownership – Jersey Regime
› Jersey has had a central register of beneficial ownership since 1989, and that is combined with the regulation of Trust and Company Service Providers (“TCSPs”) ensuring oversight of those who form and administer corporate and legal entities in Jersey which together ensures compliance with the international standard of having available adequate, accurate and current beneficial ownership information. This information is exchanged with law enforcement and tax authorities, on request, worldwide.
› Jersey has recently been assessed by MONEYVAL and a report was published earlier this year which included a clear statement on the international recognition of Jersey’s leading position on beneficial ownership transparency.
› In addition to the comments made by MONEYVAL, Jersey’s regime concerning transparency of beneficial ownership has been recognised by the IMF and the World Bank in its project under the Stolen Assets Recovery Initiative (“StAR”) - “The Puppet Masters. How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It.”
› Agreement with the UK
› Immediately prior to the London Anti-Corruption Summit earlier this year, Jersey signed an agreement with the United Kingdom to enhance exchange of beneficial ownership information between the law enforcement authorities
› The agreement also underlines our continued commitment to law enforcement cooperation between the Governments of Jersey and the United Kingdom
› Commitment Requires Change
Our commitment to comply with enhanced international standards and the agreement with the UK requires us to make a number of changes to our domestic regime in two areas:
a) To further ensure the updating of beneficial ownership information held at the Companies Registry by Jersey corporate and legal entities, where those entities are administered by a TCSP, and the TCSP becomes aware of a change of beneficial ownership;
b) The introduction of a register of directors for Jersey and whether that register should be held publically or privately.
› Implementing Change
› Legislative amendments to implement the policy will be brought to the States Assembly in the first half of 2017 for adoption
› The policy must come into force by 30 June 2017
› Technology should help us achieve our aims with more success – and that is why we are engaging with you
›Risk based supervisory approach
›Enhanced digital Channels - Portal
›Improved services›Agile incremental delivery:
›Fee and data submissions›Communication and engagement
› JFSC Change Programme
› Remember, most have been here before!
› Exempt Company status and COBO filings (Old pre 2008 C17 form)
Statistics:
› Prior approval
› Less than 2 BO changes a day
Year BO Filings
2005 701
2006 764
2007 911
2008 847
› Remember, some have never changed!
› Non administered TCSPs (TCBs) continue to use the pre 2008 C17 form) for COBO filings.
Statistics:
› Prior approval
› Less than 1.5 BO changes a day
Year BO Filings
2013 535
2014 610
2015 520
2016 650
› Use of the Existing Registry Systems (1)
› Easy Company Registry (ECR)›New Online forms:
›C23 Special resolution
›C50 Public company annual report and accounts
›C51 Prospectus
›C74 Online incorporation non-TCBs
›C75 Online incorporation TCBs
›P75 Partnership setups
› Paper (if all else is exhausted)
Benefits
No paper (No delivery, printing costs and scanning costs)
Certificates sent electronically (The Registry will no longer (from 1 Jan 2017) produce hard copies, only upon request (£))
Speed of transaction
› Use of the Existing Registry Systems (2)
› Easy Company Registry (ECR)›Online forms:
›C20 2017 Annual return including BO statement (C17S);
›C17S BO statement to be used between 1 January – 30 June 2017;
›C17a For Changes for TCSPs (TCBs);
›C17b For Changes for non TCSPs administered companies.
›Paper (if all else is exhausted)
Benefits
No paper
Choice of delivery
Ease of use
› Changes to COBO Consents
› Replacement consents from 1.1.2017
› Amended wording
TCBs (changes to require updating on an on-going basis):› Not prior approval› Notification within 21 days of
knowing of the change› Non TCBs (no change but
improved process):› Prior approval retained› Deemed notification appliedwithin 21 days.
Process
7,900 replacement COBO consents issued to non TCB administered companies from 1 January 2017.
TCB administered companies - new COBO consents delivered with annual return receipts (existing process).
More complex COBO consents (mostly funds and mainly partnerships) to be reviewed between 1 Jan and 30 June 2017.
3,000 SPVs to be reviewed but article 2 consents usually separate from additional conditions.
› Changes to Registry COBO Forms
› Amended C2a
› Amended C17 (s, a & b) Benefits
Consistent through all forms
More user friendly – particularly activity section
Target audience focused
Reflects the three tier test
They are not perfect!
› Technical Objective
Replacing current organic growth systems›Four separate back office and online systems
Deploy single platform based solutions›Extendable
›Configurable
›Paperless
›API Services
› Technical Architecture
Data/Reporting
Dynamics NAV
Finance
SharePoint
EDRMS Collaboration Web Content
Intranet Internet
CRM
Regulatory Services
Enforcement HR
Registry Platform
Online Portal
Registry Services
Functions & Services
Platforms
Data Warehouse
› API Services
Security Interests Register
January 2014
Beneficial Ownership System
February 2017
New Registry Platform
2018
› API Registration and Approval
›Registration in January for Users and Developers›Access to development API’s and support early Q1›Certification programme
›All API users will have to complete a set of approval tests before live access
› Registry Portal Component
Access controls Electronically certified documents
Single sign-on Help guides
Secure communicationElectronic filingRegistry search
Follow us at @JerseyFSC
Like us at Jersey Financial Services Commission
Follow us at Jersey Financial Services Commission
Julian LambDeputy Registrar and Director of
Companies [email protected]
Thank you for attending