Fiscal Pressures on Registries to Perform

Julian Lamb

Objective of Presentation

Jersey Companies Registry• The Jersey Financial Services Commission is responsible for the

regulation, supervision and the development of the financial services industry in the Island.

• The Commission is a statutory body corporate, set up under the Financial Services Commission (Jersey) Law 1998. The Law provides for a Board of Commissioners to be the governing body of the Commission.

• The Law established the Commission as an independent body, fully responsible for its own regulatory decisions. The Commission is accountable for its overall performance to the States of Jersey (the Government of Jersey) through the Economic Development Department.

• The Commission is also responsible for appointing a person(s) to exercise certain statutory responsibilities as the Registrar of…….

• The Commission has appointed the Director General of the Commission as the Registrar.

Registrar of

• Companies – as at 31.12.12: 32,798• Limited Partnerships• Limited Liability Partnerships• Incorporated Limited Partnerships• Separate Limited Partnerships• Business Names• Foundations

Provision of Registers

• Trademarks• Security Interests Register

• Unregulated Funds• Authorized Auditors

Jurisdictions

Jersey

Initiatives:• Drive to provide 100% online

services;• Investment Management

Committee;• Work smarter with improved

efficiency as well as improved effectiveness;

• Changed employee mix;• Better educated industry.

Utah – United States

Initiatives:• Four day week;• Improved online filing, $ 48

million savings;• 100% up take on UCC filings;• 90% business search usage;• 52% new business filings online;• Change in employee mix =>

customer service/support.

Companies House – United Kingdom

Initiatives:• Driving efficiency - ;cost per

company on the register has reduced from £18.99 in 2008/9 to £13.68 in 2012/13;

• Driving digital take up and expanding digital services;

• Making life easier for companies to meet their obligations through better service;

• Reducing fees.

Nova Scotia - Canada

Initiatives:• Investment in new technology;• “Take work out of the system”;• Replace aging systems – new

system more responsive to change thus more economical to operate;

• Removal of “e-pretend”

Netherlands

Initiatives:• Abolition of set fees, government

funding from 1.1.13;• On-line registration of Notaries;• Merger of Chamber offices;• Reduction of employee numbers.

Summary

Trends• Reduction in human resource;• Increased automation;• Smarter systems• Efficiency vs effectiveness• Customer centric.

Questions

Thank You