Central Register of Beneficial Ownership

Transcription

1 Central Register of Beneficial Ownership

2 Welcome and House Keeping

3 A good plan today is better than a perfect plan tomorrow -Proverb-

4 Agenda George Pearmain Government of Jersey Julian Lamb & Denis Philippe Jersey Financial Services Commission (JFSC) Jersey policy Its Genesis JFSC role and Registry roadmap Technical roadmap, Registry portal and API Interactive sessions Summary/Actions

5 Jersey Policy

6 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.

7 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.

8 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

9 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.

10 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

11 JFSC Role

12 Project Success What We Need to do to Accord with the Exchange Notes

13 JFSC Change Programme

14 JFSC Change Programme Risk based supervisory approach Enhanced digital Channels - Portal Improved services Agile incremental delivery: Fee and data submissions Communication and engagement

15 Registry Roadmap

16 Background

17 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

18 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

19 Use of Existing Infrastructure

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21 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

22 Use of the Existing Registry Systems (2) Easy Company Registry (ECR) Online forms: C 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

23 So, What's New?

24 Changes to COBO Consents Replacement consents from Amended wording Process 7,900 replacement COBO consents issued to non TCB administered companies from 1 January 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 ,000 SPVs to be reviewed but article 2 consents usually separate from additional conditions. 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 applied within 21 days.

25 Changes to Registry COBO Forms Amended C2a Amended C17 (s, a & b) Benefits Consistent through all forms They are not perfect! More user friendly particularly activity section Target audience focused Reflects the three tier test

26 Three Tier Test

27 Three Tier Test #Ownership #Other means #Position held

28 Time Lines and Building Blocks

29 Indicative 18 Month Timeline #Statement #6months #30June2017

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31 Technical Roadmap and Impact

32 Technical Objective Replacing current organic growth systems Four separate back office and online systems Deploy single platform based solutions Extendable Configurable Paperless API Services

33 Technical Architecture Intranet Internet Functions & Services Platforms Data Warehouse Finance EDRMS Collaboration Web Content Regulatory Services Enforcement HR Online Portal Registry Services Dynamics NAV SharePoint CRM Registry Platform Data/Reporting

34 API Services Security Interests Register January 2014 Beneficial Ownership System February 2017 New Registry Platform 2018

35 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

36 Registry Portal and API

37 Registry Customer Portal Modern UX Responsive design Tell us once

38 Registry Portal Component Registry search Electronic filing Secure communication Access controls Electronically certified documents Single sign-on Help guides

39 Companies Registry API Standard API Advanced API

40 Interactive Sessions

41 Summary of Meeting and Actions

42 TCB Action Timeline

43 A good plan today is better than a perfect plan tomorrow -Proverb-

44 Thank you for attending Follow us Like us at Jersey Financial Services Commission Follow us at Jersey Financial Services Commission Julian Lamb Deputy Registrar and Director of Companies Registry