Exemptions – Registration Update
The requirement to register as a Schedule 2 business is, for the following businesses, being extended to midnight on 30 September 2023:
- Family Offices that do not use a PTC administered by a person registered to carry out trust company business in Jersey (Family Offices)
- Trustees in respect of any trusts that undertake lending activities.
An extension to the registration period is being granted specifically for these three categories of business, to allow the continuation of engagement to ensure those in scope businesses are aware of their registration requirements, better understand their new obligations and how they might meet those obligations.
To support this, the JFSC will:
- Publish additional questions to the Lending FAQs by 30 June 2023.
- Host a further series of drop-in sessions throughout July to provide support to those who may wish to seek support with completing the registration process.
Exemptions – Private Trust Companies (PTCs)
We wish to remind Industry that a corporate trustee, which is a company and is acting as a trustee will in the majority of cases, be considered to be acting as a business and be acting as a professional trustee. This is because they will either be conducting their own trade, or be an integral part of the business offering of their wider group. For further details, please refer to our Statutory Guidelines (and in particular section2.4.13) on interpretation.
Questions 3 and 6 in our Private Trust Companies & Family Offices FAQ’s might also be of assistance.
Exemptions – Private Lending by Individuals
Further communication will be issued the week commencing 26 June 2023.