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Press Release - 6 June 2003

CONSULTATION ON PROPOSED COMPANY INFORMATION

New proposals for Jersey businesses that will keep the Island at the forefront of well-regulated financial centres have been put to the local business community in a consultative document issued by the Jersey Financial Services Commission.

The new proposals, if adopted, will ensure that Jersey continues to provide a high quality environment for commercial activity - reflecting current best international standards in combating money laundering, terrorism and financial crimes.

The key changes proposed are:

  • the creation of a publicly available register of directors of all Jersey companies - similar to its UK counterpart;
  • a requirement to inform the Companies Registrar of details of beneficial ownership and control of Jersey companies (including any changes), and of companies' business activities; and
  • the requirement of all foreign incorporated companies administered or operating in Jersey to register their details with the Commission - with a view to making this information publicly available in the future.

The consultation paper also covers a number of technical points - among them: establishing a framework for the electronic filing of documents, including the annual return; and bringing in a number of other changes, generally reflecting current changes proposed to the UK Companies Act.

At the same time, the Commission is inviting feedback on the changes introduced in September 2002 by the Companies (Amendment No. 6) (Jersey) Law. The Commission will welcome suggestions as to how the procedures introduced by that amendment might be improved.

Richard Pratt, Director General of the Jersey Financial Services Commission, said today: "It is important that the Island's legal framework continues to meet the needs of all of those who own or transact with Jersey companies. At the same time we must ensure that Jersey companies cannot be used in a manner that might harm the Island's interest.

"The Commission believes that the proposals are of interest to industry in general as well as the Island's finance industry, and would welcome responses from all sections of the community."

For further information please contact:

Roger Bignell,
Director of Authorisation
Jersey Financial Services Commission

Tel: 00 44 1534 822040
Fax: 00 44 1534 822047
E-mail: r.bignell@jerseyfsc.org

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