Financial
Services (Disclosure and Provision of Information) (Jersey) Regulations 2020
1 Interpretation
In these Regulations –
“approved form” means a form approved by the Commission;
“organisation” means a body that –
(a) is equivalent to an
entity; but
(b) is formed under a law
other than the law of Jersey;
“Law” means the Financial Services (Disclosure and Provision of
Information) (Jersey) Law 2020.
2 Information in register to be made
public
(1) For the purpose of Article 20(1)(b) of
the Law, the following information kept in the register under the Law is to be
made available for public inspection –
(a) in relation to an
individual who is a significant person of an entity –
(i) the name of the person,
(ii) the month and year of
the person’s date of birth,
(iii) an address for
correspondence to the person,
(iv) the person’s nationality,
and
(v) the person’s occupation;
(b) in relation to an entity that
is a significant person –
(i) the type of entity,
(ii) the registered name and
number of the entity,
(iii) the address of the registered
office or business address of the entity, and
(iv) the date on which the
entity was incorporated or established and, if applicable, the date on which
the entity ceased;
(c) in relation to any other organisation
that is a significant person –
(i) the type of organisation,
(ii) the registered name and
number of the organisation,
(iii) the jurisdiction within
which the organisation is incorporated or established,
(iv) the address of the
registered office or equivalent of the organisation, and
(v) the date on which the organisation was
incorporated or established and, if applicable, the date on which the organisation
ceased.
(2) This Regulation does not apply to
information in relation to a person who is –
(a) under the age of 18 years
old;
(b) a significant person by
virtue only of being a secretary to a company; or
(c) a significant person by
virtue only of holding a share in a company, ownership of which, by virtue of
the articles of association of the company in which the share is held, confers
a right of occupation of land in Jersey (as construed in accordance with Article 3(2)
of the Taxation (Land Transactions)
(Jersey) Law 2009).
3 Information in register that may be made public by the
Commission
For the purpose of Article 20(1)(b) of the Law, the following
information kept in the register under the Law in relation to a company may, at
the discretion of the Commission, be made available for public inspection –
(a) the name and address of
each member of the company who holds not less than one
per cent in nominal value of all the issued shares of a class;
(b) the number of members who each hold less than one per cent in nominal
value of all the issued shares of a class;
(c) the class and number of
shares that are held by each member to which sub-paragraph (a) or (b) applies;
(d) in relation to a par
value company –
(i) the nominal share capital of the company,
(ii) in respect of each class
of share, the number of shares into which the class is divided and the nominal
value of each share class, and
(iii) the number of shares of
each class that have been issued;
(e) in relation to a company
having any guarantor member –
(i) the name and address of each guarantor
member, and
(ii) the maximum amount that
is guaranteed by each member in that capacity;
(f) in this
Regulation –
(i) “member” has the same meaning as in
Article 25 of the Companies
(Jersey) Law 1991;
(ii) “par value company” has
the same meaning as in Article 3E of the Companies (Jersey) Law 1991.
4 Application to make certain information
unavailable for public inspection
(1) A nominated person of an entity may apply
to the Commission in the approved form to make information in relation to a
person (the “subject”) unavailable for public inspection under the Law –
(a) if the subject considers
that there is a serious risk that the subject, or a person who lives with or is
related to the subject, will be subjected to violence, intimidation or physical
or mental harm as a result of the information being made available for public
inspection;
(b) if the subject considers
that there is a serious risk of damage or threat to property as a result of the
information being made available for public inspection;
(c) if the information
relates to a subject who lacks capacity to manage their own affairs; or
(d) if there are exceptional
circumstances that justify the making of the application.
(2) For the purpose of paragraph (1), the
Commission may issue and publish guidance in relation to applications made
under this Regulation, including guidance on what does or does not constitute
exceptional circumstances.
(3) A person who is not a nominated person of
an entity may apply to the Commission under paragraph (1) if there are exceptional
circumstances that justify the making of an application other than by a
nominated person.
(4) For the purposes of paragraph (3), the
Commission may issue and publish guidance on what does or does not constitute
exceptional circumstances.
(5) The application must contain the
following –
(a) a statement of the
grounds on which the application is made and any related evidence to support
the grounds on which the application is made;
(b) the name and any former
name of the subject;
(c) an address for correspondence
in respect of the application;
(d) the information that the subject
intends to be made unavailable for public inspection (the “relevant
information”);
(e) the name and registered
number of the entity in relation to which the subject is connected.
(6) The Commission must, as soon as reasonably
practicable after receiving an application –
(a) grant the application in
relation to some or all of the relevant information; or
(b) refuse the application.
(7) The Commission must, as soon as reasonably
practicable after making a decision, send to the address provided for
correspondence in the application –
(a) written notice of the decision;
(b) details of the relevant
information that will be made unavailable for public inspection as a result of
the decision; and
(c) if the application is
refused in relation to some or all of the relevant information, the
reasons for the decision and notice of the subject’s right of appeal under
Regulation 6.
(8) If an application is granted, the
Commission must ensure that the relevant information specified as being
unavailable for public inspection in the notice of the decision is unavailable
for public inspection.
(9) In this Regulation “lack of capacity” has the
same meaning as in Article 4 of the Capacity and Self-Determination (Jersey) Law 2016.
5 Relevant information subject of
application or appeal not to be made publicly available
Despite any other provision in these Regulations, the Commission
must not make available for public inspection any relevant information referred
to in Regulation 4(5)(d) –
(a) before the application
relating to that information is determined;
(b) if the application is
refused, before the period of 28 days referred to in Regulation 6(1)
has ended; and
(c) if the applicant appeals
to the Court under Regulation 6, before that appeal has been determined.
6 Appeals to Royal Court
(1) A person may, within 28 days of
receiving notice of a decision of the Commission under the Law or these
Regulations, appeal to the Royal Court against the decision on the ground that
the decision was unreasonable having regard to all the circumstances of the
case.
(2) On hearing an appeal under
paragraph (1), the Royal Court may –
(a) confirm, reverse or vary a
decision of the Commission; and
(b) make such order as to the
costs of the appeal as it thinks appropriate.
7 Additional amount payable on providing
annual confirmation statement[1]
(1) The additional amount required to be paid under
Article 7(1)(b) of the Law on providing an annual confirmation statement
to the Commission is –
(a) for entities administered
by a relevant business, £175; and
(b) for other entities, £145.[2]
(2) For the purposes of
paragraph (1)(a) –
(a) a relevant business
is –
(i) a fund services business, as defined by
the Financial Services (Jersey)
Law 1998, or
(ii) a
trust company business, as defined by the Financial Services (Jersey) Law 1998; but
(b) an entity is not
administered by a trust company business if the trust company business provides
to that entity only business prescribed as class O under the Financial Services (Financial Service Business)
(Jersey) Order 2009.[3]
8 [4]
9 [5]
10 Transitional arrangement
for information to be made publicly available
Despite any other provision in these Regulations, the Commission
must not make available for public inspection any information specified in
Regulation 2(1) or Regulation 3 –
(a) before the end of 31st
May 2021; or
(b) if the Commission extends
the period for the provision of annual confirmation statements (under Paragraph
2 of the Schedule to the Law), by the date that is 3 months after the end of
the period.
11 Citation and commencement
These Regulations may be cited as the Financial
Services (Disclosure and Provision of Information) (Jersey) Regulations 2020
and come into force on the day Article 20 of the Law comes into force.