Date added: : 03.12.2020

Jersey authorities have announced about the postponement of the entry into force of the Financial Services Law. This document provides for the creation of beneficial ownership register of the legal entities registered in the Crown dependency. According to the new government order, the law will enter into force on January 6, 2021.

This is the second time the Jersey government postpones the implementation of this law. It was adopted on July 14, 2020, and then the authorities of the jurisdiction decided that the document should enter into force on October 1. However, after they faced criticism from the business representatives about late notification, it was decided to postpone the entry into force on December 1. Now, Jersey representatives decided to extend the transition period by one more month.

The authorities believe that this way the organizations and foundations registered in Jersey will get better opportunities  for adapting to the new requirements. In addition, the jurisdiction authorities decided to extend the deadline for filing the annual report. Now, the deadline for companies is set not on February 28, but on April 30, 2021.

Law & Trust offers its legal services for the clients operating in Jersey. The company's specialists will tell how to adapt the company and help to prepare all the necessary documents and information for the beneficial ownership register.