Jersey's Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 came into force a few days ago, requiring companies to provide the Government with information about their beneficial owners and controllers. It includes a requirement to update this information within 21 days of any changes.

The new Law applies to:

• companies registered under the Companies (Jersey) Law 1991;
• foundations registered under the Foundations (Jersey) Law 2009;
• incorporated limited partnerships registered under the Incorporated Limited Partnerships (Jersey) Law 2011;
• Limited Liability Companies registered under the Limited Liability Companies (Jersey) Law 2018;
• Limited Liability Partnerships registered under the Limited Liability Partnerships (Jersey) Law 1997;
• Separate Limited Partnerships registered under the Separate Limited Partnerships (Jersey) Law 2011.

Just before the New Year, the Jersey Financial Services Commission announced: "We will reissue Control of Borrowing Order (COBO) consents for the entities in 2021. The conditions relating to the provision and updating of beneficial owner and controller information will be removed from the reissued consents.

"Until the consents are reissued, if an entity complies with the requirements of the new Law for providing and updating beneficial and controller information, it will be deemed to have complied with the conditions of its COBO consent relating to beneficial owner and controller information."

Under the new Law there is no requirement to obtain prior consent to a change of beneficial owner.

Limited Partnerships registered under the Limited Partnerships (Jersey) Law 1994 are not subject to the new Law.

The regulator has also updated its definition of "anti-money-laundering legislation" in a number of its codes of practice as a consequence of legislative amendments and Brexit.