Jersey updates UBO reporting process
19 April 2021 - Jersey’s recent changes to its annual return reporting regime brought with it significant implications to the Ultimate Beneficial Ownership (UBO) reporting process.
Under the new legislation, the annual return will be replaced by an annual confirmation statement requiring companies to confirm the accuracy of the company data held by the Financial Service Commission (the Commission). The annual confirmation statement will now also include the company’s UBO information.
In addition, companies will have to appoint a company representative responsible for providing all of its UBO information and documents to the Commission. The Commission will in turn collect, maintain and make public some of the information.