Ownership of Guernsey Companies Proposals for a Register of Beneficial Ownership of Guernsey Companies Existing Position in Guernsey Review of the Main Proposals Definition of Beneficial Owner UK Position compared to Guernsey Proposals ID: 624666
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Slide1
Proposals for a Register of Beneficial
Ownership of Guernsey CompaniesSlide2
Proposals for a Register of Beneficial Ownership of Guernsey Companies
Existing Position in Guernsey
Review of the Main Proposals
Definition of Beneficial Owner
UK Position compared to Guernsey Proposals
Access to the Information
The next steps
QuestionsSlide3
Existing Position in Guernsey
Appoint Resident Agent
Ascertain the
identity of all
Beneficial OwnersKeep in-house recordsAccessible by the GFSC and Law Enforcement Agencies Criminal and regulatory sanctions for non-complianceSlide4
Main Proposals
Central register
Administered by a Registrar of Beneficial Ownership
Resident Agent to notify Registrar of changes within 14 days
Standard Beneficial Ownership Declaration FormsCriminal and regulatory sanctions for non-complianceInclude compliance and information gathering noticesPenaltiesSlide5
Who are the Beneficial Owners?
A natural person who:
holds more than 25% of a company’s shares or voting rights;
holds the right, directly or indirectly, to appoint or remove the majority of a
company’s directors; Otherwise owns or controls a relevant legal person, or any underlying person or legal arrangement, which itself meets the 25% threshold in relation to the legal person in question.Slide6
UK - Persons with Significant Control
Enacted 5 April 2016
Requires UK private companies and LLPs to keep a Persons of Significant Control (‘PSC’) Register
Definition of a PSC:
Individuals who meet one or more of the following conditions:holds more than 25% of the company’s shares or voting rights; holds the right, directly or indirectly, to appoint or remove the majority of a company’s directors; exercise or have the right to exercise significant influence or control over a company; exercise or have the right to exercise significant influence or control over any trust or firm (which is not a legal entity) which has significant control (under one of the four conditions above) over the company.Slide7
UK - Persons with Significant Control
Requirement for legal entities to be included on PSC Register in some circumstances.
The following details are required:
Name
Service addressNationalityDate of birth Residential addressDetails of the nature of the control exercisedA company can have no Persons of Significant ControlRegister kept at Registered Office and on Companies HouseAvailable to the public Slide8
Guernsey – Beneficial Ownership Register
The following details will be required:
Name
Service Address
NationalityDate of birthResidential AddressDate the individual became a beneficial ownerBasis on which the individual has been identified and verified as a beneficial owner and the information that has been relied upon in doing so.Legislation also to be applied to LLPs, Limited Partnerships and FoundationsNominee shareholders also to be included on the register.Slide9
Who will be able to view the information?
Accessible by Guernsey authorities
Guernsey authorities can disclose this information to foreign authorities
Not available
to the publicThe register will be protected by confidentiality rules and encryption, but the form the register will take is still under consideration. Various ideas have been proposed by industry to address the risk of data security.Slide10
What next?
Consultation closed on 8 July 2016; details on implementation are awaited.
Guernsey has signed
an
‘Exchange of Notes’ with the UK Government to mutually share beneficial ownership information by 30 June 2017. Guernsey has also committed to a new international initiative, led by the G5 Countries, to automatically exchange beneficial ownership information in the future. Guernsey is a well regulated International Finance Centre committed to fighting financial crime. There is a need to adapt to international pressures for greater transparency - but without wholly removing individuals’ rights to personal privacy.Slide11
Questions?
Hannah Bisson
Relationship Manager
Tel:
01481 737766hannah.bisson@butterfieldgroup.comPaul HodgsonManaging DirectorTel: 01481 739145
paul.hodgson@butterfieldgroup.com