What is Beneficial Ownership?
Beneficial ownership is a term used in international commercial legislation referred to anyone who enjoys the benefits of ownership of a security or property, and yet does not nominally own the asset itself. Webster's defines a beneficial owner as "one who enjoys the benefit of a property of which another is the legal owner.
Beneficial Ownership Reporting Summary
The Companies Registry is making changes to the way the Companies Registry collects information concerning beneficial ownership and control (BO). On 1 January 2017, all companies will be issued with a new Control of Borrowing (Jersey) Order 1958 (COBO) consent. This will mean that each company must:
- Inform the Companies Registry of the current beneficial ownership and control of the company by 30 June 2017 (by completing a C17S form); and
- Seek consent from the Companies Registry before a change in beneficial ownership or control of 25% or more takes place (by completing a C17B form).
Important: Even if there is no change to BO information since incorporation, companies must still complete a C17S (or equivalent form depending on the entity applying) before 30 June 2017. This will allow the Companies Registry at the JFSC to update information relating to BOs of each company and partnership on the register. You can do this at any time from 1 January 2017 as long as this is filed by 30 June 2017.
What if I failed to inform the Companies Registry in accordance with the COBO consent?
You will not be prosecuted for not seeking prior consent from the Commission as long as you inform us of the current beneficial ownership and control by 30 June 2017 by submitting a C17S form. If you fail to inform us of a change after this date, action may be taken against you for breach of a COBO consent and/or any other applicable laws and regulations.
InfrasoftTech solution will comply with new regulations regarding the true owners and stakeholders of your entity customer in an efficient, automated way.
Financial reporting System (FRS)
FRS is one of InfrasoftTech’s Regtech suite of products and solutions. It currently houses a solution for FATCA /CDOT and CRS which supports over 40 jurisdictions and is used by leading Financial Institutions around the globe.
How can InfrasoftTech help firms with Beneficial Ownership Reporting?
In line with our current aspiration of expanding the existing FRS product into an expanding RegTech Suite, InfrasoftTech has developed a “Beneficial Ownership Reporting Tool” to help companies comply with this regulatory requirement. All mandatory requirements published by SEC will be covered in this tool which will be kept up to date by an internal team with regulatory expertise.
InfrasoftTech's "Beneficial Ownership Reporting Tool" includes the following features:
- Automation of administrative process
- Data extraction from existing source systems
- Bulk upload capability of reporting of data with validation routines to check for data integrity
- Provide comprehensive data reporting
- Built-in review and authorization workflows
- Dynamic dashboards providing single view capabilities
- On-going schema updates
- Verification of business validations & checkpoints
- Multi-Tenant / Multi entity solution to meet your reporting requirements
- Single Click submission capability to JFSC
Business benefits gained from the reporting tool:
- Provide compliance to regulatory authorities
- Reliable partner for regulatory processes
- Seamless integration with FRS product suite
- Ability to review and authorize data
- Automatic submission of data on a single click
- Reporting capability for online & offline analysis