Jersey trust business regulation and registration

Jersey regulates trust company business, with published categories, a public register and application pages.

Who regulates trust company business

The Jersey Financial Services Commission (JFSC) regulates trust company business through registration under the Financial Services (Jersey) Law. The law's definition reaches trustee and fiduciary services, company administration, and specified services to foundations, limited liability companies, and partnerships.^[3]^[4]

A person carrying on this business must apply to the Commission for registration. The application includes information and documents about the applicant, its business, and its principal persons, and the Commission may request additional material. The Commission may register with conditions or refuse an application.^[4]

Published registration classes

The JFSC publishes classes that distinguish the services within trust company business. The Code identifies Class L with acting as trustee of an express trust, and Class M with acting as a nominee shareholder or unitholder. Other named classes cover formation, company director functions, partnership functions, foundation council membership, company secretarial work, addresses, managed trust companies, and specified combinations.^[3]

Class F covers company, partnership, or foundation formation agent services.^[3]
Classes G and H cover company director functions and partnership functions, respectively.^[3]
Class OA covers acting as a member of a foundation council.^[3]
Classes I, J, and K cover secretarial functions and address services.^[3]
Class N covers managing a managed trust company, and Class O applies to specified combinations of services.^[3]

The Commission's Code applies to persons registered to carry on trust company business. It sets out principles and detailed requirements for registered persons, including expectations concerning governance, conduct, and financial resources.^[3]

How the public register works

The JFSC's regulated entities register presents information through individual entity records. A record can show the regulated business section, classes, and affiliation details, including an affiliation leader and participating members.^[2]

A listed registration is evidence that the Commission records an entity under a regulated business category. A registration entry does not establish the details of a particular trust, its terms, beneficiaries, or the work performed for an individual client.^[2]

Applying for a licence

The JFSC sets out processes for approvals, notifications, and cancellation of registration. The Commission may ask for further information before deciding, and an applicant may withdraw an application before it is granted or refused.^[4]

Questions and answers

Which Jersey authority registers trust company businesses?

The Jersey Financial Services Commission registers trust company business under the Financial Services (Jersey) Law. Its Code applies to persons registered for that business.^[3]^[4]

Which registration class covers acting as trustee?

The Code associates acting as trustee of an express trust with Class L. It separately associates nominee shareholder or unitholder services with Class M.^[3]

What details can a JFSC register entry display?

The entry displays the regulated business section and its classes. It also shows affiliation information, including affiliation leader and participating member types.^[2]

Can the Commission request additional application information?

Yes. The law says the Commission may request additional information or documents before determining an application.

Related glossary terms

Beneficiary: The Jersey trust law describes a beneficiary by entitlement or by a discretionary possibility of receiving trust property. The definition covers both forms.
Charitable trust: A charitable trust holds property for charitable purposes, and trust laws relate it to purpose trusts and to the other categories of trust used in planning.
Corporate trustee: A corporate trustee is a corporation under Jersey law. The law explains how it acts for a trust and relates to an individual trustee or trust corporation.