Information and public services for the Island of Guernsey

Today

News

Fun Palace!
Monday 25 September 2017

'Everyone an artist, everyone a scientist'.

Read more
Construction progressing well on new Longue Hougue waste facility
Friday 22 September 2017

A new facility to process waste from households and businesses, prior to export for energy recovery or recycling, will open at Longue Hougue next year.

Read more
ESC responds to union comments
Thursday 21 September 2017

The Committee for Education, Sport & Culture welcomes the comments from the National Education Union (NEU) which it has received as part of its engagement on proposals for the future structure of secondary and post-16 education.

Read more All News
Coming soon – a map of events, hazards and other useful information
weather iconRather cloudy, some fair or sunny periods. Mist and a risk of fog patches this morning.
High18°CLow12°C
5 day forecastTide timetables
weather iconRather cloudy, some fair or sunny periods. Mist and a risk of fog patches this morning.
High18°CLow12°C
5 day forecastTide timetables


Arrival


VesselFromTimeArrived
ChannelChief Jersey 06:00 06:00E 


Departure


VesselToTimeDeparted
ChannelChief Jersey 07:30  
All arrivals and departures Shipping forecast


Arrival


AirlineTimeDateFromFlightStatus
Mail/Newspapers06:302017-09-26MailNPT22G


Departure


AirlineTimeDateToFlightStatus
Aurigny07:002017-09-26GatwickGR600
All arrivals and departures
Sign In

The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017

Share this page

P.2017/27

The States are asked to decide:-

Whether they are of the opinion to approve the draft Projet de Loi entitled "The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017", and to authorise the Bailiff to present a most humble petition to Her Majesty praying for Her Royal Sanction thereto.

This proposition has been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.

EXPLANATORY MEMORANDUM

The Law establishes the Office of the Registrar of Beneficial Ownership of Legal Persons, sets out the powers and functions of the Registrar, and imposes new duties on beneficial owners of legal persons and resident agents relating to the provision of information. The Law also makes appropriate amendments to the "relevant legal person Laws" - ie the Companies (Guernsey) Law, 2008, the Limited Liability Partnerships (Guernsey) Law, 2013 and the Foundations (Guernsey) Law, 2012 - and makes amendments to other legislation to ensure that the Guernsey Financial Services Commission has appropriate supervisory powers in respect of persons it regulates.

Part 1 of the Law establishes the Office of the Registrar and sets out the Registrar's functions. Part 2 sets out the duties of resident agents and beneficial owners to collect and disclose information. These duties expand on existing duties in the relevant legal persons Laws (eg Part XXIX of the Companies Law). The duties are enforced by a civil penalties regime and, in respect of resident agents, criminal offences. Part 3 amends the existing resident agent and beneficial ownership provisions in the relevant legal person Laws, making them consistent with the duties under Part 2 and the functions of the Registrar. Part 4 is concerned with the enforcement of the provisions, including a range of flexible civil sanctions consistent with those in the Companies Law, such as the power to issue private reprimands. The general provisions at Part 5 include providing for the meaning of 'beneficial owner' and related expressions to be defined by regulations.

Schedule 1 makes standard provision in respect of the Office of the Registrar. Schedule 2 sets out in more detail the general powers of the Registrar to disclose, and obtain, information, as well as the duty on him to keep information secure and confidential; the powers to disclose are consistent with powers in existing legislation such as the Disclosure Law. Also in Schedule 2 is an express power for the GFSC and the Economic Crime Division of the Customs and Immigration Service to inspect the Register for the purposes of carrying out their functions. Schedule 3 sets out amendments to the Foundations Law and Schedule 4 sets out amendments to other enactments, made for the broad purpose of ensuring that the GFSC has suitable supervisory powers in respect of persons it regulates.

Downloads

Legislation - Beneficial Ownership of Legal Persons (Guernsey) Law 2017

Share this page

Add To Home

To add this page to the homescreen of your phone, go to the menu button and "Add to homescreen".


The menu button may look like
Three Dots or Box with an Arrow *some browsers' menu buttons may vary.