Representatives from Company Registries from several European Union countries were in Jersey recently to discuss the implications of a new European Directive.
The Directive, published in June this year, proposes greater connectivity of systems and mechanisms between Registries. In the Directive it is also proposed that third countries – those jurisdictions that are not in the EU of which Jersey would be one – might also be invited to participate in the system to improve online connectivity.
Earlier this year Jersey was elected onto the working group of the European Commerce Registers Forum (“ECRF”) to help develop criteria for third countries to be able to join any system in the future. The ECRF is the main European Registry Forum for considering corporate legislation, ICT system developments, standardisation and benchmarking.
Julian Lamb, Director of the Jersey Registry, where details of companies formed in Jersey are registered, commented:
“By being a part of the working group examining these proposals we are in a far better position to understand the likely developments and how they might impact on Jersey. We can also benchmark our own systems and procedures more readily against others in Europe and further afield, and we can obtain early warning of any new EU legislation and potential changes to current standards.”
Also visiting Jersey at the same time were board members of the European Business Register (“EBR”). The EBR, a body whose members are the official business registries of Europe, is one of the organisations with which the European Commission discusses registry issues. Jersey has been a member of this organisation since 2006 and earlier this year Julian Lamb was re-elected onto the Board. He added:
“I was delighted to welcome colleagues from across Europe and further afield to Jersey. To have a range of leading representatives from Registries in the European Union in Jersey for their board meeting enabled us to show first-hand the standards employed in the Island, while also building valuable relationships with counterparts in the EU and beyond.”
This visit builds on the collaboration already underway and which led earlier this year to the Jersey Registry receiving a Merit Award jointly with Germany for their submission to an international body, the International Association of Commercial Administrators, for their collaboration on a European registry pilot project. The Jersey Companies Registry has been recognised internationally for work it has undertaken in collaboration with an equivalent registry in Germany.
For further information please contact: –
Julian Lamb Tel: + 44 (0) 1534 822067
Director, Registry Fax: + 44 (0) 1534 822003
Jersey Financial Services Commission Email: email@example.com