Following a number of delays to the Jersey annual confirmation deadline, the final deadline for 2021 Annual Confirmation statements is finally here – 30 September is just around the corner.
As a warning, the Jersey Registry recently reminded companies to prepare and submit their annual confirmation statements before the deadline, as they noticed a lower level of completion rates at this stage than they expected.
Over the last few weeks, the approaching deadline was also felt by us at TrustQuay.
Our customers have been increasingly asking for our API solution, recognising that it does offer significant efficiencies over doing the annual confirmation statement manually via the online portal.
During our preparations for the annual confirmation submissions, the Jersey Registry reached out to us and our customers who are using the API functionality, and invited us to joint meetings with the purpose to discuss the API readiness, any technical issues that would need their assistance, but also to understand the level of preparatory work that the Trust and Corporate Service Providers have already done for the submissions. This was very helpful, and as a result, our first customers are already using our API solution to reconcile and prepare the data for annual confirmation submission.
From our experience, there is a strong understanding from the Jersey Registry that the path to implementing the new online portal and the new API technology for confirmation statement submissions has not always been the smoothest, with some code changes being deemed necessary throughout the development process over the past year or so.
In this context, the Registry’s message seems to be that the important part is to do the internal preparations for the annual confirmation, ensuring the data between the Registry and the regulated firms’ internal database reconciles, and is complete and accurate. If the firms are using the new API technology for submissions, the Registry are showing some recognition that due to late changes to the development code and tests required to be passed, the deadline may be difficult to adhere to.
However, using the API technology, our customers can submit their annual confirmation statements to the Registry much more efficiently, and without having to log into the Registry online portal and entering or updating the data manually. So early adopters of API technology may just about complete their annual confirmations in time.
Nina is Compliance Product Manager at TrustQuay