If we’d been allowed to work in our offices over the past few months, you could have seen a big steam cloud of TrustQuay brainpower rising above our offices. But as things are, there were smaller brainpower clouds scattered around the globe, all working on the same thing.
We have been working on the implementation of the new Jersey Registry API functionality, to enable digital submissions to the new Jersey Digital Registry.
As we mentioned in our previous blogs, we have been engaged in discussions with the Jersey Financial Services Commission (JFSC) all of the last summer and autumn, closely following developments on the Digital Registry programme, and working alongside the JFSC to implement the API functionality for our customers.
The new Digital Registry was due to go live on 1 December 2020 and was initially postponed to 6 January 2021. The deadline for the new Confirmation Statement submissions had also been moved from 28 February to 30 April 2021, and this week again has moved out by two months.
Our conversations with the Jersey Financial Services Commission team gives all of us a good mutual understanding of the planned timelines, challenges, and the path forward. It showed yet again that large and complex projects such as digitalisation of the Registry and providing API services to the Corporate Services industry require strong collaboration, openness and trust between the software vendors and regulators, as well as a healthy degree of pragmatism.
Our discussions with our customers have equally shown a keenness for the Digital Registry, yet also a similar theme of collaboration and pragmatism to ensure the the end result is something that works for Jersey.
During these customer meetings there were two common themes that kept coming up.
The first one was the significant efficiencies that our customers will achieve with digitalisation of the Registry and enabling the API services. That was particularly apparent for our customers who manage high volumes of corporate entities, but even for smaller firms, the ability to reduce errors and corrections will be significant.
And the second common theme was the unifying view that whatever we do as an industry and whenever we do it, it is vital that we don’t rush for a deadline when the underlying services or firms aren’t ready.
Therefore, no matter whether you’re a firm that was on track or behind, and while we were on track for the original deadlines, it is a positive outcome that the Jersey Financial Services Commission is taking the pragmatic view to take its time to guarantee the success of the project.
Nina is Compliance Product Manager at TrustQuay