In one of our previous blogs, we talked about the work we have been doing at TrustQuay to implement the new API services for the forthcoming new Jersey Digital Registry, and update the software for the requirements of the new Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020.
The initial launch date for the new upgraded myRegistry was 1 December 2020, and the industry has been working with the Jersey Financial Services Commission to prepare and iron out the details before the new law comes into effect.
As time passed – way too quickly (for the industry and software vendors at least!) – participants in the process grew concerned that there was too little time to prepare sufficiently before 1 December. That was particularly the case when taking into consideration the short period of time the test platform was available for testing, data validation and reconciliation, and for the purposes of the new Confirmation Statement, the required updates to the data held by the Registry.
From a software vendor’s point of view, there was a very real concern over how would we be able to support our customers in their transition to using Jersey Registry API services within that short timeline. Not so much from the point of view of updating the software, but also assisting our large customer base with the rollout, data reconciliation and adoption of this new service.
Thanks to the constructive and collaborative spirit set by the Jersey FSC straight from the beginning, the industry and software vendors alike had an opportunity to ask for detail, clarifications and voice points on an ongoing basis. We at TrustQuay found this immensely helpful.
Last week we received the news from the Jersey FSC that the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 will now come into force on 6 January 2021, which also means that the launch of myRegistry has moved to the same date.
More importantly, the new Confirmation Statement deadline has also been moved from 28 February 2021 to 30 April 2021 in order to give the industry more time to prepare for the new process. We feel this is a good, pragmatic move from the JFSC. While moving a project deadline is never easy, it’s vital we all get this right rather than have a false start to the project.
Although this extended deadline does give us more time, it is vital that as an industry we continue our work in earnest – the new deadlines will roll around quick! So, we will keep our sleeves rolled up and continue our work on the new API services, as well as our close collaboration with the Jersey Financial Services Commission.
It’s a win-win after all.
Nina is Compliance Product Manager at TrustQuay