Annual Report 2012 - the Jersey Financial Services Commission

RegistryAll systems continue to be embedded in the onlineenvironment known as Easy Company Registry (“ECR”).In particular a new facility was created to allow multiplefilings of companies’ annual returns with only one payment.Work on developing an automated Security Interests Registerreached user acceptance testing stage with a number ofprogress demonstrations of the test system being given toIndustry during its development.The Commission operates Jersey’sCompanies Registry (the “Registry”),which registers Jersey statutory bodies.The Registry is committed to constructively responding to theneeds and requirements of its users. Its Focus Group meetsannually to discuss issues such as the quality of serviceprovided by the Registry, online services, the volume ofbusiness through the Registry, and new products and fees.During 2012, the Registry initiated a ‘root and branch’ review.The objects of the review are to:• clearly define the requirements of a replacementRegistry system;• ensure that any new system removes the burden ofredundant administrative requirements and takes intoaccount any legislative drivers; and• ensure international standards are met where required.In order for all Registry stakeholders to participate in thissignificant review, a number of presentations were madeduring the year to Registry employees, the Registry FocusGroup and Government. Reviews have begun of legislation,the current Registry ICT systems and processes, and thebench marking to international registries.Overall, the number of Registry transactions continued togrow with registrations and processing, such as specialresolutions and searches, having significantly increasedwhen supplied online. This demonstrates that users of theRegistry’s services are now availing themselves of theimproved online environment as their main point of contact.The Registry adheres to published response time-scales, all ofwhich were met in 2012, as shown in the table on page 43.Automation and e-commerce projectsThe online search facility, the online monitoring and theonline filing system were enhanced.In partnership with ICT, the Registry continued to enhanceand extend its website with the introduction of new featureswhich allow users to verify the authenticity of documentsthat have been issued by the Registry. A number of onlineforms have been evolved within the ECR website to achievefurther efficiencies from the back office application. A newRegistry e-zine was also launched during 2012 to keepusers abreast of Registry issues and developments.International Development of the RegistryThe Registry has continued to enhance its profileinternationally, participating at events such as the EuropeanCommerce Registries’ Forum (“ECRF”) in Macedonia.According to the ECRF’s global benchmarking survey2012, Jersey processes the highest number of cross-bordercorporate migrations of all jurisdictions surveyed. Given thisstatistic, Jersey considers it important to be aware ofinternational registry developments in this area. As part ofthis programme, the Jersey Registry was elected to theECRF Working Group set up to progress the requirements ofthe Directive on the Interconnectivity of European Union(“EU”) and non EU (third countries) business registries.The implications for Jersey and other non EU countries ofthe introduction of this Directive and, consequently, any EUmechanism set up to deliver the requirements of thisDirective, remain to be determined.As part of its programme to match international standards onthe supply of registry data, an information sharing agreementwas signed with the European Business Register (“EBR”).This has enabled information on Jersey companies to beavailable through the EBR for the last six years.The International Association of Commercial Administrators(“IACA”) represents the company registries of the UnitedStates (“US”) and Canada. Jersey was jointly awarded,with Germany, an IACA Merit award for “OutstandingInnovation in Registry Interoperability”. Canada and the USare regarded as the leading jurisdictions for theadministration of secure transactions and, with Jersey’s newSecurity Interests Law being further developed in 2012,access to expert support from some of the North Americanregistries has been beneficial in developing the underlyingSecurity Interests Register.24 | ANNUAL REPORT 2012