Global innovation award for Jersey’s new security register

The Jersey Companies Registry, which is part of the Jersey Financial Services Commission (the “Commission”), has won a leading international award for its recently introduced Security Interests Register.

The International Association of Commercial Administrators (“IACA”), the leading global forum for international registries, presented Jersey with the award for ‘outstanding achievement in secured transaction registry innovation’.

Julian Lamb, Director of the Jersey Companies Registry, received the award while attending an IACA conference in Milwaukee, United States (“US”) in his capacity as Deputy Chairman of IACA’s international section. Jersey was one of 15 international registry systems, including those in Australia, New Zealand, the United Kingdom and states of the US, to be considered and one of only six to receive an award.

Launched in January 2014, the Security Interests Register is a fully online register of security interests that was developed by the officials at the Jersey Companies Registry following extensive consultation with the finance industry. There was also considerable collaboration with other international registries during the planning and development of the new register, which makes available a public register of security interests in Jersey for the first time.

Julian Lamb commented:

“The award is especially welcome because it is given by our peers within the regulatory industry worldwide and highlights that Jersey remains at the forefront of regulatory developments in financial services. We are ahead of most other jurisdictions, with the scope and features of our online Security Interests Register, which also makes financing statements accessible to the public. It has been well received by the industry in its first few months and resonates well with the increasing global drive for greater transparency in financial services.”

IACA is a North American association whose membership comprises the official business registries of the US, Canada and other international jurisdictions. It is the only registry forum which sets standards and shares system innovations with regard to secure transactions.

It is the second time in recent years that IACA has recognised developments at the Commission. In 2012, the Jersey Companies Registry was given a Merit Award jointly with the equivalent registry in Germany, for a pilot project designed to improve the electronic transfer of publically available data between registries.