(General Provisions) (Jersey) Order 2002
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
Showing the law
from 1 August 2023 to Current
(General Provisions) (Jersey) Order 2002
DEVELOPMENT COMMITTEE, in pursuance of Articles 5,
8, 9, 11, 20, 34 and 51 of the Banking Business
(Jersey) Law 1991, on the recommendation
of the Jersey Financial Commission and having consulted with such persons as
appear to the Committee to represent the interests of accountants and
registered persons, orders as follows –
Commencement [see endnotes]
this Order –
relation to a deposit advertisement, means the deposit in relation to which the
advertisement contains –
invitation to make such a deposit; or
that is intended or might reasonably be presumed to be intended to lead
directly or indirectly to the making of such a deposit;
means, in relation to a deposit, the person carrying on the deposit-taking
business taking the deposit;
means the Banking Business
(Jersey) Law 1991.
reference in this Order to an enactment, including an enactment of the United
Kingdom, is a reference to that enactment as amended by or under any other
A transaction described
as an exempt transaction in Articles 3 to 7, inclusive, is prescribed for
the purposes of Article 8(3) of the Law as a transaction to which the
prohibition in Article 8(1) of the Law does not apply.
is an exempt transaction for a charity to accept a sum if –
sum is paid by another charity; or
interest or premium is payable in respect of the sum.
this Article “charity” means an institution, trust or undertaking,
whether corporate or not, that is established for charitable purposes.
and Provident Societies
is an exempt transaction for an industrial and provident society to accept a
sum in the form of withdrawable share capital.
this Article “industrial and provident society” means a society
registered or deemed to be registered under the Industrial and Provident
Societies Act 1965 of the United Kingdom as applied to Jersey by the Industrial
and Provident Societies (Channel Islands) Order 1965.
is an exempt transaction for a practising advocate or a practising solicitor to
accept a sum in the course of his or her profession.
this Article –
advocate” means an advocate who is qualified to act as such under the Advocates and
Solicitors (Jersey) Law 1997;
solicitor” means –
solicitor who is qualified to act as such under the Advocates and
Solicitors (Jersey) Law 1997, or
person who is qualified to act as a solicitor under any of section 1 of the Solicitors
Act 1974 of the United Kingdom, Article 4 of the Solicitors (Northern
Ireland) Order 1976 or section 4 of the Solicitors (Scotland)
Act 1980 and who is, for the time being, practising as such from or within
is an exempt transaction for a person to accept a sum –
engage in any form of investment dealing activity for or on behalf of the person
by whom or on whose behalf the sum was paid; or
engage in any service activity on behalf of that person.
this Article –
activity” means to buy, sell, subscribe for or underwrite investments or
to offer or agree to do so either as principal or as agent;
activity” means any of the following activities –
make or agree to make –
with a view to another person buying, selling, subscribing for
or underwriting a particular investment, or
with a view to a person who participates in the arrangements, buying, selling,
subscribing for or underwriting investments;
manage, or offer to manage, assets, belonging to another person if –
assets consist of or include investments, or
arrangements for their management are such that the assets may consist of or
include investments at the discretion of the person managing or offering or
agreeing to manage them and either they have at any time done so or the
arrangements have at any time been held out as arrangements under which they
would do so;
establish, operate or wind up a collective investment scheme, including acting
as a trustee or custodian of a recognized fund, as that term is defined in the Collective
Investment Funds (Recognized Funds) (Rules) (Jersey) Order 2003.
It is an exempt
transaction for a person to accept a sum as a trustee –
lend it, in such a way that it is segregated from his or her own assets, to one
or more persons in any part of the world duly authorized to carry out a deposit-taking
(b) in the course of carrying on the business of a trustee.
A body listed in Schedule 1
is an exempt person for the purposes of Article 8(2)(d) of the Law subject
to the conditions specified in that Schedule in relation to that body.
person may apply for registration under Article 9 of the Law by delivering
to the Commission an application in the form approved or provided by the
is a condition of every registration under the Law that the registered person –
not commence without the Commission’s consent a new activity in Jersey,
being activity that has or may have a significant effect on the business or
profitability of the registered person;
remove a director, controller or manager of the registered person appointed
under Article 24(1) of the Law if the Commission so requires on the
grounds that the Commission does not consider the director, controller
or manager to be a fit and proper person to hold such office; and
comply promptly with a notice issued under Article 26(1) of the Law.
is an additional condition of registration of an overseas incorporated bank
that the overseas incorporated bank –
appoint a senior officer, approved by the Commission, outside Jersey to ensure
that the obligations imposed by the Law on the overseas incorporated bank are
ensure that the person appointed informs the Commission of the name of the
overseas incorporated bank’s principal manager in Jersey and that of any
deputy of the manager and, within 14 days, notifies the Commission of any
change of the person holding either of those offices.
is an additional condition of registration of a Jersey incorporated bank that
the Jersey incorporated bank must not without the Commission’s
or acquire a representative office, a branch or a subsidiary outside Jersey;
with others in a joint venture outside Jersey involving deposit-taking, banking or investment business; and
(c) enter into an exposure to any one person or a group of
connected persons that exceeds 25% of the registered person’s agreed
Article applies to a deposit advertisement issued by –
registered person that is a Jersey incorporated bank;
registered person that is a Jersey branch;
(c) a person
other than a registered person, who issues or intends to issue a local deposit
does not apply to a deposit advertisement issued in a place outside Jersey by a
registered person that is an overseas incorporated bank if the advertisement is
business of the company as a whole; or
branch or other office of the company outside Jersey, if the sole mention in
the advertisement of the branch or other office in Jersey is as a part of a
geographical list of the places where that company carries on its business.
deposit advertisement must not be issued in Jersey unless it complies with the
conditions specified in Schedule 2.
this Article “local deposit advertisement” means a deposit
in a newspaper, magazine or journal circulating principally in Jersey;
by means of a broadcast (whether in sound or vision or a combination of sound
and vision) received principally in Jersey; or
by means of any other electronic communication, as that term is defined by the Electronic
Communications (Jersey) Law 2000, where
Jersey is featured as an essential element of the advertisement.
This Order may be cited
as the Banking Business (General Provisions) (Jersey) Order 2002.
Channel Islands Co-operative Society Limited (the “Society”)
Subject to the following
exemption only applies to the acceptance of deposits from members of the
Society from time to time and from persons who (on the date of the coming into
force of the Law) were depositors with the Society.
Society shall limit deposits to 100% of its most recently published capital and
Society may only issue deposit advertisements to persons who are members of the
Society or to persons who on the coming into force of the Law were depositors
with the Society, except that this condition shall not prevent the Society from
advertising its deposit-taking services in any of its premises and shall not
prevent the Society from placing notices in any newspaper of changes in any rate
of interest payable in respect of deposits with the Society.
Society’s auditors shall provide to the Commission an annual statement in
writing that conditions 1 and 2, above, have been complied with.
Society shall provide the Commission with such information about its business
as the Commission may request.
Society shall permit persons authorized by the Commission for the purpose to
carry out inspections of any part of its activities and shall give any such
persons such assistance in the inspection as they may reasonably require.
Savings & Credit Limited (the “Company”)
Subject to the following
Company shall not change its auditors without the prior consent of the
Board members and directors must be approved by the Commission.
Commission shall be free to impose such additional conditions on the activities
of the company as it considers necessary for the protection of the members.
Company shall operate according to rules which are consistent with those used
by Credit Unions operating in the United Kingdom.
Company shall enter into an Insurance Bond in a format
acceptable to the Commission to protect the savings of members from fraud or
Company shall provide the Commission with such information about its
business/activities at such frequency as the Commission may request.
Company shall permit Officers of the Commission or persons authorized by it for
the purpose to carry out inspections of any part of the Company’s
activities and shall give such persons such assistance in inspection as they
may reasonably require.
Company shall submit copies of its annual audited accounts to the Commission
within 3 months of its financial year end.
Conditions applicable to a deposit advertisement
deposit advertisement must state –
full name of the deposit-taker; and
business address of the deposit-taker in Jersey.
must also state –
(a) if the
deposit-taker is not a company incorporated in Jersey, its place of
incorporation, or in the case of a body other than a company, the place of its
the deposit-taker is a company incorporated in Jersey, that copies of the
deposit-taker’s latest audited accounts are available for inspection on
the deposit-taker is not a registered person, that fact together with details
its place of registration, if any.
(3) Sub-paragraph (2)(b)
shall not apply in relation to a deposit advertisement issued by the exhibition
of a cinematograph film or by way of sound or television broadcasting if the
advertisement contains a statement that further particulars will be sent if
application is made to the address specified in the advertisement, and those
particulars include the information specified in that sub-paragraph.
a deposit advertisement specifies a rate of interest payable on deposits the
advertisement must state –
minimum amount that must be deposited to earn the rate of interest;
period of time during which no interest will be payable;
minimum period of time during which a deposit must be retained by the
deposit-taker in order to earn the rate of interest;
minimum period of notice that must be given before repayment may be required of
a deposit earning the rate of interest; and
intervals at which the interest will be paid.
the rate of interest that is specified is not an annual rate of simple
interest, the advertisement must state the basis on which the rate will be
the rate of interest that is specified may be varied during the period for
which the deposit will be held this must be stated in the advertisement.
interest will or may not be paid in full at the rate that is specified, this
must be stated in the advertisement, and the advertisement must state the
nature and the amount of or rate of any deductions that will or may be made
from the interest before payment.
the rate of interest that is specified is or may not be the rate at which
interest will be payable in respect of deposits on the date on which the
advertisement is issued this must be stated in the advertisement, and the
advertisement must state the date on which interest was payable at the rate
that is specified, such date being as close as reasonably practicable to the
date on which the advertisement is issued.
an advertisement specifies more than one rate of interest payable in respect of
deposits of a particular amount the advertisement must contain the information
required by any of the foregoing sub-paragraphs in relation to each such rate.
different rates of interest apply to deposits of different amounts, the
advertisement must contain the information required by any of the foregoing sub-paragraphs
in relation to each such rate.
a deposit advertisement contains a reference to the amount of the paid-up
capital and reserves of a holding company of a registered person, or of a group
of which the registered person is a member, the advertisement must also state
with equal prominence the amount of the paid-up capital and reserves of the
registered person, described as such.
an advertisement contains a reference to the amount of the assets of a holding
company of a registered person, or of a group of which the registered person is
a member –
advertisement must, unless that amount relates to the net assets of that
holding company or group and is so described, state with equal prominence the
amount of the liabilities of that holding company or group described as such;
advertisement must state with equal prominence the amount of the net assets of
the registered person, described as such.
this paragraph –
net assets of a company or a group shall be taken to be the total assets less
group means a company and all its subsidiaries; and
company also means a building society.
4 Deposit protection
deposit advertisement must state in relation to a deposit –
every case, whether or not the repayment of the
deposit, or the payment of any interest on the deposit, would (to any extent)
be covered under a scheme for compensating depositors, being a scheme
established under Article 37 of the Law; and
the case where the repayment of the deposit, or the payment of any interest on
the deposit, would (to any extent) be covered under a scheme for compensating
depositors established by law (and not merely by agreement) outside Jersey,
in sub-paragraph (1) prevents the inclusion in a deposit advertisement of
matter relating or apparently relating to any other scheme, or an arrangement, for
covering, guaranteeing, securing or otherwise
protecting (to any extent) deposits, the interest on them, the repayment of
deposits, or the payment of the interest on them.
a deposit advertisement states or implies that the repayment of the deposit, or
the payment of any interest on the deposit, would be covered under a scheme
referred to in sub-paragraph (1) (or includes matter as described in
sub-paragraph (2) relating or apparently relating to any other scheme or
an arrangement) the advertisement must state –
under one or more such schemes or arrangements, the repayment or payment is
guaranteed (or the advertisement represents that it is guaranteed), the name of
the provider of that guarantee;
every case, the nature and extent of the cover, guarantee, security, or
protection, afforded by each scheme or arrangement; and
the case of any scheme referred to in sub-paragraph (1), the maxima that
apply under the scheme as to repayment and payment in respect of as many of the
following as the maxima are applicable to –
individual deposit, in the case of any one default by the deposit-taker,
individual depositor, in the case of any one default by the deposit-taker,
aggregate of deposits covered by the scheme, in relation to all deposit-takers
to which the scheme applies.
the case of a scheme referred to in sub-paragraph (1), it is sufficient
compliance with clause (a) or (b) of sub-paragraph (3) if a deposit
advertisement that refers to the scheme states the address of a website that
sets out the matters specified in that clause.
A deposit advertisement
must state the currency in which the deposits are to be made.
6 Supplementary Provisions
The matters required to
be included in a deposit advertisement by virtue of this Schedule must be shown
clearly and legibly, or in the case of an advertisement issued by the exhibition
of a cinematograph film or by way of sound or television broadcast, spoken
Table of Legislation
Year and No
Business (General Provisions) (Jersey) Order 2002
of Functions (Economic Development Committee) (Jersey) Act 2003
Business (General Provisions) (Amendment) (Jersey) Order 2004
Business (General Provisions) (Amendment No. 2) (Jersey) Order 2006
September 2006 except Article 3 which came into force on 1 October 2006
Business (General Provisions) (Amendment No. 3) (Jersey) Order 2011
Business (General Provisions) (Amendment No. 4) (Jersey) Order 2016
Business (General Provisions) (Amendment No. 5) (Jersey) Order 2023
Table of Renumbered
omitted from this revised edition
omitted from this revised edition
Table of Endnote References
 The power to
prescribe fees by Order of the Minister has been replaced by a power for the
Jersey Financial Services Commission to publish fees (see chapter 13.075 as
amended by L.33/2007). Accordingly, all provisions of this Order prescribing
fees lapsed on 24 January 2008 and have been removed.
 Article 1(1) substituted
 Article 6(2) amended
 Article 7 amended
 Article 9 substituted
by R&O.100/2004, amended by R&O.94/2006
 Article 9(1) amended
 Article 9(2) deleted
 Article 10 deleted
 Article 11(2) substituted
 Article 11(3) amended
by R&O.102/2011, substituted by R&O.65/2023
 Article 11(4) deleted
 Article 11(5) deleted
 Article 12(1) amended
 Article 12(2) amended
 Article 13 deleted
 Schedule 1 amended
 Schedule 2 amended