SCHEDULE[1]
(Article 2)
EXEMPTIONS
PART 1: LIMITED EXEMPTIONS
1 Employee pension scheme
trustees
A person who acts as a
trustee of an employee pension scheme and who is –
(a) a
director or other officer of the employer; or
(b) a
bona fide employee or former bona fide employee of the employer,
when providing fiduciary
services to the employee pension scheme.
Note: A person is not a bona fide employee if the person is employed
solely to act as a trustee of the employee pension scheme.
2 Employee share or
debenture scheme trustees
A person who acts as a
trustee of an employee share or debenture scheme and who is –
(a) a
director or other officer of the employer; or
(b) a
bona fide employee or former bona fide employee of the employer,
when providing fiduciary
services to the employee share or debenture scheme.
Note:
(1) A
person is not a bona fide employee if the person is employed solely to act as a
trustee of the employee share or debenture scheme.
(2) An
employee share or debenture scheme means a scheme of a type referred to in paragraph
9(1) of Schedule 2 to the Law.
3 Executors and
administrators
A person, when acting as
the executor or administrator of the estate of a deceased person.
4 Private trust company
business
A person being a
company –
(a) the
purpose of which is –
(i) solely
to provide trust company business services in respect of a specific trust or trusts,
or
(ii) to
act for that purpose and to act as a member of the council of a foundation or
of foundations (otherwise than as a qualified member, as that term is defined
by the Foundations (Jersey) Law
2009);
(b) that does not solicit
from or provide trust company business services to the public; and
(c) the administration of
which is carried out by a registered person registered to carry out trust
company business,
when providing a service specified in Article 2(4) of the Law
where the name of the company is notified to the Commission.
4A Private
trust company business in respect of foundations
A person being a company –
(a) the purpose of which
is –
(i) solely
to act as a member of the council of a foundation or of foundations (otherwise
than as a qualified member, as that terms is defined by the Foundations (Jersey) Law
2009),
or
(ii) to
act for that purpose and to provide trust company business services in respect
of a specific trust or trusts;
(b) that does not solicit
from or provide trust company business services to the public; and
(c) the administration of
which is carried out by a registered person registered to carry out trust
company business,
when providing a service specified in Article 2(4) of the Law in the course of acting as a member of the council of a
foundation or of foundations (otherwise than as a qualified member) where the
name of the company is notified to the Commission.
5 Manager
A person appointed by the
Court under Article 12(3) of the Law to manage the affairs of a person in
so far as those affairs relate to the carrying on of financial service business
and the person whose financial service business affairs are being so managed,
when the appointed person is managing those affairs in accordance with any
directions of the Court.
6 Global custodians
A person who is subject
to consolidated supervision from a relevant supervisory authority and whose
business includes safeguarding or administering or arranging for the
safeguarding or administering of investments that belong to another person,
when providing a service specified in Article 2(4)(g), (h) or (i) of the Law in relation to any investments so safeguarded
or administered.
7 Incidental providers of
services
A person who is carrying
on a business or profession the sole or main purpose of which is not trust
company business, when carrying out a service specified in Article 2(4) of
the Law for which the person is not separately remunerated, which the person
does not separately hold himself or herself out as providing and which is
carried out as an incident of the person’s business or profession.
8 Address providers
A person who provides a
service specified in Article 2(4)(g) of the Law, when providing that
service solely as a place for the service of any process or contractual notice.
Note: The exemption does not extend to the provision of an address
to be used as the registered office of a company.
9 Jersey Post Office
The Jersey Post Office,
when providing a service specified in Article 2(4)(g) of the Law in the course of its business.
10 Managers of managed banks
A bank, when providing
services specified in Article 2(4) of the Law for a bank it manages.
11 Connected company
A company, when providing
a service specified in Article 2(4) of the Law to a connected company.
Note: For the purposes of this paragraph a company is connected with another company if –
(a) they
are in the same group;
(b) one
is entitled, either alone or with any other company in the same group, to
exercise or control the exercise of a majority of the voting rights, (other
than as nominee shareholder) which are attributable to the share capital and
are exercisable in all circumstances at any general meeting of the other
company or of its holding company; or
(c) the
first-mentioned company holds, or a company in the same group as the
first-mentioned company holds, an interest in the equity share capital of the
other company carrying rights to vote in all circumstances at general meetings
for the purpose of securing a contribution to the activities of the
first-mentioned company or the company in the same group as that company
respectively by the exercise of control or influence arising from that
interest.
12 Introducer
A person, when
introducing another person to a registered person so that the registered person
may provide services under Article 2(4) of the Law to that other person.
Note: In this paragraph “registered person” includes a person
who carries on trust company business and would be required to register under
the Law but for the fact that the person does not carry on trust company
business in or from Jersey in circumstances that require the person to be
registered under the Law.
13 Director
(1) A
person, when acting as or fulfilling the function of a director of a company,
if in relation to that company –
(a) the
person has neither entered into a contract for
services, nor is party to an arrangement for the provision of services, with a
registered person or a person carrying on trust company business in any part of
the world;
(b) the majority of the board of directors is not provided by a
registered person or a person carrying on trust company business in any part of
the world; and
(c) the
person does not hold himself or herself out as carrying on a business or
profession in any part of the world the sole or main purpose of which is trust
company business.
(2) An
individual, when acting as or fulfilling the function of a director of a
company, if the individual, in or from within Jersey, acts as or fulfils the
function of director of not more than 6 companies (including the
first-mentioned company).
(3) For
the purposes of sub-paragraph (2), when determining the number of
companies, no account shall be taken of the individual’s acting as, or
fulfilling the function of, a director of a company when, in relation to the
full extent of the individual’s so acting or so fulfilling the function,
the individual is the subject of an exemption under any one or more of the
provisions of the following enactments –
(a) sub-paragraph (1);
(b) paragraph 15;
(c) any other
paragraph of this Schedule;
(d) the Financial
Services (Trust Company Business (Exemptions No. 2)) (Jersey)
Order 2000;
(e) the Financial
Services (Trust Company Business (Exemptions No. 3)) (Jersey)
Order 2001;
(f) the
Financial
Services (Trust Company Business (Exemptions No. 4)) (Jersey)
Order 2001;
(g) the Financial
Services (Trust Company Business (Exemptions No. 5)) (Jersey)
Order 2001;
(h) the Financial
Services (Trust Company Business (Exemptions No. 6)) (Jersey)
Order 2001;
(i) the
Financial
Services (Trust Company Business (Exemptions No. 7)) (Jersey)
Order 2001.
13A Liquidators and trustees in
bankruptcy of registered persons
A person appointed to be
a liquidator or trustee in bankruptcy of a registered person, when providing a
service specified in Article 2(4) of the Law in connection with that
appointment.
Note: In this paragraph “registered person” means a person
who is registered, authorized, licensed, the holder of a permit or a
certificate holder, as the case may be under –
(a) the Collective
Investment Funds (Jersey) Law 1988;
(b) the Banking
Business (Jersey) Law 1991;
(c) the Insurance
Business (Jersey) Law 1996; or
(d) the Financial
Services (Jersey) Law 1998.
PART 2: UNLIMITED EXEMPTIONS
14 Certain persons engaged in banking, insurance and other investment
businesses
(1) A
registered person, when providing a service specified in Article 2(4) of
the Law as part of the business in respect of which the person is registered.
(2) In
sub-paragraph (1), “registered person” means a person who is
registered, authorized, licensed or the holder of a permit,
as the case may be, under –
(a) the Banking
Business (Jersey) Law 1991;
(b) the Insurance
Business (Jersey) Law 1996; or
(c) the Financial
Services (Jersey) Law 1998 to carry on activities
that are within the meaning of “investment business”,
and “is
registered” shall be construed accordingly.
14A Certain persons in relation to
collective investment funds
(1) A
company issuing units that is a recognized fund and that is the holder of a
permit under the Collective
Investment Funds (Jersey) Law 1988, when carrying on under that
permit trust company business in relation to that fund.
(2) A
functionary (other than a company issuing units within the meaning of the Collective
Investment Funds (Jersey) Law 1988) when carrying on, in relation to
a recognized fund, the activities of a functionary, within the meaning of the
Schedule to that Law, under the functionary’s permit granted under that
Law.
(3) A
company issuing units that is a certified fund within the meaning of the Collective
Investment Funds (Jersey) Law 1988, when carrying on, in accordance
with the certificate granted to the company under that Law, trust company
business as part of the business of the fund.
14B Persons registered to carry on fund
services business under the Law
A person who is
registered under the Financial
Services (Jersey) Law 1998 to carry on
fund services business, when providing a service specified in Article 2(4)
of the Law as part of the fund services business in respect of which the person
is so registered.
15 Director – registered person
A person, when acting as
or fulfilling the function of a director of a company if –
(a) the
company for which the person is acting as a director or fulfilling the function
of a director is a registered person; or
(b) the
company for which the person is acting as a director or fulfilling the function
of a director is a wholly owned subsidiary of a company referred to in sub-paragraph (a)
in respect of which the person is also a director or fulfilling the function of
a director.
Note: In this paragraph “registered person” means a person
who is registered, authorized, licensed, the holder of a permit or a
certificate holder, as the case may be under –
(a) the Collective
Investment Funds (Jersey) Law 1988;
(b) the Banking
Business (Jersey) Law 1991;
(c) the Insurance
Business (Jersey) Law 1996; or
(d) the Financial
Services (Jersey) Law 1998.
16 Liquidators and trustees in bankruptcy of persons other than registered persons
A person appointed to be
a liquidator or trustee in bankruptcy of a person who is not a registered
person, when providing a service specified in Article 2(4) of the Law in
connection with that appointment.
Note: In this paragraph “registered person” means a person
who is registered, authorized, licensed, the holder of a permit or a
certificate holder, as the case may be under –
(a) the Collective
Investment Funds (Jersey) Law 1988;
(b) the Banking
Business (Jersey) Law 1991;
(c) the Insurance
Business (Jersey) Law 1996; or
(d) the Financial
Services (Jersey) Law 1998.
17 Tuteurs,
delegates etc.
A tuteur, delegate, administrateur, general or
special attorney, person on whom authority is conferred by a lasting power of
attorney under Part 2 of the Capacity
and Self-Determination (Jersey) Law 2016, or fideicommisaire appointed by,
and accountable to the Royal Court, when providing a service specified in Article 2(4)
of the Law in accordance with that appointment.[2]
18 Recruitment agents
A person registered under
the Employment
Agencies (Registration) (Jersey) Law 1969 who runs an agency that recruits bona fide
long term employees for other persons, when providing a service specified in Article 2(4)(b),
(c) or (e) of the Law in connection with the business of that agency.
19 Guardians
of a foundation
A person being the guardian of a foundation (not being the qualified
member of the council of the foundation, as defined by the Foundations (Jersey) Law 2009) when providing to the
foundation a service specified in Article 2(4) of the Law in the course of
acting as the guardian of the foundation.