Financial Services
(Trust Company Business (Exemptions No. 4)) (Jersey) Order 2001
Unofficial Consolidated Version
13.225.70
Showing the law as
at 1 January 2019
Financial Services
(Trust Company Business (Exemptions No. 4)) (Jersey) Order 2001
THE ECONOMIC DEVELOPMENT COMMITTEE, in
pursuance of Articles 4(1)(a)(i) and 7(2)(a)(ii) of the Financial
Services (Jersey) Law 1998 and on the recommendation of the
Jersey Financial Services Commission orders as follows –
Commencement [see endnotes]
1 Interpretation
(1) In
this Order –
“Commission”
means the Jersey Financial Services Commission;
“Law” means
the Financial
Services (Jersey) Law 1998.
(2) In
this Order a note contained in a paragraph of the Schedule forms part of that paragraph.
2 Exemptions
A person
specified in paragraph 1 of the Schedule is a prescribed person for the
purposes of Article 7(2)(a)(ii) of the Law when carrying on the trust company
business specified in that paragraph in the circumstances specified in the paragraph.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that the
exemption conferred by Article 2 is limited to Article 7 of the Law.
(2) Articles 12,
23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Law shall
continue to apply to a person exempted from registration by virtue of Article 2
as if the person were a registered person.
(3) A
reference to registered persons in those Articles and the reference to persons
registered by the Commission in Article 5 of the Law shall be construed
accordingly.
4 Citation
This
Order may be cited as the Financial Services (Trust Company Business
(Exemptions No. 4)) (Jersey) Order 2001.
SCHEDULE[1]
(Article 2)
EXEMPTIONS
1 Connected persons
A person, when providing
a service specified in Article 2(4) of the Law to a person connected with
that person.
Note: For the purposes of this paragraph persons are connected
if –
(a) one of them is an associate of the other or,
in relation to a company, an associate of a person in the same group as the
other person; and
(b) one
of them is a company and the other, whether or not a company, is entitled (other
than as a nominee shareholder) alone or with an associate to exercise or
control the exercise of a majority of the voting rights attributable to the
share capital and exercisable in all circumstances at a general meeting of that
company or of its holding company.
[1] Schedule amended
by R&O.113/2010