(Trust Company Business (Exemptions No. 7)) (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]
this Order –
Services (Jersey) Law 1998.
this Order a note contained in a paragraph of the Schedule forms part of that paragraph.
1st February 2002 a person specified in a paragraph 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.
(2) On and after 1st
February 2002 a person to whom paragraph (1) applies continues to be
a prescribed person for the purposes of Article 7(2)(a)(ii) of the Law
when carrying on the trust company business specified in the paragraph of the Schedule
in the circumstances specified in that paragraph if –
1st February 2002 the person applies under Article 8 of the Law to be
registered to carry on that trust company business; and
application has not been determined.
(3) For the purposes of paragraph (2)
of this Article, an application is determined –
the grant of the application in accordance with Article 9 of the Law; or
the application is refused in accordance with Article 9 of the Law, upon –
expiry of the time allowed by Article 11(3) of the Law for an appeal
against the refusal, without an appeal being made, or
an appeal is made within the time allowed, the Court making an order pursuant
to Article 11(7) of the Law.
3 Variation of exemptions
accordance with Article 4(1)(a)(i) of the Law, it is declared
that an exemption conferred by Article 2 of this Order is amended so that
it 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.
Order may be cited as the Financial Services (Trust Company Business
(Exemptions No. 7)) (Jersey) Order 2001.
1 Testamentary trustee
A person who has received
a grant of probate or letters of administration from the Royal Court to
administer the estate of a deceased person in accordance with the Probate
(Jersey) Law 1998 or the Probate
(Jersey) Law 1949, when providing a service specified in Article 2(4)(h)
of the Law in the course of administering the estate.
Note: The provision of a service specified in Article 2(4)(h)
of the Law in the course of administering the estate of a deceased person shall
be taken to include acting as a trustee of any trust arising from the
administration of the estate.
2 Trustee of shares in
property holding company
An advocate or solicitor
of the Royal Court who is the holder of shares in a company the share rights of
which confer exclusive rights of occupation, use and enjoyment of accommodation
in immovable property owned by the company in Jersey, when providing a service
specified in Article 2(4)(h) of the Law in respect of the company or those