Financial Services
(Trust Company Business (Exemptions No. 2))
(Jersey) Order 2000
Official Consolidated
Version
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 September 2022 to Current
Financial Services
(Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000
THE ECONOMIC DEVELOPMENT COMMITTEE, in
pursuance of Articles 4(1)(a)(i) and 7(2)(a)(ii)
of the Financial
Services (Jersey) Law 1998 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 to this Order forms part of that paragraph.
2 Exemptions
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
that paragraph.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that an
exemption conferred by Article 2 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.
4 Citation
This
Order may be cited as the Financial Services (Trust Company Business (Exemptions
No. 2)) (Jersey) Order 2000.
SCHEDULE[1]
(Article 2)
EXEMPTIONS
1 Overseas persons
An overseas person, when carrying
on trust company business.
Note:
(1) In
this paragraph “overseas person” means a person who –
(a) has
no place of business in Jersey from which the person carries on trust company
business in or from Jersey; and
(b) is
not a company incorporated in Jersey or a limited liability company registered
in Jersey.
(2) This
exemption does not authorize a person to whom it applies to hold out, while in Jersey,
as being prepared to undertake trust company business in Jersey in accordance
with this exemption except trust company business in respect of an existing
customer or client.
2 Unit holding nominee
company
A unit holding nominee
company wholly owned and managed by the holder of a permit granted under, or by
a certificate holder under, the Collective Investment
Funds (Jersey) Law 1988, when carrying out trust
company business in respect of the units covered by that permit.
3 Electronic communications
service providers
An electronic communications service provider, when providing a
service specified in Article 2(4)(g) of the Law in the course of its
business as an electronic communications service provider.
Note: In this paragraph
“electronic communications service provider” has the same meaning
as “service provider” in the Electronic Communications (Jersey) Law 2000.
4 Experienced personal
adviser
A recognized experienced personal adviser, when continuing to
provide a relevant personal service that the adviser was providing immediately
before the commencement of this Order.
Note:
(1) For the purpose of this
paragraph a person is not a recognized experienced personal adviser unless, on
the application of the person, the Commission has recognized the person as
having had substantial relevant trust company business experience.
(2) For the purpose of this
paragraph “relevant personal service”, in respect of a recognized
experienced personal adviser, means the provision by the adviser of a service
specified in Article 2(4)(b) or (h) of the Law other than as part of any
full time occupation the adviser may have. However it does not include acting
as a sole trustee or sole director.
(3) A recognized
experienced personal adviser may carry on as part of a relevant personal
service a service specified in Article 2(4)(b) or (h) of the Law that has
been authorized by the Commission, on the application of the adviser, even
though that service was not being provided by the adviser immediately before
the commencement of this Order.