Financial Services
(Trust Company Business (Exemptions No. 6))
(Jersey) Order 2001
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 January 2019 to Current
Financial Services
(Trust Company Business (Exemptions No. 6)) (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
In this Order –
“functionary”
has the meaning given in Article 3(4) of the Financial Services
(Investment Business (Restricted Investment Business – Exemption))
(Jersey) Order 2001;
“Law” means
the Financial
Services (Jersey) Law 1998;
“professional
investor regulated scheme” has the meaning given in Article 3 of the
Financial Services
(Investment Business (Restricted Investment Business – Exemption))
(Jersey) Order 2001.
2 Exemption
(1) Until
1st August 2001, a person specified in 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 the Schedule in the circumstances specified
in the Schedule.
(2) On
and after 1st August 2001, 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 Schedule
in the circumstances specified in the Schedule if –
(a) before
1st August 2001, the person applies under Article 8 of the Law to be
registered to carry on that trust company business; and
(b) that
application has not been determined.
(3) For
the purposes of paragraph (2), an application is determined –
(a) upon
the grant of the application in accordance with Article 9 of the Law; or
(b) where
the application is refused in accordance with Article 9 of the Law,
upon –
(i) the expiry of the
time allowed by Article 11(3) of the Law for an appeal against the
refusal, without an appeal being made, or
(ii) where
an appeal is made within the time allowed, the Court making an order pursuant
to Article 11(7) of the Law.
3 Variation of exemption
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that the
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
of this Order 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. 6)) (Jersey) Order 2001.