Financial Services
(Collective Investment Funds) (Exemptions) (Jersey) Order 2007
1 Interpretation
In this Order,
“Law” means the Financial
Services (Jersey) Law 1998.
2 Exemption for certain non-Jersey domiciled companies
issuing units
(1) A person is a
prescribed person for the purposes of Article 7(2)(a)(ii) of the Law if
the person is a company that –
(a) is,
for the purposes of the Collective Investment Funds (Jersey)
Law 1988, a company issuing units;
(b) is incorporated
outside Jersey; and
(c) does
not have an established place of business in Jersey.
(2) For the purposes of
paragraph (1), “established place of business in Jersey”, in relation
to a company, includes –
(a) a
branch, in Jersey, of the business of the company; and
(b) an
office, in Jersey, of the company.
(3) For the purposes of
paragraph (1), a company shall not be taken to have an established place
of business in Jersey by reason only that –
(a) the
directors of the company meet in Jersey; or
(b) a
manager, director, or administrator, of the company is ordinarily resident in
Jersey.
(4) The exemption conferred
by Article 7(2)(a)(ii) of the Law is amended in respect of a
prescribed person referred to in paragraph (1) so that –
(a) the
person shall only be exempted from Article 7(1) of the Law; and
(b) Articles 12,
23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Law shall
apply to the person in the same way as those Articles of the Law apply to a
registered person and a reference to registered persons in those Articles, and
the reference in Article 5 of the Law to persons registered by the
Commission, shall be construed accordingly.
3 Citation
This Order may be cited as the Financial Services (Collective
Investment Funds) (Exemptions) (Jersey) Order 2007.