Collective
Investment Funds (Permits) (Exemptions) (Jersey) Order 1994
1 Exemptions
Article 5(1) of the Collective Investment
Funds (Jersey) Law 1988, (hereinafter referred to as the “Law”)
shall not apply to –
(a) a
body authorized under section 3 or section 4 of the Insurance Companies
Act 1982 of the United Kingdom to carry on insurance business in the
United Kingdom in so far as it carries on or proposes to carry on in Jersey the
business of effecting and carrying out contracts of insurance which are the
same mutatis mutandis as those effected and
carried out in the United Kingdom;
(b) a
body authorized in a member State of the European Communities (other than the
United Kingdom) to carry on insurance business in that State in so far as it
carries on or proposes to carry on in Jersey the business of effecting and
carrying out contracts of insurance which are the same mutatis mutandis as those effected and carried out
in the member State;
(c) a
person to whom a permit has been granted under Article 7 of the Insurance Business (Jersey)
Law 1996, in respect of those classes of insurance business specified
in Part 1 of Schedule 1 to that Law, to which the Law applies;
(d) a
friendly society –
(i) registered
under the Friendly Societies Act 1974 of the United Kingdom as it applies to
Jersey by virtue of the Friendly Societies (Channel Islands) Order 1975,
or
(ii) registered
and incorporated under the Friendly Societies Act 1992 of the United
Kingdom, and
authorized to carry on
insurance business in the United Kingdom, in so far as it carries on or
proposes to carry on in Jersey the business of effecting and carrying out
contracts of insurance which are the same mutatis
mutandis as those effected and carried out in the United Kingdom.
1AA [1]
1A Exemptions
for certain non-Jersey domiciled companies issuing units[2]
(1) Article 5(1)
of the Collective
Investment Funds (Jersey) Law 1988 shall not apply to a company issuing
units that –
(a) is
incorporated outside Jersey; and
(b) 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.
2 Citation
This Order may be cited as the Collective Investment Funds (Permits)
(Exemptions) (Jersey) Order 1994.