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Banking Business (Amendment No. 9) (Jersey) Law 2022

A LAW to amend the Banking Business (Jersey) Law 1991 to extend powers to the Jersey Financial Services Commission in relation to auditors.

Adopted by the States                                                                  30th March 2022

Sanctioned by Order of Her Majesty in Council                         8th June 2022

Registered by the Royal Court                                                        17th June 2022

Coming into force                                                      in accordance with Article 6

THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law –

1        Banking Business (Jersey) Law 1991 amended

This Law amends the Banking Business (Jersey) Law 1991.

2        Article 1 (interpretation) amended

In Article 1 –

(a)     for the definition “auditor” there is substituted –

“ “auditor” –

(a)     in relation to a Jersey incorporated bank or a Jersey branch, has the same meaning as “auditor” in Article 102(1) of the Companies (Jersey) Law 1991; and

(b)     in relation to an overseas incorporated bank, means the individual, firm or company appointed as auditor of the overseas incorporated bank;”;

(b)     after the definition “institution” there is inserted –

“ “Jersey branch” means the part (if any) of an overseas incorporated bank that carries on business or a part of its business or operations at a place in Jersey and, in the case of an overseas incorporated bank that carries on any business or operations at more than one place in Jersey, means all the places in Jersey at which it carries on that business or those operations;

“Jersey incorporated bank” means a registered person that is a company incorporated in Jersey under Article 3 of the Companies (Jersey) Law 1991;”;

(c)     after the definition “money laundering reporting officer” there is inserted –

“ “overseas incorporated bank” means a registered person that is not a Jersey incorporated bank;”;

(d)     after the definition “registered” there is inserted –

“ “registered person” means a person registered under Article 9;”.

3        Article 32 (audited accounts to be open to inspection) deleted

Article 32 is deleted.

4        Schedule (transfer of deposit-taking business) amended

In paragraph 3 of the Schedule, after “independent auditor” there is inserted “(where “auditor” has the same meaning as in Article 102(1) of the Companies (Jersey) Law 1991)”.

5        Miscellaneous amendments: application of provisions to legal and natural persons

In the provision described in the first column of the following table, for the existing words specified in the 2nd column there is substituted the words specified in the 3rd column in the same row of that provision –

 

Provision

Existing words

Substituted words

Article 9(9)

while his or her application is awaiting

while awaiting

Article 10(3)(b)

his or her

person A’s

Article 14(1)

his or her

the person

Article 14(3A)

his or her

the person

Article 16(2)

that he or she did not know of the acts or circumstances by virtue of which he or she

that the person did not know of the acts or circumstances by virtue of which the person

Article 16(2)

he or she has become such a controller the person shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she

the person has become such a controller the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person

Article 17(7)(a)

he or she

the person

Article 17(7)(b)

he or she

the person

Article 20(4)

if he or she proves that he or she received the advertisement for publication in the ordinary course of his or her business, that the matters contained in the advertisement were not (wholly or in part) devised or selected by the person or by any person under his or her direction or control and that he or she did not know

if the person proves that the person received the advertisement for publication in the ordinary course of the person’s business, that the matters contained in the advertisement were not (wholly or in part) devised or selected by the person or by any person under the person’s direction or control and that the person did not know

Article 20(6)(a)

he or she

the person

Article 24(1)(a)

he or she has notified the Commission in writing of his or her

the person has notified the Commission in writing of the person’s

Article 24(1)(b)

his or her

the person

Article 24(3)

his or her

the person

Article 24(10)

if he or she shows that he or she did not know of the acts or circumstances by which, as the case may be, he or she,

if the person shows that the person did not know of the acts or circumstances by which, as the case may be, the person,

Article 24(11)

he or she shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she,

the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person,

Article 25(4)

that he or she did not

that the person did not

Article 25(4)

he or she has become such a shareholder the person shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she

the person has become such a shareholder the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person

Article 26(13)

his or her client

the lawyer’s client

Article 28(2)

his or her investigation, he or she

the investigation, the person

Article 31(1)

he or she proves that he or she

the person proves that the person

Article 34(1)

his or her

the auditor or approved professional

Article 34(2)

his or her

the auditor’s

Article 34(3)

his or her

the approved professional’s

Article 35

his or her business in a manner satisfactory to his or her.

the business in a manner satisfactory to the person’s

Article 36(2)

his or her business in a manner satisfactory to his or her

the business in a manner satisfactory to the person’s

Article 37A(4)

his or her

the person’s

6        Citation and commencement

This Law may be cited as the Banking Business (Amendment No. 9) (Jersey) Law 2022 and comes into force immediately upon the coming into force of the Banking Business (Amendment No. 7) (Jersey) Law 2011.

 

 


Page Last Updated: 17 Jun 2022