Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 2008

Made                                                                   12th September 2008

Coming into force                                               19th September 2008

THE STATES, in pursuance of Article 36(2) of the Proceeds of Crime (Jersey) Law 1999[1], have made the following Regulations –

1        Amendment of Part A of Schedule 2

In Part A of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999[2] –

(a)     for the title of the Part there shall be substituted the following title –

“part a

Business regulated by the Commission under regulatory laws”;

(b)     for paragraph 3 there shall be substituted the following paragraph –

“3.(1) Any of the following within the meaning of the Collective Investment Funds (Jersey) Law 1988[3] –

(a)     the business of being a functionary;

(b)     the business of a recognized fund;

(c)     the business of an unclassified fund.

(2)     However, business referred to in sub-paragraph (1) does not include the business of a company, being a company issuing units that is within Article 1A of the Collective Investment Funds (Permits) (Exemptions) (Jersey) Order 1994[4].”;

(c)     in paragraph 4 –

(i)      for sub-paragraph (a)(i) there shall be substituted the following clause –

“(i)     paragraphs 1, 3B, 3C, 4, 10, 14, 15, 18A and 21,”;

(ii)      after sub-paragraph (a)(iv) there shall be inserted the following clause –

“(v)    paragraph 18, where the relevant special purpose vehicle is provided with any service that falls within Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 by a person registered under that Law to carry on trust company business;”;

(iii)     after sub-paragraph (c) there shall be inserted the following sub-paragraphs –

“(ca)  excluding special purpose investment business carried on in accordance with the exemption set out in the Financial Services (Investment Business (Special Purpose Investment Business – Exemption)) (Jersey) Order 2001[5] by a person who –

(i)      is acting as a functionary within the meaning of that Order, and

(ii)      is provided with any service that falls within Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 by a person registered under that Law to carry on trust company business or is provided with any service within fund services business (within the meaning of that Law) by a person who is registered under that Law to carry on fund services business;

(cb)    excluding restricted investment business carried on in accordance with the exemption set out in the Financial Services (Investment Business (Restricted Investment Business – Exemption)) (Jersey) Order 2001[6] by a person who –

(i)      is acting as a functionary within the meaning of that Order, and

(ii)      is provided with any service that falls within Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 by a person registered under that Law to carry on trust company business or is provided with any service within fund services business (within the meaning of that Law) by a person who is registered under that Law to carry on fund services business;”;

(iv)     for sub-paragraph (f) there shall be substituted the following sub-paragraph –

“(f)    excluding trust company business carried on by a person specified in any of the paragraphs of the Schedule to the Financial Services (Trust Company Business (Exemptions No. 3)) (Jersey) Order 2001[7] specified below where that business is carried on in the circumstances described in that paragraph –

(i)      paragraph 1 (private protector company),

(ii)      paragraph 2 (general partner),

(iii)     paragraph 4 (investment company subsidiary);”;

(v)     after sub-paragraph (g) there shall be inserted the following sub-paragraphs –

        ;

(h)     excluding trust company business carried on in accordance with the exemption set out in the Financial Services (Trust Company Business (Exemptions No. 5)) (Jersey) Order 2001[8] by a person who –

(i)      is specified in the Schedule to that Order, and

(ii)      is provided with any service that falls within Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 by a person registered under that Law to carry on trust company business;

(i)      excluding money service business specified in Article 3 of the Financial Services (Money Service Business) (Exemptions) (Jersey) Order 2007[9].”.

2        Amendment of Part B of Schedule 2

In Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999 –

(a)     for the title of the Part there shall be substituted the following title –

“part b

other Business”;

(b)     for paragraph 1(2) there shall be substituted the following sub-paragraph –

“(2)    In this paragraph “independent legal professionals” means those who by way of business provide legal or notarial services to third parties when participating in financial, or immovable property, transactions concerning any of the following –

(a)     the buying and selling of immovable property or business entities;

(b)     the buying and selling of shares the ownership of which entitles the owner to occupy immovable property;

(c)     the managing of client money, securities or other assets;

(d)     the opening or management of bank, savings or securities accounts;

(e)     the organization of contributions necessary for the creation, operation or management of companies; or

(f)      the creation, operation or management of trusts, companies or similar structures.”;

(c)     for paragraph 3 there shall be substituted the following paragraph –

“3      Estate agency services

(1)     The business of providing estate agency services for or on behalf of third parties concerning the buying or selling of freehold (including flying freehold) or leasehold property (including commercial and agricultural property), whether the property is situated in Jersey or overseas.

(2)     The business of providing estate agency services for or on behalf of third parties concerning the buying or selling of shares the ownership of which entitles the owner to occupy immovable property, whether the property is situated in Jersey or overseas.”;

(d)     for paragraph 6 there shall be substituted the following paragraph –

“6      Unregulated funds

The business of an unregulated fund, being an unregulated fund within the meaning of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008[10].”;

(e)     in paragraph 7, for the words “The business of providing any of the following services to third parties not otherwise included in this Schedule – ” there shall be substituted the words “(1) The business of providing any of the following services to third parties, where the business is not otherwise included in this Schedule –”;

(f)      at the end of paragraph 7 there shall be added the following sub-paragraphs –

“(2)    A reference in this paragraph to providing services to third parties shall not include a company’s providing a service to a connected company.

(3)     For the purposes of this paragraph, a company is connected with another company if –

(a)     the companies are in the same group;

(b)     one is entitled, either alone or with any other company in the same group, to exercise or control the exercise of a majority of the voting rights (other than as nominee shareholder) which are attributable to the share capital and are exercisable in all circumstances at any general meeting of the other company or of its holding company; or

(c)     the first-mentioned company holds, or a company in the same group as the first-mentioned company holds, an interest in the equity share capital of the other company carrying rights to vote in all circumstances at general meetings for the purpose of securing a contribution to the activities of the first-mentioned company or the company in the same group as that company respectively by the exercise of control or influence arising from that interest.

(4)     In this paragraph, “group” and “holding company” have the same meanings as in the Financial Services (Jersey) Law 1998.”.

3        Citation and commencement

(1)     These Regulations may be cited as the Proceeds of Crime (Amendment of Schedule 2) (Jersey) Regulations 2008.

(2)     These Regulations shall come into force on the same day as Article 11(4) of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[11].

m.n. de la haye

Greffier of the States

 


 



[1]                                    chapter 08.780

[2]                                    chapter 08.780

[3]                                    chapter 13.100

[4]                                    chapter 13.100.30

[5]                                    chapter 13.225.40

[6]                                    chapter 13.225.35

[7]                                    chapter 13.225.65

[8]                                    chapter 13.225.75

[9]                                    chapter 13.225.41

[10]                                   R&O.28/2008

[11]                                   L.32/2008


Page Last Updated: 26 Apr 2016