Banking Business (Appointment of Manager) (Jersey) Order 2008

Revised Edition

13.075.10

Showing the law as at 1 January 2015

This is a revised edition of the law




Banking Business (Appointment of Manager) (Jersey) Order 2008

THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 37A and 51 of the Banking Business (Jersey) Law 1991[1] and on the recommendation of the Jersey Financial Services Commission, orders as follows –

Commencement [see endnotes]

1        Interpretation

(1)     In this Order –

customer”, in respect of a person carrying on a deposit-taking business means –

(a)     a person who has money deposited with the person carrying on the business;

(b)     a person who has borrowed money from the person carrying on the business that has not been repaid;

(c)     a person who owes to the person carrying on the business interest or any other obligation on money borrowed from the person carrying on the business; or

(d)     a person who receives, whether or not for a consideration, a service from the person carrying on the business that is relevant to that business;

Law” means the Banking Business (Jersey) Law 1991[2].

(2)     In this Order a note contained in a paragraph of the Schedule to this Order forms part of that paragraph.

2        Prescribed circumstances in which the Commission may appoint a manager

(1)     The Schedule sets out the prescribed circumstances for the purposes of Article 37A of the Law.

(2)     The Commission may appoint a person to manage the affairs, or any part of the affairs, of a person in so far as those affairs relate to the carrying on of deposit-taking business where it is satisfied that there is sufficient evidence to show the existence of any of the cases set out in the Schedule.

3        Citation

This Order may be cited as the Banking Business (Appointment of Manager) (Jersey) Order 2008.

 

 


SCHEDULE[3]

(Article 2)

PRESCRIBED CIRCUMSTANCES

Case 1

There has been inadequate management of the affairs of the deposit-taking business carried on by a person (“the person”).

Note  Such inadequate management may be evidenced, in particular, by –

(a)     the dishonesty of a controller of the person;

(b)     the person having insufficient resources to continue to carry on the deposit-taking business effectively;

(c)     a serious failure by the person to maintain proper records;

(d)     the existence of a conflict of interests that may prevent the interests of the person’s business or the interests of a customer or potential customer of the person being properly protected;

(e)     the person committing serious and persistent breaches of –

(i)      the Drug Trafficking Offences (Jersey) Law 1988[4], the Proceeds of Crime (Jersey) Law 1999[5], the Terrorism (Jersey) Law 2002[6], the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[7], the Money Laundering (Jersey) Order 2008[8] or an Order made under the European Communities Legislation (Implementation) (Jersey) Law 1996[9] and relating to the freezing of funds,

(ii)      any other enactment of Jersey relating to money laundering or the financing of terrorism,

(iii)     any code of practice made under an enactment referred to in sub-paragraph (i) or (ii) or adopted by or under such an enactment,

(iv)     the Law or any code of practice made under the Law or adopted by or under the Law, or

(v)     an enactment made under the Law;

(f)      the death or incapacity or prolonged absence of a controller of the person to the detriment of the deposit-taking business of the person.

Case 2

The person carrying on the deposit-taking business appears to have ceased to do so but has failed to wind up, liquidate, close or transfer the business in an orderly manner or at all.

 

 

Case 3

The person carrying on the deposit-taking business has persistently failed to examine claims or complaints of customers.

Case 4

The person carrying on the deposit-taking business is not registered under the Law to carry on such business.

Case 5

There is a need to appoint a manager to collect, protect or preserve the assets or records of the deposit-taking business or the property of the customers of the business, or both.

Case 6

There is a need to appoint a manager to avoid circumstances arising that could provide grounds for a forced closure of the deposit-taking business.

Case 7

There is a need to appoint a manager to promote or implement a compensation scheme established specifically for customers of the deposit-taking business.

Case 8

The person carrying on the deposit-taking business has failed to comply with any of the following –

(a)     a condition under Article 11 of the Law;

(b)     a notice of objection under Article 14, 15 or 24 of the Law;

(c)     a direction under Article 21 of the Law,

and there is therefore a need to appoint a manager of the business to ensure its independent management.

 

 

 


Endnotes

Table of Legislation History

Legislation

Year and No

Commencement

Banking Business (Appointment of Manager) (Jersey) Order 2008

R&O.148/2008

11 November 2008

Financial Regulation (Miscellaneous Provisions) (Jersey) Order 2014

R&O.32/2014

4 April 2014

Table of Renumbered Provisions

Original

Current

3(1)

3

3(2)

Spent, omitted

Table of Endnote References



[1]                                    chapter 13.075

[2]                                    chapter 13.075

[3] Schedule                   amended by R&O.32/2014

[4]                                    chapter 08.580

[5]                                    chapter 08.780

[6]                                    chapter 17.860

[7]                                    chapter 08.785

[8]                                    chapter 08.780.30

[9]                                    chapter 17.245


Page Last Updated: 30 Apr 2019