Companies
(Exemptions) (Jersey) Order 2014
Official
Consolidated Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
Showing the law
from 1 January 2019 to Current
Companies
(Exemptions) (Jersey) Order 2014
THE CHIEF
MINISTER, in
pursuance of Articles 74(6), 113(1A), 113(1F) and 219 of the Companies (Jersey) Law 1991, and having consulted the Jersey Financial Services Commission, orders as follows –
Commencement [see endnotes]
1 Interpretation
In this Order –
“certified fund” has the meaning given in Article 1(1)
of the Collective Investment Funds (Jersey)
Law 1988;
“Law” means the Companies (Jersey) Law 1991.
2 Non-application of Article 74(3), (4) and (5)
(1) Article 74(3),
(4) and (5) of the Law shall not apply to a company that immediately before the
commencement of this Order was –
(a) a
scheme or arrangement which would be a collective investment fund under Article 3
of the Collective
Investment Funds (Jersey) Law 1988 but for the fact that it does not
acquire capital by means of an offer to the public of units for subscription,
sale or exchange as described in that Law;
(b) a
certified fund;
(c) a
recognized fund; or
(d) an
unregulated fund.
(2) In
this Article –
“recognized fund”
has the meaning given in Article 1(1) of the Collective Investment
Funds (Jersey) Law 1988;
“unregulated fund”
has the meaning given under Article 1(1) of the Collective Investment
Funds (Unregulated Funds) (Jersey) Order 2008.
3 Disapplication
of audit requirement
(1) A
company which is a certified fund may, in accordance with Article 113(1A)
and (1B) of the Law, disapply the requirement to appoint an auditor to examine
and report on accounts of the company in relation to a financial period under Article 113(1)
of the Law if no units in the fund were issued to any person other than a
person connected with the establishment or promotion of the fund in that
financial period and any preceding financial period.
(2) Article 113(1B)
of the Law shall, in respect of its application to a company of a class
referred to in paragraph (1), be modified as follows –
“(1B) A resolution passed pursuant to paragraph (1A) –
(a) must
be passed by all members of the company entitled to vote in a general meeting
and a printed copy of every such resolution must –
(i) be embodied in or annexed to every copy of
the memorandum or articles issued after the passing of the resolution,
(ii) be
forwarded to a member of the company at the member’s request on payment
of such sum (if any), not exceeding the published maximum, as the company may
require, and
(iii) within 21 days
after it is passed, be delivered to the registrar and be recorded by the
registrar; and
(b) shall
have the effect of disapplying
the requirement to appoint an auditor to examine and report on accounts of
company under paragraph (1) from the date that it
is delivered to the registrar under paragraph (a)(iii).”.
(3) Article 113(1C),
(1D) and (1E) of the Law shall not apply to the classes of companies referred
to in paragraph (1).
(4) In
this Article “unit” has the meaning given in Article 1(1) of
the Collective
Investment Funds (Jersey) Law 1988.
4 Citation
This Order may be cited as the Companies (Exemptions) (Jersey)
Order 2014.