Financial Services
(Trust Company Business (Exemptions No. 4))
(Jersey) Order 2001
Official Consolidated
Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
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from 1 September 2022 to Current
Financial Services
(Trust Company Business (Exemptions No. 4)) (Jersey) Order 2001
THE ECONOMIC DEVELOPMENT COMMITTEE, in
pursuance of Articles 4(1)(a)(i) and 7(2)(a)(ii) of the Financial Services
(Jersey) Law 1998 and on the recommendation of the Jersey Financial
Services Commission orders as follows –
Commencement [see endnotes]
1 Interpretation
(1) In
this Order –
“Commission”
means the Jersey Financial Services Commission;
“Law” means
the Financial
Services (Jersey) Law 1998.
(2) In
this Order a note contained in a paragraph of the Schedule forms part of that paragraph.
2 Exemptions
A person
specified in paragraph 1 of the Schedule is a prescribed person for the
purposes of Article 7(2)(a)(ii) of the Law when carrying on the trust
company business specified in that paragraph in the circumstances specified in
the paragraph.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that the
exemption conferred by Article 2 is limited to Article 7 of the Law.
(2) Articles 12,
23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Law shall
continue to apply to a person exempted from registration by virtue of Article 2
as if the person were a registered person.
(3) A
reference to registered persons in those Articles and the reference to persons
registered by the Commission in Article 5 of the Law shall be construed
accordingly.
4 Citation
This
Order may be cited as the Financial Services (Trust Company Business
(Exemptions No. 4)) (Jersey) Order 2001.
SCHEDULE[1]
(Article 2)
EXEMPTIONS
1 Connected persons
A person, when providing
a service specified in Article 2(4) of the Law to a person connected with
that person.
Note: For the purposes of this paragraph persons are connected
if –
(a) one of them is an associate of the other or,
in relation to a company or limited liability company, an associate of a person
in the same group as the other person;
(b) one
of them is a company or limited liability company and the other, whether or not
a company or limited liability company, is entitled (other than as a nominee
shareholder or nominee LLC interest holder) alone or with an associate to
exercise or control the exercise of a majority of the voting rights
attributable to the share capital or LLC interests and exercisable in all
circumstances at –
(i) a general meeting
of that company or a meeting in accordance with Articles 15 and 16(2) of
the Limited Liability
Companies (Jersey) Law 2018 or the LLC agreement of that limited
liability company, or
(ii) such
a meeting of that company’s or limited liability company’s holding
company or holding limited liability company.
[1] Schedule amended
by R&O.113/2010, R&O.38/2022