Financial Services
(Trust Company Business (Exemptions No. 7))
(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.
Showing the law
from 1 September 2022 to Current
Financial Services
(Trust Company Business (Exemptions No. 7)) (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 –
“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
(1) Until
1st February 2002 a person specified in a paragraph 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.
(2) On and after 1st
February 2002 a person to whom paragraph (1) applies continues to be
a prescribed person for the purposes of Article 7(2)(a)(ii) of the Law
when carrying on the trust company business specified in the paragraph of the Schedule
in the circumstances specified in that paragraph if –
(a) before
1st February 2002 the person applies under Article 8 of the Law to be
registered to carry on that trust company business; and
(b) that
application has not been determined.
(3) For the purposes of paragraph (2)
of this Article, an application is determined –
(a) upon
the grant of the application in accordance with Article 9 of the Law; or
(b) where
the application is refused in accordance with Article 9 of the Law,
upon –
(i) the expiry of the
time allowed by Article 11(3) of the Law for an appeal against the refusal,
without an appeal being made, or
(ii) where
an appeal is made within the time allowed, the Court making an order pursuant
to Article 11(7) of the Law.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that an
exemption conferred by Article 2 of this Order is amended so that it 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. 7)) (Jersey) Order 2001.
SCHEDULE[1]
(Article 2)
EXEMPTIONS
1 Testamentary trustee
A person who has received
a grant of probate or letters of administration from the Royal Court to
administer the estate of a deceased person in accordance with the Probate (Jersey)
Law 1998 or the Probate (Jersey) Law 1949, when providing a
service specified in Article 2(4)(h) of the Law in the course of
administering the estate.
Note: The provision of a service specified in Article 2(4)(h)
of the Law in the course of administering the estate of a deceased person shall
be taken to include acting as a trustee of any trust arising from the
administration of the estate.
2 Trustee of shares in
property holding company or limited liability company
An advocate or solicitor of
the Royal Court who is the holder of shares in a company or LLC interests in a
limited liability company the share rights or LLC interest rights of which
confer exclusive rights of occupation, use and enjoyment of accommodation in
immovable property owned by the company or limited liability company in Jersey,
when providing a service specified in Article 2(4)(h) of the Law in
respect of the company or limited liability company or those shares or LLC
interests.