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Class
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Description of financial service business
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Article of the Financial Services (Jersey) Law 1998
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PART 1 – INVESTMENT BUSINESS
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A
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Dealing in investments.
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2(2)(a)
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B
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Managing investments.
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2(2)(b)
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C
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Giving investment advice when
not prevented from holding client assets by virtue of a condition of
registration.
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2(2)(c)
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D
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Giving investment advice when
prevented from holding client assets by virtue of a condition of
registration.
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2(2)(c)
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E
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Investment business carried on
only with respect to funds that would be funds within the meaning of the Collective
Investment Funds (Jersey) Law 1988 but for the fact that they do
not, and do not intend to, acquire capital by means of an offer to the public
of units for subscription, sale or exchange, as described in that Law.
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PART 2 – TRUST COMPANY BUSINESS
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F
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Acting as a company, partnership
or foundation formation agent, or a limited liability company registration
agent.
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2(3)
and 2(4)(a)
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G
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Acting or fulfilling the
function of or arranging for another person to act as or fulfil the function
of director or alternate director of a company.
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2(3)
and 2(4)(b)
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H
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Acting or fulfilling the
function of or arranging for another person to act as or fulfil the function
of a partner of a partnership.
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2(3)
and 2(4)(c)
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I
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Acting or arranging for another
person to act as secretary, alternate, assistant or deputy secretary of a
company, as secretary of a limited liability company or as secretary of a
limited liability partnership.
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2(3)
and 2(4)(e)
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J
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Providing a registered office or
business address for a company, limited liability company, partnership or a
foundation.
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2(3)
and 2(4)(f)
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K
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Providing an accommodation,
correspondence or administrative address for a company, limited liability
company, a partnership or a foundation or for any other person.
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2(3)
and 2(4)(g)
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L
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Acting as or fulfilling or
arranging for another person to act as or fulfil the function of trustee of
an express trust.
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2(3)
and 2(4)(h)
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M
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Acting as or fulfilling or
arranging for another person to act as shareholder, member or unitholder as a
nominee for another person.
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2(3)
and 2(4)(i)
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N
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Acting as a manager of a managed
trust company (as distinct from administering a private trust company being a
company that is exempted by Order made under the Law from registration when providing
a service specified in Article 2(4) of the Law).
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2(3)
and (4)
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O
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(1)
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Providing a service specified in
Article 2(4)(a), (e), (f) or (i) of the Law (“the specified
service”) to a person who is –
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2(3)
and 2(4)
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(a)
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an individual ordinarily resident
in Jersey; or
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(b)
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a company incorporated under the
Companies
(Jersey) Law 1991 all the beneficial owners of which are –
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(i)
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individuals ordinarily resident
in Jersey,
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(ii)
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companies incorporated under
that Law the beneficial owners of which are all individuals ordinarily
resident in Jersey, or
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(iii)
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both such individuals and
companies,
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where the provision of the
specified service to that person by the provider does not require the
provider to handle or control the person’s trust company business
assets except as a necessary result of providing the specified service.
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(2)
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The provider of a specified service
registered in this class –
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(a)
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before the commencement of
paragraph (1) but which, on its commencement, does not meet its
requirements, is nevertheless treated as continuing to meet them –
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(i)
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until 6 months have elapsed
from the date of such commencement, or
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(ii)
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if an application for registration
in a class specified in this Part other than class O has not been
finally determined at the expiry of that period, until it is so determined;
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(b)
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on or after the commencement of
paragraph (1) is treated as continuing to meet its requirements until 3 months
after the day on which the provider could have been expected, with reasonable
diligence, to discover that the service no longer meets those requirements
or, if an application for registration in a class specified in this Part
other than class O has been made within that 3 month period but not
finally determined at the expiry of that period, until it is so determined.
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(3)
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For the purposes of paragraph (2),
an application has been finally determined when –
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(a)
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the period for appealing against
the determination has ended without an appeal being brought; or
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(b)
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if such an appeal has been
brought, it has been determined by the Court or withdrawn.
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OA
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Acting as or fulfilling the function
of or arranging for another person to act as or fulfil the function of a
member of the council of a foundation.
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2(3)
and 2(4)(d)
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OB
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Acting as or fulfilling the
function of or arranging for another person to act as or fulfil the function
of a member or manager of a limited liability company.
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2(3)
and 2(4)(da)
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PART 3 – GENERAL INSURANCE MEDIATION BUSINESS
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P
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Carrying on general insurance
mediation business (other than incidental general insurance mediation
business), not carrying on any other class of financial service business and
not being a business that is within Class Q.
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2(7)
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Q
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Carrying on general insurance
mediation business (including incidental general insurance mediation
business) –
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2(7)
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(a)
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in addition to carrying
on –
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(i)
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any class of financial service
business other than general insurance mediation business, or
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(ii)
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any other business authorized
under the Banking
Business (Jersey) Law 1991, the Collective
Investment Funds (Jersey) Law 1988 or the Insurance
Business (Jersey) Law 1996; or
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(b)
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as a company that is part of a
group, where another part of the group carries on –
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(i)
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any class of financial service
business other than general insurance mediation business, or
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(ii)
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any other business authorized
under the Banking
Business (Jersey) Law 1991, the Collective
Investment Funds (Jersey) Law 1988 or the Insurance
Business (Jersey) Law 1996.
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R
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Carrying on incidental general
insurance mediation business, if –
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2(7)
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(a)
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the business includes the giving
of advice on the terms, conditions or suitability of the policy being
proposed; and
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(b)
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the business to which the
general insurance mediation business is incidental –
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(i)
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is not within a class of
financial service business, and
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(ii)
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is not business authorized under
the Banking
Business (Jersey) Law 1991, the Collective
Investment Funds (Jersey) Law 1988 or the Insurance
Business (Jersey) Law 1996.
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S
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Carrying on incidental general
insurance mediation business, if –
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2(7)
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(a)
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the business does not include
the giving of advice on the terms, conditions or suitability of the policy
being proposed; and
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(b)
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the business to which the
general insurance mediation business is incidental –
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(i)
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is not within a class of
financial service business, and
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(ii)
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is not business authorized under
the Banking
Business (Jersey) Law 1991, the Collective
Investment Funds (Jersey) Law 1988 or the Insurance
Business (Jersey) Law 1996.
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PART 4 – MONEY SERVICE BUSINESS
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T
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Carrying on money service
business.
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2(9)
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PART 5 – FUND SERVICES BUSINESS
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U
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Manager.
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2(10)(a)
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V
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Administrator.
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2(10)(a)
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W
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Registrar.
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2(10)(a)
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X
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Investment manager.
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2(10)(a)
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Y
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Investment adviser.
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2(10)(a)
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Z
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Distributor.
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2(10)(b)
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ZA
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Subscription agent.
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2(10)(b)
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ZB
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Redemption agent.
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2(10)(b)
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ZC
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Premium receiving agent.
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2(10)(b)
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ZD
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Policy proceeds paying agent.
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2(10)(b)
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ZE
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Purchase agent.
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2(10)(b)
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ZF
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Repurchase agent.
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2(10)(b)
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ZG
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Trustee.
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2(10)(c)
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ZH
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Custodian.
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2(10)(c)
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ZI
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Depository.
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2(10)(c)
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ZJ
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Member of a partnership (except
a limited partner).
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2(10)(d)
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ZK
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Manager of a managed entity.
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2(10)(a)
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PART 6 – AIF SERVICES BUSINESS
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ZL
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Manager of an AIF.
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2(11)
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