Financial Services
(Investment Business (Client Assets)) (Jersey) Order 2001
PART 1
General
1 Interpretation[1]
In this Order, unless the
context otherwise requires –
“approved
bank”, in relation to a client bank account, means –
(a) where
the account is opened at a branch in Jersey, a person registered under the Banking Business
(Jersey) Law 1991; and
(b) where
the account is opened at a branch outside Jersey –
(i) an institution
authorized under the Banking Act 1987 of the United Kingdom,
(ii) a
credit institution (as defined in EEC Directive No. 77/780) established in
any other Member State of the European Community and duly authorized by the
relevant supervisory authority in that Member State,
(iii) an
institution authorized under the Banking Act 1975 of the Isle of Man (as
amended),
(iv) an
institution authorized under the Banking Supervision (Bailiwick of Guernsey)
Law 1994,
(v) a building society
registered and incorporated under the Building Societies Act 1986 of the
United Kingdom which operates a deposit-taking business (within the meaning of
the Banking Act 1987 of the United Kingdom) without restriction, or
(vi) a
bank which is a company in the same group as an institution described in paragraph (a)
or (b)(i) to (iv) of this definition;
“approved
custodian” means –
(a) a person
who can be an approved bank;
(b) a
company –
(i) with no other business
than acting as a nominee holder of investments or other property, and
(ii) which
acts solely in accordance with the directions or instructions of a registered person
or an approved bank; or
(c) a person
whom the registered person reasonably believes to be lawfully carrying on
business as a custodian of investments or other property and who, in providing
those services, is subject to –
(i) regulation and
supervision by a regulatory body or agency of government in the country in
which that person carries on that business, or
(ii) independent
review at least once a year by auditors whose qualifications are prescribed by law
or by such body or agency;
“bank” means
any institution which lawfully carries on deposit-taking business in the
country in which it was established;
“business day”
means any day other than a Saturday, Sunday, Christmas Day, Good Friday or a
day appointed as a public holiday or bank holiday under Article 2 of the Public Holidays
and Bank Holidays (Jersey) Law 1951;
“client
bank account” means an account at an approved bank which –
(a) holds
the money of one or more clients;
(b) is in
the name of a registered person;
(c) includes
either words in its title indicating that it is a client account or other
information which sufficiently distinguishes it as an account containing client
money and from any account containing money belonging to the registered person;
and
(d) is a
current or deposit account (or, if the approved bank is a building society
within paragraph (b)(v) of the definition of “approved bank”,
is a deposit (and not a share) account);
“client
money” has the meaning assigned by Article 3;
“connected
customer”, in relation to a registered person, means any client of the
registered person –
(a) who
is –
(i) an associate of
the registered person other than by virtue only of being an employee of the
registered person or another company in the same group,
(ii) the
spouse, civil partner, minor child or minor stepchild
of any person described in sub-paragraph (i) of this definition, or
(iii) a person
in his or her capacity as trustee of a trust (other than an occupational
pension scheme) the beneficiaries of which he or she knows or ought reasonably
to know include any person described in sub-paragraph (i) or (ii) of this
definition; or
(b) with
whom the registered person has an agreement that the registered person will
have an interest of 25% or more in –
(i) any transaction
or series of transactions carried on by the registered person in the course of investment business undertaken with or for
the client, or
(ii) the
gain or loss arising from such transactions;
“default”
means the commencement of –
(a) an
application for a declaration under the Bankruptcy
(Désastre) (Jersey) Law 1990; or
(b) liquidation
or any insolvency proceedings in any jurisdiction;
“designated
account” means a client bank account which –
(a) includes
either words in its title indicating that it is a designated account or other
information which sufficiently distinguishes it as such; and
(b) only
contains the money of a single client (or, in the case of 2 or more clients who
open an account jointly, those clients) whose written consent to the use of the
approved bank with which the client money is to be held has been obtained;
“documents
of title” includes certificates evidencing title;
“intermediary”
means a person –
(a) to
whom any client money held by the registered person has been passed; or
(b) from
whom any money is owed to the registered person which, once received by him or
her, will be client money,
in respect of the carrying
out of transactions on behalf of clients of the registered person;
“investment” does not include an approved
Jersey scheme or an approved drawdown contract (as those terms are defined in
Article 130(1) of the Income Tax
(Jersey) Law 1961);
“investment
business agreement” means any agreement the making or performing of which
by either party constitutes investment business;
“margined
transaction” means a transaction effected by a registered person with or
for a client relating to investment business under the terms of which the
client will or may be liable to pay further amounts of cash or collateral over
and above the amount initially received by the registered person;
“money” includes
cheques and other payable orders of any currency;
“overseas
jurisdiction” means a jurisdiction outside Jersey;
“own
nominee” means an approved custodian who is controlled by and acts only
in accordance with the directions or instructions of the registered person;
“pooling
event” has the meaning assigned by Article 25;
“protected
account” means a client bank account which is not a designated account;
“protected
property” includes investments and documents of title to investments but
does not include client money;
“registered
person” means a person registered under the Law to carry on investment
business;
“registrable
investment” means any investment, the terms of which require the title
holder to register either with the issuer of the investment or a third party.
PART 2
CLIENT MONEY
2 Application of Part 2
(1) This
Part applies to every registered person, other than a registered person within
the meaning of the Banking Business
(Jersey) Law 1991, who holds money on behalf of his or her
clients in an account with himself or herself.
(2) This
Part does not apply to a designated account to the extent provided by Article 11.
3 Meaning of “client money”
(1) Subject
to paragraph (2), client money is money which a registered person, in the course of carrying on investment
business –
(a) holds
or receives (whether in Jersey or not) in respect of any investment business
agreement entered into, or to be entered into with or
for a client which is either –
(i) not immediately
due and payable on demand to the registered person for his or her own account,
or
(ii) if
it is so due and payable, is held or received in respect of any obligation of
the registered person which has not yet been performed; or
(b) owes
to a client and which is immediately due and payable without the need for the
client to demand such payment.
(2) The
following descriptions of money are not client money –
(a) money
which the client agrees is held in the form of precious coin for its intrinsic value;
(b) money
held on behalf of or received from a connected customer except
where –
(i) the connected
customer is acting in his or her capacity as a trustee of a trust, and
(ii) neither
the registered person nor any associate of the registered person is a
beneficiary of that trust; and
(c) cheques
or payable orders made payable to a client by a third party or to a third party
by a client.
(3) For
the purposes of this Article money is only to be regarded as due and payable in
respect of fees or commissions payable to the registered person if it may be
withdrawn under Article 8.
4 Segregation of client money
(1) A
registered person shall pay all client money which he or she holds or receives
into client bank accounts.
(2) Subject
to paragraph (3) –
(a) client
money;
(b) money
belonging to the registered person; and
(c) money
held on behalf of or received from connected customers,
must be kept separate from
one another.
(3) Paragraph (2)
does not apply to money falling within the exception to Article 3(2)(b).
5 Accounting for and use of client money
(1) A
registered person must account properly and promptly for client money and, in particular, must ensure that –
(a) save
as permitted by this Order, client money and other money do not become mixed;
(b) individual
transactions can be accurately identified and traced;
(c) the
credit standing to the account of each client is calculated each business day;
(d) no
client is ever overdrawn; and
(e) money
belonging to one client is not used for another client.
(2) Wherever
the daily calculation referred to in paragraph (1)(c) reveals an overdraft
or one client’s money has been used for another –
(a) the
registered person must pay in a sum of money equivalent to the deficit; and
(b) money
paid in by the registered person under sub-paragraph (a) shall be client
money and the registered person must not withdraw it until the client
responsible for the deficit has paid in a sum of money equivalent to the
deficit.
6 Client bank accounts
(1) A
registered person authorized to hold client money shall, for the purpose of,
and prior to receiving, client money, open one or more client bank accounts.
(2) The
title of each account must be sufficiently distinguished from any accounts
holding funds belonging to the registered person and connected customers.
(3) Save
as provided by paragraph (4), the client bank account must not be operated
until the registered person has obtained from the approved bank an undertaking
addressed to the registered person and the Commission that –
(a) all
money standing to the credit of the client bank account is and will be held by
the registered person as trustee;
(b) interest
earned on the account will be credited to that account, or to an account of
that type;
(c) the
bank is not, and will not be, entitled to combine the account with any other
account or to exercise any right of set-off or counterclaim or any security
interest against money in the account in respect of any debt or other
obligation owed to it by the registered person; and
(d) the
title of the account sufficiently distinguishes it as an account containing
client money and from any account containing money belonging to the registered person,
and the registered person
has sent a copy of the undertaking to the Commission.
(4) The
Commission may, if it thinks fit and subject to any conditions it may from time
to time impose, waive the requirement to obtain an undertaking
where –
(a) the law
to which the approved bank is subject makes it impossible or impracticable to
give the undertaking; or
(b) there
are other exceptional circumstances.
(5) Where
the Commission has waived the requirement to obtain an undertaking, the
registered person must explain to his or her clients the nature of the risks to
which they may be subjected by reason of the absence of such undertaking.
7 Payments into a client bank account
(1) Client
money held or received by a registered person shall be paid –
(a) into
a client account as soon as possible, and in any event no later than the next
business day; or
(b) to
the client concerned.
(2) Money
held or received by a registered person in the form of an electronic transfer or a cheque or draft drawn in favour of the
registered person, which includes client money shall be paid in the first
instance into the client bank account.
8 Payments out of a client bank account
(1) Subject
to paragraph (2), money may be withdrawn from a client bank account only
if –
(a) it is
not client money;
(b) it is
properly required for immediate payment to or on behalf of a client; or
(c) it is
properly transferred to another client bank account or into a bank account in
the client’s own name (not being an account which is also in the name of
the registered person).
(2) Where
a registered person wishes to withdraw money from a client bank account for or
towards payment of his or her own fees or commission he or she may only do so
if –
(a) the
fees or commission are accurately calculated and accord with arrangements
previously agreed in writing with the client;
(b) the
registered person has given the client 14 days’ notice of his or her
intention to withdraw the money, including precise details of the breakdown of
the proposed payment, and the client has not objected;
or
(c) the
amount of the fees or commission is agreed in writing with the client or
finally determined by a court or arbitration.
9 Interest on client money
(1) Interest
must be paid on client money according to any agreement made in writing with
the client, and if no interest is to be paid, such agreement must record the
fact.
(2) Where
there is no such agreement the registered person must disclose to the clients
concerned the amount of such interest and its destination.
10 Reconciliation of accounts
(1) A
registered person shall, not less than once a month –
(a) reconcile
the balance on each client bank account, as recorded by the registered person,
with the balance on that account as set out in the statement issued by the
approved bank covering the period in respect of which the reconciliation is
made; and
(b) reconcile
the total of the balances on all protected accounts, as recorded by the
registered person, with the total of the corresponding balances in respect of
each of its clients, as recorded by the registered person.
(2) The
reconciliations referred to in paragraph (1) must be performed within 10
business days of the date to which the reconciliation relates, and any
differences must be corrected forthwith unless –
(a) they
arise as a result of differences in timing between the
accounting and settlement systems of the registered person and the approved
bank; or
(b) the
Commission is notified.
11 Designated accounts
(1) Where
a client has a designated account and has given his or her written consent to
that account being overdrawn or the money in it being used for another client, Article 5(1)(d)
and (e), as the case may be, shall not apply to that
account.
(2) The
requirement to address the undertaking referred to in Article 6(3) to the
Commission shall not apply in the case of a designated account.
(3) Article 10(1)(a)
shall not apply to a designated account where –
(a) the
client of that account has given his or her written consent; and
(b) the
registered person has taken such steps as are necessary to ensure that the
balance on that account as set out in the statement issued by the approved bank
agrees with what he or she reasonably believes the balance should be.
(4) Where
the registered person’s client has a designated account, the registered person
must inform the client that such an account does not have the protection of Part 4.
PART 3
CLIENT PROPERTY
12 Application of Part 3
This Part applies where a
registered person has in his or her possession or custody or under his or her
control any protected property.
13 Protection of investments[2]
A registered person must
not –
(a) recommend
to a client that a person other than the registered person or an approved
custodian should act as –
(i) the
registered holder of the client’s registrable investments, or
(ii) the
custodian of protected property belonging to the client; or
(b) procure
the client’s agreement to such a person so acting.
14 Registrable investments
(1) A
registered person shall arrange for registrable investments belonging to a
client to be registered in such name as is agreed with the client, or, in the
absence of any such agreement, in the client’s own name.
(2) Where
a registered person arranges for registrable investments belonging to its
clients to be registered in the same name as that in which the registered person’s
own registrable investments are registered, the registered person shall arrange
for the client’s registrable investments to be registered in an account
which sufficiently distinguishes it from the account in which the registered person’s
own investments are registered.
15 Safekeeping of
protected property: general[3]
A registered person is responsible in accordance with this Part for
the safekeeping of protected property belonging to the registered
person’s clients which has come into the registered person’s
possession or control, and remains so responsible as trustee until the
protected property is delivered –
(a) to
the client; or
(b) in
accordance with written arrangements made with the client, otherwise than to an
approved custodian acting for the registered person.
16 Safekeeping of
protected property by the registered person[4]
If a registered person is responsible for the safekeeping of any
protected property belonging to the registered person’s clients, unless
the protected property is properly in the custody of an approved custodian
acting for the registered person –
(a) the
registered person –
(i) must hold the
protected property in the registered person’s own possession and in safe custody,
or must arrange that the protected property is held by the registered person as
trustee, and
(ii) must
not part with possession of or transfer any of the protected property to any
person, other than on the client’s instructions or to the client in
accordance with the client agreement;
(b) if
the title to the protected property passes by delivery, it must be held in such
a manner that –
(i) it is readily
apparent that the protected property does not belong to the registered person
or to a connected customer of the registered person, and
(ii) the
owner of the protected property can be identified at all
times; and
(c) any
protected property held for the following purposes must be identified and, if
possible, segregated from protected property which is not so held –
(i) protected
property that is held as security
for a loan to that client, or
(ii) protected
property that is held as any form
of security, guarantee or indemnity provided by way of security for the
discharge of any liability arising from margined transactions effected by the
registered person with or for that client.
17 Safekeeping of protected property by a registered person’s own
nominee[5]
Where a registered person
is responsible for the safekeeping of any protected property belonging to a client
and the protected property is properly in the custody of the registered person’s
own nominee, the registered person must ensure that the nominee complies with
the requirements of Article 16 as though –
(a) that
Article applied to the nominee; and
(b) the
references to the registered person in sub-paragraphs (a) and (c) of that
Article were references to the nominee.
18 Safekeeping of
protected property held by an approved custodian who is not the registered
person’s own nominee[6]
(1) This Article applies if
an approved custodian who is not the registered person’s own nominee is
to be responsible for the safekeeping of protected property.
(2) The registered person
must act with due diligence, as would a prudent person, and to the best of the
registered person’s ability and skill when –
(a) selecting,
appointing or delegating to an approved custodian;
(b) agreeing
the terms on which the approved custodian is responsible for the safekeeping of
the protected property;
(c) carrying
out, or determining the frequency of, reviews of the performance of the
approved custodian of the safekeeping of protected property; and
(d) following
each review described in sub-paragraph (c), determining whether to permit the
approved custodian to continue to be responsible for the safekeeping of that
protected property.
(3) A registered person who
discharges their duty under paragraph (2) in good faith and without
neglect is not liable for any loss to the client arising from the performance
or conduct of the approved custodian in the safekeeping of the protected
property.
(4) A registered person
must not employ the services of an approved custodian who is not the registered
person’s own nominee to be responsible for the safekeeping of protected
property belonging to a client unless –
(a) the
registered person and the custodian have agreed in writing that –
(i) the custodian
acknowledges that the registered person is acting as trustee,
(ii) the
custodian will not part with possession of or transfer title to that protected property
otherwise than to the registered person or on the registered person’s
instructions,
(iii) the
protected property will be held in a manner that it is readily apparent that
the protected property does not belong to the registered person, and
(iv) the
custodian will, not less than once every 6 months and on the request of
the registered person, prepare and deliver to the registered person a
statement –
(A) made up as
at such date within the previous month as is specified by the registered
person, and
(B) specifying
in relation to each description of protected property the protected property
held and the amount of that protected property;
(b) the
custodian has acknowledged in writing to the registered person that the
custodian will not have or claim any lien or right of retention over, or any
right to sell, the protected property placed in the custodian’s custody,
to offset the indebtedness of the registered person or a client except where –
(i) that client is
the title holder of the protected property,
(ii) the
beneficial owner (or the legal owner, where the legal owner has capacity to do
so) has consented, or
(iii) the
indebtedness is only in respect of charges relating to the administration or
custody of the protected property; and
(c) if the custodian is subject to the laws of an overseas
jurisdiction or acts on terms which are governed by the laws of an overseas
jurisdiction, the registered person or custodian has disclosed to the
client –
(i) that the
client’s protected property will be subject to the client protected
property asset protection regime or the insolvency regime, as
the case may be, of the overseas jurisdiction,
(ii) in
the event of the bankruptcy or insolvency of the custodian, the risks of the
loss or loss of value of the client’s protected property arising from the
protected property being held in the overseas jurisdiction, and
(iii) the
extent (if any) to which any investor compensation scheme in the overseas
jurisdiction applies to the client or the client’s protected property.
(5) The disclosures
required under paragraph (4)(c) apply even if the approved custodian
appoints a sub-custodian.
(6) A registered person who
makes an agreement with a custodian in accordance with paragraph (4)(a)
must not authorise the custodian to release or transfer title to any protected
property otherwise than –
(a) in accordance with the client agreement; or
(b) on the express instructions of the client.
19 Accounting for and reconciliation of protected property[7]
(1) Subject
to paragraph (2), a registered person who is responsible in accordance
with this Part for the safekeeping of protected property of a client shall, not
less than once every 6 months, deliver or send to the client a
statement –
(a) made
up as at a date not earlier than one month before the date on which it is so
sent or delivered; and
(b) specifying
the protected property in respect of which the registered person was on that
date responsible for the safekeeping and the amount of such protected property
in accordance with this Part.[8]
(2) No
statement need be delivered or sent if –
(a) the
client has consented in writing;
(b) a
statement has been sent or delivered in that calendar year; and
(c) no
changes have taken place in the matters to be specified under paragraph (1)(b)
since that statement was sent or delivered.
(3) Where
a registered person or an approved custodian is responsible in accordance with
this Part for the safekeeping of protected property of a client, the registered
person shall, not less than once every 6 months, carry out a reconciliation of that
protected property.[9]
20 Storage of client property
(1) Where
protected property is recorded electronically the registered person must ensure
that clients’ entitlements are separately identifiable from those of the
registered person in the records of the person maintaining records of the
entitlement.[10]
(2) Where
the registered person holds protected property belonging to clients, title to
which passes by delivery, the registered person must ensure that the protected
property is stored so as to minimize any risk of its
loss due to theft, fire or flood.[11]
21 Insurance
A registered person must maintain adequate insurance at all times to cover
non-registered securities of clients and such insurance must extend to cover
his or her own nominee.
22 Third parties
(1) A
registered person must not lend client’s protected property to a third
party unless the client has given his or her written consent.[12]
(1A) A
registered person must act with due diligence, as would a prudent person, and
to the best of the registered person’s ability and skill
when –
(a) selecting,
appointing or delegating to a third party to whom clients’ protected
property is lent;
(b) agreeing
the terms on which the protected property is lent to the third party; and
(c) carrying
out, or determining the frequency of, reviews of the performance of the third
party; and
(d) following
each review described in sub-paragraph (c), determining whether to continue to
lend the protected property to the third party.[13]
(1B) A
registered person who discharges their duty under paragraph (1A) in good
faith and without neglect is not liable for any loss to the client arising from
performance or conduct of the third party to whom the protected property is
lent.[14]
(1C) A
registered person must not lend a client’s protected property to a third
party subject to the laws of an overseas jurisdiction or act on terms which are
governed by the laws of an overseas jurisdiction, unless the registered person or
third party has disclosed to the client –
(a) that
the client’s protected property will be subject to the client protected
property asset protection regime or the insolvency regime, as the case may be,
of the overseas jurisdiction;
(b) in
the event of the bankruptcy or insolvency of the third party, the risks of the
loss or loss of value of the client’s protected property arising from the
protected property being held in the overseas jurisdiction; and
(c) the
extent (if any) to which any investor compensation scheme in the overseas
jurisdiction applies to the client or the client’s protected property.[15]
(1D) The
disclosures required under paragraph (1C) apply even if the third party
appoints or delegates to another party.[16]
(2) All
monies, fees or commission earned from a third party shall be received for the
account of the client unless the client has given his or her prior written
consent.
(3) Where
clients’ protected property has been lent to a third party, proper
records shall be maintained.[17]
22A Transitional provision[18]
(1) A
person to whom this Part applied immediately before the commencement day does
not, within the relevant period, commit an offence under Article 20(4) of
the Financial
Services (Jersey) Law 1998 if the person would have been in
compliance with this Part were it not for the commencement of the Financial
Services (Investment Business (Client Assets)) (Amendment No. 2) (Jersey)
Order 2022.
(2) In
this Article –
“commencement day” means the day on which the
Financial Services (Investment Business (Client Assets)) (Amendment No. 2)
(Jersey) Order 2022 comes into force; and
“relevant
period” means a period of 3 months beginning on the commencement
day.
PART 4
DEFAULT
23 Application of Part 4
This Part only applies to
protected accounts.
24 Creation of statutory trust
(1) Where
client money is held by a registered person in a protected account in the course of investment business it is held on trust in
accordance with this Part –
(a) for
the clients for whom the money is held according to their respective shares in
it; and
(b) after
all valid claims under sub-paragraph (a) have been met, for the registered
person.
(2) Where
this Part applies the Trusts (Jersey)
Law 1984 shall have effect subject to this Part.
25 Meaning of “pooling event”
(1) A
pooling event consists of the happening of any of the following –
(a) the
default of the registered person;
(b) the
default of any approved bank with which any client money held by the registered
person is deposited;
(c) the
default of an intermediary; or
(d) the
coming into force of a direction by the Commission in respect of all client
money held by the registered person, unless the
direction states otherwise.
(2) A
pooling event shall be deemed not to have occurred if, forthwith on the default
of an approved bank or an intermediary, the registered person repays to his or
her clients or pays into a client bank account an amount equal to the amount of
client money held on behalf of those clients with that bank or by that
intermediary.
26 Destination of client money on pooling event
(1) Where
a pooling event occurs –
(a) save
insofar as money is received after the pooling event, the power of a registered
person to pay money into and out of protected accounts in which client money is
held is suspended; and
(b) subject
to Article 27, money held in all the registered person’s protected
accounts is pooled and shall be made available to meet the claims of clients in
respect of whom client money is, or should be, held in those protected accounts
pari passu.
(2) Where,
at the time when a pooling event occurs, a registered person has paid an
uncleared cheque or other payable order into a protected account, when such
cheque or order is cleared the amount credited in respect of it shall be pooled
in accordance with paragraph (1)(b).
(3) Where,
at the time when a pooling event occurs, client money from a protected account
is in the hands of an intermediary, it shall, on its return to the protected
account, be pooled in accordance with paragraph (1)(b).
(4) Where
client money referred to in paragraph (3) cannot be returned until one
month after the pooling event, the registered person may make distributions
from the account in advance of that date if he or she makes provision for the
possibility of such money not being returned.
(5) Without
prejudice to any claim of any other person arising under this Order, where a
surplus remains in the pool created under paragraph (1)(b) it shall form part
of the assets of the registered person.
(6) Where
a registered person receives money from a client after a pooling event which,
but for that event, would fall to be paid into a protected account, that
money –
(a) shall
be placed in a new client bank account duly opened after that pooling event;
and
(b) shall
not be pooled with the money held in the registered person’s protected
accounts at the time of the pooling event.
27 Money held by third parties
(1) Where
client money is held by an approved bank or an intermediary who defaults or,
following a pooling event, fails to recognize that the money is held on trust
in accordance with this Part –
(a) the
money shall –
(i) be pooled
separately,
(ii) be
made available to satisfy the separate claims of the separate clients pari passu,
and
(iii) after
the claims described in clause (ii) have been satisfied, be paid into the
pool created under Article 26(1)(b); and
(b) the
pool created under Article 26(1)(b) shall be applied –
(i) to meet any
claims of separate clients that are not separate claims and the claims of other
clients (all ranking equally), and
(ii) after
the claims described in clause (i) have been satisfied, to meet any
unsatisfied separate claims of separate clients.
(3) In
this Article –
“separate
claim” means the claim of a separate client to the value of the money
that was or should have been held; and
“separate
client” means a client whose money was, or should have been, held with
the approved bank or intermediary.
28 Default officer
(1) The
Commission may appoint a person, to be known as the default officer, to
administer the application of this Part in relation to a registered person in
the event of the default of the registered person or the coming into force of a
direction by the Commission in respect of all client money held by that person.
(2) The
registered person and his or her clients shall provide the default officer with
such assistance as the default officer may require.
(3) A
certification by the default officer as to –
(a) the
value of any claim or of any amount pooled in accordance with Article 26(2);
or
(b) the amount of payments to be made,
shall, in the absence of
manifest error, be conclusive.
(4) The
default officer may withdraw, amend or revise his or
her certifications at any time but no client who has received payment pursuant
to such a certificate shall be required to repay any sum.
(5) The
default officer shall report on his or her actions to the Commission and shall
comply with any directions it may give him or her so as to
comply with this Order.
PART 5
MISCELLANEOUS
29 Record keeping
Any record required to be
kept under this Order must be retained for at least 10 years.
30 Citation
This Order may be cited as the Financial Services (Investment
Business (Client Assets)) (Jersey) Order 2001.