SCHEDULE[1]
(Article 2)
EXEMPTIONS
PART 1: LIMITED EXEMPTIONS
1 Employee pension scheme
trustees
A person who acts as a
trustee of an employee pension scheme and who is –
(a) a
director or other officer of the employer; or
(b) a
bona fide employee or former bona fide employee of the employer,
when providing fiduciary
services to the employee pension scheme.
Note: A person is not a bona fide employee if the person is employed
solely to act as a trustee of the employee pension scheme.
2 Employee share or
debenture scheme trustees
A person who acts as a
trustee of an employee share or debenture scheme and who is –
(a) a
director or other officer of the employer; or
(b) a
bona fide employee or former bona fide employee of the employer,
when providing fiduciary
services to the employee share or debenture scheme.
Note:
(1) A
person is not a bona fide employee if the person is employed solely to act as a
trustee of the employee share or debenture scheme.
(2) An
employee share or debenture scheme means a scheme of a type referred to in paragraph
9(1) of Schedule 2 to the Law.
3 Executors and
administrators
A person, when acting as
the executor or administrator of the estate of a deceased person.
4 Private trust company
business
A person being a company or
limited liability company –
(a) the
purpose of which is –
(i) solely
to provide trust company business services in respect of a specific trust or
trusts, or
(ii) to
act for that purpose and to act as a member of the council of a foundation or
of foundations (otherwise than as a qualified member, as that term is defined
by the Foundations (Jersey) Law
2009);
(b) that does not solicit
from or provide trust company business services to the public; and
(c) the administration of
which is carried out by a registered person registered to carry out trust
company business,
when providing a service specified in Article 2(4) of the Law
where the name of the company or limited liability company is notified to the
Commission.
4A Private
trust company business in respect of foundations
A person being a company or limited liability company –
(a) the purpose of which
is –
(i) solely
to act as a member of the council of a foundation or of foundations (otherwise
than as a qualified member, as that terms is defined by the Foundations (Jersey) Law
2009),
or
(ii) to
act for that purpose and to provide trust company business services in respect
of a specific trust or trusts;
(b) that does not solicit
from or provide trust company business services to the public; and
(c) the administration of
which is carried out by a registered person registered to carry out trust
company business,
when providing a service specified in Article 2(4) of the Law in the course of acting as a member of the council of a
foundation or of foundations (otherwise than as a qualified member) where the
name of the company or limited liability company is notified to the Commission.
5 Manager
A person appointed by the
Court under Article 12(3) of the Law to manage the affairs of a person in
so far as those affairs relate to the carrying on of financial service business
and the person whose financial service business affairs are being so managed,
when the appointed person is managing those affairs in accordance with any
directions of the Court.
6 Global custodians
A person who is subject
to consolidated supervision from a relevant supervisory authority and whose
business includes safeguarding or administering or arranging for the
safeguarding or administering of investments that belong to another person,
when providing a service specified in Article 2(4)(g), (h) or (i) of the Law in relation to any investments so safeguarded
or administered.
7 Incidental providers of
services
A person who is carrying
on a business or profession the sole or main purpose of which is not trust
company business, when carrying out a service specified in Article 2(4) of
the Law for which the person is not separately remunerated, which the person
does not separately hold himself or herself out as providing and which is
carried out as an incident of the person’s business or profession.
8 Address providers
A person who provides a
service specified in Article 2(4)(g) of the Law, when providing that
service solely as a place for the service of any process or contractual notice.
Note: The exemption does not extend to the provision of an address
to be used as the registered office of a company.
9 Jersey Post Office
The Jersey Post Office,
when providing a service specified in Article 2(4)(g) of the Law in the course of its business.
10 Managers of managed banks
A bank, when providing
services specified in Article 2(4) of the Law for a bank it manages.
11 Connected company or limited liability
company
A company or limited
liability company, when providing a service specified in Article 2(4) of
the Law to a connected company or limited liability company.
Note: For the purposes of
this paragraph a company or limited liability company is
connected with another company or limited liability company if –
(a) they
are in the same group;
(b) one
is entitled, either alone or with any other company or limited liability
company in the same group, to exercise or control the exercise of a majority of the voting rights, (other than as nominee
shareholder or member) which –
(i) are
attributable to the share capital or LLC interests, and
(ii) are
exercisable in all circumstances at any general meeting, meeting under
Article 15 or 16(2) of the LLC Law, or meeting under the LLC agreement of
the other company or limited liability company or of its holding company or
holding limited liability company; or
(c) the
first-mentioned company or limited liability company holds, or a company or
limited liability company in the same group as the first-mentioned company or
limited liability company holds, an interest in the equity share capital or an
LLC interest in the other company or limited liability company carrying rights
to vote in all circumstances at –
(i) general
meetings,
(ii) meetings
under Articles 15 and 16(2) of the Limited Liability Companies (Jersey) Law 2018, or
(iii) meetings
under the LLC agreement
for the purpose of securing
a contribution to the activities of the first-mentioned company or limited
liability company or the company or limited liability company in the same group
as that company or limited liability company by the exercise of control or
influence arising from that interest in the equity share capital or LLC interest.
12 Introducer
A person, when
introducing another person to a registered person so that the registered person
may provide services under Article 2(4) of the Law to that other person.
Note: In this paragraph “registered person” includes a person
who carries on trust company business and would be required to register under
the Law but for the fact that the person does not carry on
trust company business in or from Jersey in circumstances that require the person
to be registered under the Law.
13 Director or manager
(1) A
person, when acting as or fulfilling the function of a director of a company or
a manager of a limited liability company, if in relation to that company or
limited liability company – (a) the
person has neither entered into a contract for services, nor is party to an
arrangement for the provision of services, with a registered person or a person
carrying on trust company business in any part of the world;
(b) the majority of the board of directors of the company or
managers of the limited liability company is not provided by a registered
person or a person carrying on trust company business in any part of the world;
and
(c) the
person does not hold himself or herself out as carrying on a business or
profession in any part of the world the sole or main purpose of which is trust
company business.
(2) An
individual, when acting or fulfilling the function of a director of a company
or a manager of a limited liability company, if the individual, in or from
within Jersey, acts as or fulfils the function of director or manager of not
more than 6 companies or limited liability companies (including the
first-mentioned company or limited liability company).
(3) For
the purposes of sub-paragraph (2), when determining the number of
companies or limited liability companies, no account shall be taken of the
individual’s acting as, or fulfilling the function of, a director of a
company or manager of a limited liability company when, in relation to the full
extent of the individual’s so acting or so fulfilling the function, the
individual is the subject of an exemption under any one or more of the
provisions of the following enactments –
(a) sub-paragraph (1);
(b) paragraph 15;
(c) any other
paragraph of this Schedule;
(d) the Financial
Services (Trust Company Business (Exemptions No. 2)) (Jersey)
Order 2000;
(e) the Financial
Services (Trust Company Business (Exemptions No. 3)) (Jersey)
Order 2001;
(f) the
Financial
Services (Trust Company Business (Exemptions No. 4)) (Jersey)
Order 2001;
(g) the Financial
Services (Trust Company Business (Exemptions No. 5)) (Jersey)
Order 2001;
(h) the Financial
Services (Trust Company Business (Exemptions No. 6)) (Jersey)
Order 2001;
(i) the
Financial
Services (Trust Company Business (Exemptions No. 7)) (Jersey)
Order 2001.
13A Liquidators and trustees in bankruptcy of registered
persons
A person appointed to be
a liquidator or trustee in bankruptcy of a registered person, when providing a
service specified in Article 2(4) of the Law in connection with that
appointment.
Note: In this paragraph “registered person” means a person
who is registered, authorized, licensed, the holder of a permit or a
certificate holder, as the case may be under –
(a) the Collective
Investment Funds (Jersey) Law 1988;
(b) the Banking Business
(Jersey) Law 1991;
(c) the Insurance
Business (Jersey) Law 1996; or
(d) the Financial
Services (Jersey) Law 1998.
PART 2: UNLIMITED
EXEMPTIONS
14 Certain persons engaged in banking, insurance
and other investment businesses
(1) A
registered person, when providing a service specified in Article 2(4) of
the Law as part of the business in respect of which the person is registered.
(2) In
sub-paragraph (1), “registered person” means a person who is
registered, authorized, licensed or the holder of a permit,
as the case may be, under –
(a) the Banking Business
(Jersey) Law 1991;
(b) the Insurance
Business (Jersey) Law 1996; or
(c) the Financial
Services (Jersey) Law 1998 to carry on activities
that are within the meaning of “investment business”,
and “is
registered” shall be construed accordingly.
14A Certain persons in relation to collective investment
funds
(1) A
company issuing units that is a recognized fund and that is the holder of a
permit under the Collective
Investment Funds (Jersey) Law 1988, when carrying on under that
permit trust company business in relation to that fund.
(2) A
functionary (other than a company issuing units within the meaning of the Collective
Investment Funds (Jersey) Law 1988) when carrying on, in relation to
a recognized fund, the activities of a functionary, within the meaning of the
Schedule to that Law, under the functionary’s permit granted under that
Law.
(3) A
company issuing units that is a certified fund within the meaning of the Collective
Investment Funds (Jersey) Law 1988, when carrying on, in accordance
with the certificate granted to the company under that Law, trust company
business as part of the business of the fund.
14B Persons registered to carry on fund services business
under the Law
A person who is
registered under the Financial
Services (Jersey) Law 1998 to carry on
fund services business, when providing a service specified in Article 2(4)
of the Law as part of the fund services business in respect of which the person
is so registered.
15 Director or
manager – registered person
(1) A
person, when acting as or fulfilling the function of a director of a company
if –
(a) the
company for which the person is acting as a director or fulfilling the function
of a director is a registered person; or
(b) the
company for which the person is acting as a director or fulfilling the function
of a director is a wholly owned subsidiary of a company referred to in clause (1)(a)
or a limited liability company referred to in clause 2(a) in respect of
which the person is also a director or manager or fulfilling the function of a
director or manager.
(2) A
person, when acting as or fulfilling the function of a manager of a limited
liability company if –
(a) the
limited liability company for which the person is acting as a manager or
fulfilling the function of a manager is a registered person;
(b) the
limited liability company for which the person is acting as a manager or
fulfilling the function of a manager is a wholly owned subsidiary of a company
referred to in sub-paragraph 1(a) or limited liability company referred to in
sub-paragraph (2)(a) in respect of which the person is also a director or
manager or fulfilling the function of a director or manager.
Note: In this paragraph “registered person” means a
person who is registered, authorized, licensed, a holder of a permit or a
certificate holder under –
(a) the Collective Investment Funds (Jersey) Law 1988;
(b) the Banking Business (Jersey) Law 1991;
(c) the Insurance Business (Jersey) Law 1996; or
(d) the Financial Services (Jersey) Law 1998.
16 Liquidators and trustees in bankruptcy of persons other than registered persons
A person appointed to be
a liquidator or trustee in bankruptcy of a person who is not a registered
person, when providing a service specified in Article 2(4) of the Law in
connection with that appointment.
Note: In this paragraph “registered person” means a person
who is registered, authorized, licensed, the holder of a permit or a
certificate holder, as the case may be under –
(a) the Collective
Investment Funds (Jersey) Law 1988;
(b) the Banking Business
(Jersey) Law 1991;
(c) the Insurance
Business (Jersey) Law 1996; or
(d) the Financial
Services (Jersey) Law 1998.
17 Tuteurs,
delegates etc.
A tuteur, delegate, administrateur, general or
special attorney, person on whom authority is conferred by a lasting power of
attorney under Part 2 of the Capacity
and Self-Determination (Jersey) Law 2016, or fideicommisaire appointed by,
and accountable to the Royal Court, when providing a service specified in Article 2(4)
of the Law in accordance with that appointment.[2]
18 Recruitment agents
A person registered under
the Employment
Agencies (Registration) (Jersey) Law 1969 who runs an agency that recruits bona fide long
term employees for other persons, when providing a service specified in Article 2(4)(b),
(c) or (e) of the Law in connection with the business of that agency.
19 Guardians
of a foundation
A person being the guardian of a foundation (not being the qualified
member of the council of the foundation, as defined by the Foundations (Jersey) Law 2009) when providing to the
foundation a service specified in Article 2(4) of the Law in the course of
acting as the guardian of the foundation.