Jersey
Law 5/2002
FINANCIAL
SERVICES (AMENDMENT) (JERSEY) LAW 2002
____________
A LAW to amend further the
Financial Services (Jersey) Law 1998, sanctioned by Order of Her Majesty in
Council of the
11th
day of DECEMBER 2001
____________
(Registered
on the 4th day of January 2002)
____________
STATES
OF JERSEY
____________
The 30th day of October 2001
____________
THE STATES, subject to the sanction of Her
Most Excellent Majesty in Council, have adopted the following Law -
ARTICLE
1
In
this Law, “the principal Law” means the Financial Services (Jersey) Law 1998, as amended.
ARTICLE 2
In
Article 23(2) of the principal Law for the words “a person
has entered into any transaction in contravention of any of the provisions of
Article 6 or 27,” there shall be substituted the words “a person,
by entering into any transaction, has contravened Article 6, or entered into
any transaction with another party who was induced to enter the transaction as
a result of the person’s contravening Article 27,”.
ARTICLE
3
For
Article 33 of the principal Law there shall be substituted the
following Article -
“ARTICLE 33
Co-operation
with relevant supervisory authority
(1) The following powers
may be exercised (by the officer or person specified in the relevant provision)
in order to assist a relevant supervisory authority -
(a) the power to refuse or
revoke a registration under paragraph (1) of Article 8;
(b) the power to impose,
revoke or vary conditions pursuant to paragraph (2) of Article 9;
(c) on the application of
the Commission, the powers under Article 23 (Powers of intervention);
(d) the powers relating to
information and documents under Article 29;
(e) the powers under
Article 30 (Investigations on behalf of the Commission);
(f) the powers under
Article 31 (Entry and search of premises);
(g) communication by the
Commission to the relevant supervisory authority of information that is in the
possession of the Commission, whether or not as a result of the exercise of any
of the above powers.
(2) The Commission shall
not exercise the power referred to in sub-paragraph (g) of
paragraph (1) unless satisfied that the relevant supervisory authority
will treat the information communicated with appropriate confidentiality and
that -
(a) the power is exercised
in order to assist the authority in the exercise of its supervisory functions;
or
(b) the exercise of the
power has been requested by the authority and requested only for the purposes
of obtaining assistance for the authority in the exercise of one or more of its
supervisory functions.
(3) The other powers
referred to in paragraph (1) shall not be exercised by virtue of this
Article unless the Commission is satisfied that the exercise has been requested
by the relevant supervisory authority and requested only for the purposes of
obtaining assistance for the authority in the exercise of one or more of its
supervisory functions.
(4) In deciding whether to
exercise a power by virtue of this Article, the following factors (among
others) may be taken into account -
(a) whether corresponding
assistance would be given in that country or territory to the Commission;
(b) whether the case
concerns the possible breach of a law, or other requirement, which has no close
parallel in the Island or involves the assertion of a jurisdiction not
recognized by the Island;
(c) the seriousness of the
case and its importance in the Island and whether the assistance could be
obtained by other means;
(d) whether it is otherwise
appropriate in the public interest to give the assistance.
(5) The exercise of powers
by virtue of this Article may be refused unless the relevant supervisory
authority undertakes to make such contribution towards the costs of its
exercise as the Commission considers appropriate.
(6) For the purposes of
this Article -
(a) a reference -
(i) in
paragraph (2) of Article 29 or paragraph (4) of Article 30
to a contravention of paragraph (1) of Article 6 or a contravention
of Article 27; or
(ii) in paragraph (1)
of Article 31 to a contravention of a type referred to in
paragraph (2) of Article 29,
shall
include a reference to a contravention (committed at any time, including a time
before the enactment of this Law) of a law of a country or territory outside
the Island constituted by an act, or omission, that, if it arose in the Island,
would constitute (at the time when the relevant request referred to in
paragraph (3) was received) a contravention of paragraph (1) of
Article 6, or a contravention of Article 27, as in force at the
latter time; and
(b) a reference in
paragraph (7) of Article 29 or paragraph (4) of Article 31
to proceedings shall include a reference to proceedings outside the Island.
(7) For the purposes of
this Article, a reference (however expressed or implied) in Article 6 or
27 (or in any provision necessary for the interpretation of that Article) to
Jersey, or to any class of person, any qualification or any provision, shall be
construed, in the application of that Article to a contravention of a law of a
country or territory outside the Island, as a reference to that country or
territory, or to an equivalent class of person, qualification or provision, in
terms of the law of that country or territory.
(8) The exercise of a power
under any provision shall be no less an exercise of that power under that
provision because it is exercised by virtue of this Article, and this Law (and
any other law that applies when a power is exercised directly under that
provision) applies also when that power is exercised by virtue of this Article.”.
ARTICLE 4
From
Article 35(1)(i) of the principal Law the words “subject to
sub-paragraph (g) of paragraph (1) of Article 33,” shall
be deleted.
ARTICLE 5
In
Article 38(5A) of the principal Law for the words
“paragraph (4) or (4A)” there shall be substituted the words
“paragraph (3), (4) or (4A)”.
ARTICLE 6
(1) This Law may be cited
as the Financial Services (Amendment) (Jersey) Law 2002.
(2) This Law shall come
into force on such day as the States may by Act appoint.
(3) Anything that could
have been done, or completed, under a provision of the principal Law before its
amendment or substitution by this Law may be done, or completed, under the
provision as so amended or under the substitute provision.
A.H.
HARRIS
Assistant
Greffier of the States.