Arrangement

A LAW to amend further the Collective Investment Funds (Jersey) Law 1988, the Banking Business (Jersey) Law 1991, the Insurance Business (Jersey) Law 1996, the Financial Services (Jersey) Law 1998, the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 and the Alternative Investment Funds (Jersey) Regulations 2012.

THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law –

“other than a person holding shares only as a custodian or its nominee and able to exercise the voting rights attached to the shares only under instructions given in writing (including by electronic means),”.

“(2)    Without limiting paragraph (1)(d) the Commission may –

(a)     require an applicant to provide such information and documents relating to the collective investment fund to which the applicant’s function relates, verified in such manner as the Commission may require, for the purposes of considering whether to grant or refuse a permit under Article 7(1);

(b)     by written notice require the applicant, or any person who is to be a principal person in relation to the applicant, to provide a report by an auditor or accountant, or other qualified person approved by the Commission, on such aspects of the particulars required by paragraph (1)(d), or the information and documents required by paragraph (2)(a), as the Commission may specify.”.

“(3)    Without limiting paragraph (2)(c) the Commission may –

(a)     require an applicant to provide such information and documents relating to the collective investment fund to which the applicant’s function relates, verified in such manner as the Commission may require, for the purposes of considering whether to grant or refuse a certificate under Article 8B(1);

(b)     by written notice require the applicant, or any person who is to be a principal person in relation to the applicant, to provide a report by an auditor or accountant, or other qualified person approved by the Commission, on such aspects of the particulars required by paragraph (2)(c), or the information and documents required by paragraph (3)(a), as the Commission may specify.”.

“32    Communication with Commission by auditors and approved professionals

(1)     No duty to which an auditor or an approved professional may be subject is contravened by reason of his or her communicating in good faith to the Commission, whether or not in response to a request made by it, any information or opinion on a matter to which this Article applies and which is relevant to any function of the Commission under this Law.

(2)     In relation to an auditor, this Article applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     a holder or former holder of a permit;

(b)     a certificate holder or former certificate holder;

(c)     a fund service provider or former fund service provider in relation to a certified fund;

(d)     a collective investment fund or former collective investment fund;

(e)     a principal person, or former principal person, of a person mentioned in subparagraphs (a) to (d); or

(f)      a company that is a holding company or subsidiary in relation to a person mentioned in subparagraphs (a) to (d).

(3)     In relation to an approved professional, this Article applies to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     an applicant for a permit or a certificate;

(b)     a holder of a permit;

(c)     a certificate holder;

(d)     a fund service provider in relation to a certified fund;

(e)     a collective investment fund;

(f)      a former holder of a permit;

(g)     a former certificate holder;

(h)     a former fund service provider in relation to a certified fund;

(i)      a former collective investment fund;

(j)      a principal person or proposed principal person of a person mentioned in sub-paragraphs (a) to (e);

(k)     a former principal person of a person mentioned in sub-paragraphs (b) to (i); or

(l)      a company that is a holding company or subsidiary in relation to a person mentioned in sub-paragraphs (a) to (i),

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or approved professional is required to communicate any information or opinion to the Commission on a matter to which this Article applies, and which is relevant to any function of the Commission under this Law.

(5)     Orders under this Article may be made only –

(a)     on the recommendation of the Commission; and

(b)     after consultation with such persons as appear to the Commission to represent the interests of auditors, approved professionals, holders of permits, certificate holders and fund service providers in relation to certified funds.

(6)     A person who contravenes an Order made under this Article is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(7)     In this Article –

‘approved professional’ means a person appointed to make a report as referred to in Article 6(2)(b), Article 8A(3)(b) or Article 9(6);

‘auditor’ means an auditor of –

(a)     a holder or a former holder of a permit;

(b)     a certified fund, a former certified fund or a fund service provider or a former fund service provider in relation to a certified fund; or

(c)     a collective investment fund or former collective investment fund,

and includes –

(d)     a person who was the auditor of a holder of a permit or former holder of a permit at any time during the period the permit was held; and

(e)     a person who was the auditor of a certificate holder or former certificate holder, a fund service provider or former fund service provider in relation to a certified fund at any time during the period in which the certificate in relation to the fund was in force.”.

“(4)    The Commission may also revoke a registration at the request of the registered person.”.

“34    Communication with Commission by auditors and approved professionals

(1)     No duty to which an auditor of a registered person or an approved professional may be subject is contravened by reason of his or her communicating in good faith to the Commission, whether or not in response to a request made by it, any information or opinion on a matter to which this Article applies and which is relevant to any function of the Commission under this Law.

(2)     In relation to an auditor of a registered person, this Article applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     the registered person or former registered person, or any associated body of such a person; or

(b)     a director, controller or manager, or former director, controller or manager, of a registered person or former registered person.

(3)     In relation to an approved professional, this Article relates to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     a registered person, former registered person or applicant for registration, or any associated body of such a person;

(b)     a director, controller or manager, or a proposed director, controller or manager of a registered person or applicant for registration; or

(c)     a former director, controller, or manager of a registered person or former registered person,

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or an approved professional is required to communicate any information or opinion to the Commission on a matter to which this Article applies, and which is relevant to any function of the Commission under this Law.

(5)     Orders under this Article may be made only –

(a)     on the recommendation of the Commission; and

(b)     after consultation with such bodies as appear to the Commission to represent the interests of auditors, approved professionals and registered persons.

(6)     A person who contravenes an Order made under this Article is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(7)     In this Article –

‘approved professional’ means a person appointed to make a report as referred to in Article 9(7) or Article 26(7);

‘associated body’, in relation to a registered person or an applicant for registration, means any body mentioned in paragraph (j), (k) or (l) of the definition ‘defined person’ in Article 26(15);

‘auditor’ includes a person who was an auditor of a registered person or former registered person at any time during the period of the person’s registration.”.

“(1A) Without limiting paragraph (1)(b) the Commission may –

(a)     require an applicant to provide such information and documents as the Commission may require relating to the applicant and the applicant’s business, verified in such manner as the Commission may require for the purposes of considering whether to grant or refuse a permit under Article 7(1);

(b)     by written notice require the applicant or any person who is, or is to be, the chief executive, a director or shareholder controller of the applicant to provide a report by an auditor or accountant, or other qualified person approved by the Commission, on such aspects of the particulars required by paragraph (1)(b), or the information and documents required by paragraph (1A)(a), as the Commission may specify.”.

“21    Communication with Commission by auditors and approved professionals

(1)     No duty to which an auditor of a permit holder or an approved professional may be subject is contravened by reason of his or her communicating in good faith to the Commission, whether or not in response to a request made by it, any information or opinion on a matter to which this Article applies and which is relevant to any function of the Commission under this Law.

(2)     In relation to an auditor of a permit holder, this Article applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     the permit holder or former permit holder, as the case may be;

(b)     a director, chief executive or shareholder controller, or former director, chief executive or shareholder controller, of a permit holder or former permit holder; or

(c)     a company that is a holding company or subsidiary in relation to a permit holder or former permit holder.

(3)     In relation to an approved professional, this Article applies to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     an applicant for a permit;

(b)     a permit holder;

(c)     a former permit holder;

(d)     a director, chief executive or shareholder controller, or a proposed director, chief executive or shareholder controller, of a permit holder or an applicant for a permit;

(e)     a former director, chief executive or shareholder controller of a permit holder or former permit holder; or

(f)      a company that is a holding company or subsidiary in relation to a person mentioned in sub-paragraphs (a) to (c),

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or an approved professional is required to communicate any information or opinion to the Commission on a matter to which this Article applies, and which is relevant to any function of the Commission under this Law.

(5)     Orders under this Article may be made only –

(a)     on the recommendation of the Commission; and

(b)     after consultation with such bodies as appear to the Commission to represent the interests of auditors, approved professionals and permit holders.

(6)     A person who contravenes an Order made under this Article is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(7)     In this Article –

‘approved professional’ means a person appointed to make a report as referred to in Article 6(1A)(b) or Article 10(6);

‘auditor’ includes a person who was an auditor of a permit holder or former permit holder at any time during the period when the permit was held.”.

“other than a person holding shares only as a custodian or its nominee and able to exercise the voting rights attached to the shares only under instructions given in writing (including by electronic means),”.

“18    Communication with Commission by auditors and approved professionals

(1)     No duty to which an auditor of a registered person or an approved professional may be subject is contravened by reason of his or her communicating in good faith to the Commission, whether or not in response to a request made by it, any information or opinion on a matter to which this Article applies and which is relevant to any function of the Commission under this Law.

(2)     In relation to an auditor of a registered person, this Article applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     the registered person or former registered person;

(b)     a principal person or former principal person of a registered person or former registered person; or

(c)     a company that is a holding company or subsidiary in relation to that registered person or former registered person.

(3)     In relation to an approved professional, this Article relates to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     an applicant for registration;

(b)     a registered person;

(c)     a former registered person;

(d)     a principal person or proposed principal person of an applicant for registration or a registered person;

(e)     a former principal person of a registered person or former registered person; or

(f)      a company that is a holding company or subsidiary in relation to a person mentioned in sub-paragraphs (a) to (c),

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or an approved professional is required to communicate any information or opinion to the Commission on a matter to which this Article applies, and which is relevant to any function of the Commission under this Law.

(5)     Orders under this Article may be made only –

(a)     on the recommendation of the Commission; and

(b)     after consultation with such bodies as appear to the Commission to represent the interests of auditors, approved professionals and registered persons.

(6)     A person who contravenes an Order made under this Article is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(7)     In this Article –

‘approved professional’ means a person appointed to make a report as referred to in Article 8(5) or 32(6);

‘auditor’ includes a person who was an auditor of a registered person or former registered person at any time during the period of the person’s registration.”.

“other than a person holding shares only as a custodian or its nominee and able to exercise the voting rights attached to the shares only under instructions given in writing (including by electronic means),”.

“33A Communication with supervisory body by auditors and approved professionals

(1)     No duty to which an auditor of a person carrying on a supervised business or an approved professional may be subject is contravened by reason of his or her communicating in good faith to a suitable supervisory body, whether or not in response to a request made by it, any information or opinion on a matter to which this Article applies and which is relevant to any function of the suitable supervisory body under this Law.

(2)     In relation to an auditor of a person carrying on a supervised business, this Article applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     a person who is or was carrying on a supervised business;

(b)     a principal person or former principal person of a person who is or was carrying on a supervised business; or

(c)     a company that is a holding company or subsidiary in relation to a person who is or was carrying on a supervised business.

(3)     In relation to an approved professional, this Article relates to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     an applicant for a Level 1 registration;

(b)     a person who is or was carrying on a supervised business;

(c)     a principal person or proposed principal person of that applicant or a person carrying on a supervised business; or

(d)     a former principal person of a person who is or was carrying on a supervised business; or

(e)     a company that is a holding company or subsidiary in relation to a person mentioned in sub-paragraphs (a) or (b),

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or an approved professional is required to communicate any information or opinion to a suitable supervisory body on a matter to which this Article applies, and which is relevant to any function of the suitable supervisory body under this Law.

(5)     Orders under this Article may be made only –

(a)     on the recommendation of the relevant supervisory body; and

(b)     after consultation with such bodies as appear to the relevant supervisory body to represent the interests of auditors, approved professionals and persons carrying on supervised business.

(5)     A person who contravenes an Order made under this Article is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(6)     In this Article –

‘approved professional’ means a person appointed to make a report as referred to in Article 13(4) or 30(6);

‘auditor’ includes a person who was an auditor of a person who is or was carrying on a supervised business at any time during the time such business was carried on.”.

“other than a person holding shares only as a custodian or its nominee and able to exercise the voting rights attached to the shares only under instructions given in writing (including by electronic means),”.

“(3)    Without limiting paragraph (2)(c) the Commission may –

(a)     require an applicant to provide such information and documents relating to the AIF to which the applicant’s function relates, verified in such manner as the Commission may require, for the purposes of considering whether to grant or refuse a certificate under Regulation 9;

(b)     by written notice require the applicant, or any person who is to be a principal person in relation to the applicant, to provide a report by an auditor or accountant, or other qualified person approved by the Commission, on such aspects of the particulars required by paragraph (2)(c), or the information and documents required by paragraph (3)(a), as the Commission may specify.”.

“41    Communication with Commission by auditors and approved professionals

(1)     No duty to which an auditor or an approved professional may be subject is contravened by reason of his or her communicating in good faith to the Commission, whether or not in response to a request made by it, any information or opinion on a matter to which this Regulation applies and which is relevant to any function of the Commission under these Regulations.

(2)     In relation to an auditor, this Regulation applies to any matter of which the auditor becomes aware in his or her capacity as auditor and which relates to the business or affairs of –

(a)     an AIF or former AIF;

(b)     a certificate holder or former certificate holder;

(c)     a service provider or former service provider in relation to an AIF;

(d)     an AIF entity or former AIF entity;

(e)     a principal person, or former principal person, of a person mentioned in sub-paragraphs (a) to (d); or

(f)      a company that is a holding company or subsidiary in relation to a person mentioned in sub-paragraphs (a) to (d).

(3)     In relation to an approved professional, this Regulation applies to any matter of which that person becomes aware in his or her capacity as the person making the report and which relates to the business or affairs of –

(a)     an applicant for a certificate;

(b)     an AIF;

(c)     a certificate holder;

(d)     a service provider in relation to an AIF;

(e)     an AIF entity;

(f)      a former AIF;

(g)     a former certificate holder;

(h)     a former service provider in relation to an AIF;

(i)      a former AIF entity;

(j)      a principal person or proposed principal person of a person mentioned in sub-paragraphs (a) to (e);

(k)     a former principal person of a person mentioned in sub-paragraphs (b) to (i); or

(l)      a company that is a holding company or subsidiary of a person mentioned in sub-paragraphs (a) to (i),

in relation to whom the report is made.

(4)     The Minister may by Order specify circumstances in which an auditor or approved professional is required to communicate any information or opinion to the Commission on a matter to which this Regulation applies, and which is relevant to any function of the Commission under these Regulations.

(5)     Orders under this Regulation may be made only –

(a)     on the recommendation of the Commission; and

(b)     after consultation with such persons as appear to the Commission to represent the interests of auditors, approved professionals, certificate holders and service providers in relation to AIFs.

(6)     A person who contravenes an Order made under this Regulation is guilty of an offence and liable to imprisonment for a term of 6 months and a fine.

(7)     In this Regulation –

‘approved professional’ means a person appointed to make a report as referred to in Regulation 8(3) or 14(2);

‘auditor’ means an auditor of –

(a)     an AIF or a former AIF;

(b)     a service provider or a former service provider in relation to an AIF; or

(c)     an AIF entity or former AIF entity,

and includes –

(d)     a person who was the auditor of a certificate holder or former certificate holder, a service provider or former service provider in relation to an AIF at any time during the period in which the certificate in relation to the AIF was in force.”.