Jersey Law
11/1998
FINANCIAL
SERVICES COMMISSION (JERSEY) LAW 1998
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ARRANGEMENT OF ARTICLES
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1.
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Interpretation
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2.
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Establishment
of the Commission
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3.
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Appointment
of Commissioners
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4.
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Terms
of appointment of Commissioners and proceedings of the Commission
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5.
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Functions
of the Commission
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6.
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Transferred
functions
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7.
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Guiding
principles
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8.
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Powers
of the Commission
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9.
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Appointment
and remuneration of staff
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10.
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Delegation
to Commissioners and officers
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|
11.
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Guidance
and directions
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|
12.
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Publication
of information and advice
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13.
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Funding
of the Commission
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14.
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Fees
and charges
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15.
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Grants
to the Commission
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|
16.
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Borrowing
by the Commission
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|
17.
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Investment
of surplus funds
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18.
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Payment
to the States
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19.
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Exemption
from income tax
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20.
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Accounts,
audit and reports
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|
21.
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General
provisions as to Regulations and Orders
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|
22.
|
Consequential
amendments
|
|
23.
|
Transitional
provisions
|
|
24.
|
Short
title and commencement
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|
First
Schedule
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Part
I –
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Oaths
of office
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Part
II –
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Appointment
of Commissioners and proceedings of the Commission
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Second
Schedule – Amendment of enactments
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Third
Schedule – Transitional provisions
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FINANCIAL
SERVICES COMMISSION (JERSEY) LAW 1998
____________
A LAW to establish a Financial Services
Commission and for connected purposes sanctioned by Order of Her Majesty in
Council of the
22nd day of APRIL 1998
____________
(Registered on the 8th day of May 1998)
____________
STATES OF JERSEY
____________
The 9th day of December 1997
____________
THE
STATES, subject to
the sanction of Her Most Excellent Majesty in Council, have adopted the
following Law –
ARTICLE 1
Interpretation
(1) In
this Law unless the context otherwise requires –
“the
Commission” means the Jersey Financial Services Commission established by
Article 2;
“Commissioner”
means the Chairman or other person appointed to be a member of the Commission
by Article 3;
“the
Committee” means the Finance and Economics Committee;
“financial
services” includes the carrying on of and the provision of services in
relation to the businesses of banking, insurance, investment, asset management,
trusteeship and company administration, the provision and administration of
corporate and
other business structures and any matters ancillary to such businesses or
structures;
“transferred
function” means a statutory function transferred from the Committee to
the Commission by Article 6.
(2) A
reference in this Law to any other enactment shall, unless the context
otherwise requires, be construed as a reference to that enactment as amended
from time to time, and includes a reference to that enactment as extended or
applied by or under any other enactment, including any other provision of that
enactment.
(3) A
reference in this Law to an Article, Part or Schedule by number alone is a
reference to the Article, Part or Schedule of that number in this Law and a
reference in an Article of this Law to a paragraph or sub-paragraph by number
or letter alone is a reference to the paragraph or sub-paragraph of that number
or letter in the Article in which that reference occurs.
ARTICLE 2
Establishment of
the Commission
(1) There
shall be established a body to be known as the Jersey Financial Services
Commission.
(2) The
Commission shall be a body corporate with perpetual succession and a common
seal and may –
(a) sue and be sued in its
corporate name;
(b) enter into contracts
and acquire, hold and dispose of any property; and
(c) so far as is possible
for a body corporate, exercise the rights, powers and privileges and incur the
liabilities and obligations of a natural person of full age and capacity.
(3) The
application of the common seal of the Commission shall be authenticated by the
signature of a person authorised by the Commission to
sign on its behalf and every document bearing the imprint of the seal of the
Commission shall be deemed to be properly sealed unless the contrary is proved.
(4) Save
as this Law provides to the contrary, the Commission shall be independent of
the Committee and of the States and neither the Committee nor the States shall
be liable for any act or omission or debt or other obligation of the
Commission.
ARTICLE 3
Appointment of
Commissioners
(1) The
Commission shall consist of –
(a) a Chairman who shall be
a member for the time being of the Committee; and
(b) not less than six other
Commissioners,
such appointments
being made by the Committee and notified to the States.
(2) The
Commissioners shall include –
(a) persons with experience
of the type of financial services supervised by the Commission;
(b) regular users on their
own account or on behalf of others, or representatives of those users, of
financial services of any kind supervised by the Commission; and
(c) individuals
representing the public interest,
and the
composition of the Commission shall be such as to secure a proper balance
between the interests of persons carrying on the business of financial
services, the users of such services and the interests of the public at large.
(3) The
Committee shall appoint one Commissioner to be Deputy Chairman who shall
preside at any meeting of the Commission which is not attended by the Chairman.
(4) The
functions, powers, rights and obligations of the Commission shall not be
affected by any vacancy in its membership.
ARTICLE 4
Terms of
appointment of Commissioners and proceedings of the Commission
(1) Every
Commissioner shall, before he begins to act in execution of this Law, take oath
before the Royal Court, in the form set out in Part I of the First Schedule.
(2) Part
II of the First Schedule shall have effect with respect to the Commissioners
and the proceedings of the Commission.
(3) The
States may make Regulations amending any provision of the First Schedule.
(4) Subject
to the provisions of this Law the Commission may regulate its own proceedings.
ARTICLE 5
Functions of the
Commission
(1) The
Commission shall be responsible for –
(a) the supervision and
development of financial services provided in or from within the Island;
(b) promoting the Island as
a centre for financial services;
(c) providing the States,
any Committee of the States or any other public body with reports, advice,
assistance and information in relation to any matter connected with financial
services;
(d) preparing and submitting
to the Committee recommendations for the introduction, amendment or replacement
of legislation appertaining to financial services, companies and other forms of
business structure; and
(e) such functions in
relation to financial services or such incidental or ancillary matters –
(i) as
are required by or under any enactment; or
(ii) as the States may, by
Regulations, transfer.
(2) Regulations
made under this Article may amend this or any other enactment in order to give
effect to any transfer of functions to the Commission under this Article.
ARTICLE 6
Transferred
functions
The following
functions of the Committee are hereby transferred to the Commission –
(a) supervising –
(i) banking
and other categories of deposit-taking business under the Banking Business
(Jersey) Law 1991;
(ii) insurance business
under the Insurance Business (Jersey) Law 1996;
and
(iii) collective investment funds
and functionaries of such funds under the Collective Investment Funds (Jersey)
Law 1988;
(b) administering –
(i) the
Borrowing (Control) (Jersey) Law 1947;
(ii) the Registration of
Business Names (Jersey) Law 1956;
(iii) the Companies (Jersey) Law
1991;
(iv) the Limited Partnerships
(Jersey) Law 1994; and
(v) the Limited Liability
Partnerships (Jersey) Law 1997;
(c) investigating insider
dealing under the Company Securities (Insider Dealing) (Jersey) Law 1988;
(d) applying for a
declaration under sub-paragraph (c) of paragraph (1) of Article 3 of the
Bankruptcy (Désastre) (Jersey) Law 1990;
(e) receiving particulars
in respect of companies treated as exempt from Income Tax under Article 123A of
the Income Tax (Jersey) Law 1961 and
international business companies taxed under 123B of that Law; and
(f) approving
reinsurance arrangements under the Jersey Mutual Fire Insurance Society
Incorporated (Alteration of Names and Rules) Law 1952.
ARTICLE 7
Guiding
principles
In exercising any
of its functions the Commission may take into account any matter which it
considers appropriate, but shall in particular have regard to –
(a) the reduction of the
risk to the public of financial loss due to dishonesty, incompetence or
malpractice by or the financial unsoundness of persons carrying on the business
of financial services in or from within the Island;
(b) the protection and
enhancement of the reputation and integrity of the Island in commercial and
financial matters; and
(c) the best economic
interests of the Island.
ARTICLE 8
Powers of the
Commission
(1) The
Commission shall have such powers as are reasonably necessary for the carrying
out of its functions or incidental to their proper discharge.
(2) Without
prejudice to the generality of paragraph (1) the Commission may, in connection
with the carrying out of its functions –
(a) seek and exchange
information relating to the supervision, development and promotion of financial
services in the Island and the supervision and development of similar services
carried on outside the Island;
(b) consult and seek the
advice of such persons or bodies whether inside or outside the Island as it
considers appropriate;
(c) publish, in such manner
as it considers appropriate, such information relating to its functions as it
thinks fit; and
(d) provide advice,
assistance or services to any person with a view to securing the efficient and
effective provision of financial services in or from within the Island.
ARTICLE 9
Appointment and
remuneration of staff
(1) The
Commission may appoint such officers, servants and agents as it considers
necessary for carrying out its functions.
(2) Subject
to paragraph (3), the Commission may –
(a) make appointments on
such terms as to remuneration, expenses, pensions and other conditions of
service as it thinks fit; and
(b) establish and maintain
such schemes or make such other arrangements as it thinks fit for the payment
of pensions and other benefits in respect of its officers and servants.
(3) Subject
to paragraph (5) but without prejudice to the generality of paragraph 1 of the
Third Schedule, if, immediately before the coming into force of this Article, a
person is employed in respect of any of the functions of the Committee which,
by virtue of this Law, are transferred to the Commission, then, on the
commencement of this Article –
(a) he shall become an
employee of the Commission; and
(b) his contract of
employment shall have effect as if it was originally made between him and the
Commission;
(c) all the rights, powers,
duties and liabilities which accrued under or in connection with such contract
shall be enforceable by or against the Commission as if it were originally made
between that employee and the Commission; and
(d) any collective
agreement made by or on behalf of the States with a representative body recognised by the States in respect of that employee at any
time before he becomes an employee of the Commission shall continue to have
effect as if it were originally made by or on behalf of the Commission.
(4) If
a person was, immediately before becoming an employee of the Commission by
virtue of paragraph (3), a member of any scheme made under the Public Employees
(Retirement) (Jersey) Law 1967, then,
on the commencement of this Article –
(a) he shall continue to be
a member of the scheme on the same terms; and
(b) notwithstanding any
provision to the contrary in that Law or any other enactment, the Commission
shall become his employer for the purposes of that scheme in place of the
Committee of the States which, immediately before the commencement of this
Article, employed him.
(5) Where
a person referred to in paragraph (3) has, at any time prior to the
commencement of this Article, given notice in writing to his employer that he
refuses to be employed by the Commission, then, on such commencement, unless he
has revoked that notice –
(a) he shall not become an
employee of the Commission; and
(b) he shall be deemed to
have given notice of resignation from his employment to his employer on the
preceding day,
and, upon the
expiry of the period of notice specified in his contract of employment, his
employment shall be terminated.
(6) Notwithstanding
paragraph (3), after the commencement of this Article the Commission shall not
be bound to recognise a representative body in
respect of any employee.
(7) In this Article
“representative body” includes a trade union and any other
association of employees formed for the purpose of representing those employees
in their relationship with their employers.
ARTICLE 10
Delegation to
Commissioners and officers
(1) Subject
to the provisions of this Article, where any functions or powers are conferred
upon or vested in the Commission by or under this Law or any other enactment,
it shall be lawful for the Commission to delegate such functions or powers
wholly or partly to –
(a) the Chairman;
(b) one or more
Commissioners; or
(c) an officer of the
Commission.
(2) Nothing
in this Article shall authorise the Commission to
delegate –
(a) this power of
delegation;
(b) any statutory functions
relating to the procuring of the winding up of any company under the Companies
(Jersey) Law 1991 or a declaration that the property of any person is en désastre under the Bankruptcy (Désastre)
(Jersey) Law 1990; or
(c) the review of any of
its decisions.
(3) The
delegation of any functions under this Article –
(a) shall not prevent the
exercise of those functions by the Commission itself; and
(b) may be amended or
revoked by the Commission.
ARTICLE 11
Guidance and
directions
(1) The
Committee may, after consulting the Commission and where it considers that it
is necessary in the public interest to do so, give to the Commission guidance
or give in writing general directions in respect of the policies to be followed
by the Commission in relation to the supervision, development and promotion of
financial services in the Island and the manner in which any function of the
Commission is to be carried out.
(2) It
shall be the duty of the Commission in carrying out any of its functions to
have regard to any guidance and to act in accordance with any directions given
to it by the Committee under this Article.
ARTICLE 12
Publication of
information and advice
(1) The
Commission may publish information or give advice or arrange so to do in such
form and manner as it considers appropriate with respect to –
(a) the operation of this
Law or any other enactment, including in particular the rights of those provided
with financial services, the duties of those who provide such services and the
steps to be taken for enforcing those rights or complying with those duties;
(b) any matters relating to
the functions of the Commission under this Law or any other enactment; or
(c) any other matters about
which it appears to it to be desirable to publish information or give advice
concerning –
(i) the
reduction of the risk to the public of financial loss due to dishonesty,
incompetence or malpractice by or the financial unsoundness of persons carrying
on financial services in or from within the Island;
(ii) the protection and
enhancement of the reputation and integrity of the Island in commercial and
financial matters; or
(iii) the best economic interests
of the Island.
(2) The
Commission may offer for sale copies of information published under this
Article and may, if it thinks fit, make a reasonable charge for advice given
under this Article at any person’s request.
(3) Nothing
in this Article shall be construed as authorising the
disclosure of information in any case where, apart from the provisions of this
Article, it could not be disclosed.
ARTICLE 13
Funding of the
Commission
The funds and
resources of the Commission are –
(a) the fees and charges
payable to the Commission in accordance with Article 14;
(b) any grant paid to the
Commission under Article 15;
(c) any money borrowed by
the Commission in accordance with Article 16; and
(d) any other money or
property, and any income derived from such money or property, as is lawfully
vested in the Commission through the exercise of its powers under this Law.
ARTICLE 14
Fees and charges
There shall be
payable to the Commission –
(a) fees and charges of
such amounts, by such persons and in such manner as may be specified by or
under any enactment;
(b) fees and charges of
such amounts, by such persons and in such manner as may be decided by the
Commission in respect of any service, item or matter which does not arise under
any enactment;
(c) such fees and charges
as may be agreed between any person for whom the Commission provides advice,
assistance or services under this Law and the Commission in respect of such
advice, assistance or services; and
(d) proceeds from the sale
of the publications of the Commission.
ARTICLE 15
Grants to the
Commission
(1) In
respect of each financial year the States may make a grant to the Commission
from their annual income towards the expenses of the Commission in carrying out
any of its functions.
(2) The
amount of any grant under paragraph (1) shall be determined by the Committee
after consultation with the Commission, and in determining that amount the
Committee shall have regard to the financial position and projected financial
position of the Commission.
ARTICLE 16
Borrowing by the
Commission
(1) For
the purpose of enabling it to carry out its functions, the Commission may
borrow up to five times its total annual revenue or such other figure as the
Committee may prescribe by Order.
(2) The
Committee may, on such terms as it may determine, on behalf of the States
–
(a) guarantee the
liabilities of the Commission; or
(b) lend monies to the
Commission,
up to the maximum
amount the Commission may borrow under paragraph (1).
ARTICLE 17
Investment of
surplus funds
The Commission
may invest any of its funds which are not immediately required in accordance
with guidelines set by the Committee.
ARTICLE 18
Payment to the
States
(1) The
Commission shall pay each year into the annual income of the States such
amount, if any, as shall be determined by the Commission and the Committee in
consultation with each other.
(2) Where
the Commission and the Committee fail to agree on the amount to be paid under
paragraph (1), the matter shall be referred to the Policy and Resources
Committee who shall determine the amount to be paid.
ARTICLE 19
Exemption from
income tax
The income of the
Commission shall not be liable to income tax under the Income Tax (Jersey) Law
1961.
ARTICLE 20
Accounts, audit
and reports
(1) The
Commission shall –
(a) keep proper accounts and
proper records in relation to the accounts; and
(b) prepare accounts in
respect of each financial year and a report on its operations during the year.
(2) The
Committee shall lay a copy of the accounts and report prepared by the
Commission before the States not later than seven months after the close of
each financial year.
(3) The
accounts of the Commission shall –
(a) be audited by auditors
appointed in respect of each financial year by the Committee and qualified for
appointment as auditors of a company by virtue of Article 113 of the Companies
(Jersey) Law 1991; and
(b) be prepared in
accordance with generally accepted accounting principles and show a true and
fair view of the profit or loss of the Commission for the period and of the
state of the Commission’s affairs at the end of the period.
(4) In
this Article “financial year” means the period beginning with the
day on which this Law comes into force and ending with the thirty-first day of
December next following and each subsequent period of twelve months ending with
the thirty-first day of December in each year.
ARTICLE 21
General
provisions as to Regulations and Orders
(1) The
Committee may by Order make provision for the purpose of carrying this Law into
effect and, in particular, but without prejudice to the generality of the
foregoing, for prescribing any matter which may be prescribed under this Law by
Order.
(2) Any
Regulations or Order made under this Law may –
(a) make different
provision in relation to different cases or circumstances;
(b) contain such
transitional, consequential, incidental or supplementary provisions as appear
to the States or the Committee, as the case may be, to be necessary or
expedient for the purposes of the Regulations or Order.
(3) The
Subordinate Legislation (Jersey) Law 1960
shall apply to Orders made under this Law.
ARTICLE 22
Consequential
amendments
The enactments
specified in the Second Schedule shall be amended in accordance with the
provisions of that Schedule.
ARTICLE 23
Transitional
provisions
On the commencement
of this Law the transitional provisions contained in the Third Schedule shall
have effect.
ARTICLE 24
Short title and
commencement
This Law may be
cited as the Financial Services Commission (Jersey) Law 1998 and shall come
into force on such day as the States may by Act appoint and different days may
be appointed for different purposes or different provisions of this Law.
FIRST SCHEDULE
PART I
(Article 4(1))
OATHS OF OFFICE
Form of oath to
be taken by the Commissioners
You swear and
promise before God that you will well and faithfully discharge the duties of a
member of the Jersey Financial Services Commission under the Financial Services
Commission (Jersey) Law 1998.
PART II
(Article 4(2))
APPOINTMENT OF
COMMISSIONERS AND PROCEEDINGS OF THE COMMISSION
Terms of
appointment of Commissioners
1.-(1) Subject to sub-paragraph (a) of
paragraph (1) of Article 3 and sub-paragraphs (2) to (6) of this paragraph, a
Commissioner shall hold and vacate office in accordance with the terms of his
appointment.
(2) A Commissioner shall be
appointed by instrument in writing for a period not exceeding three years and
upon expiry of such period shall be eligible for reappointment.
(3) A Commissioner may at
any time resign his office by giving not less than one month’s notice in
writing.
(4) If the Committee is
satisfied that a Commissioner –
(a) has been absent from
meetings of the Commission for a period longer than six consecutive months
without the permission of the Commission;
(b) has become bankrupt;
(c) is incapacitated by
physical or mental illness; or
(d) is otherwise unable or
unfit to discharge the functions of a Commissioner,
it may terminate
his appointment.
(5) Nothing in
sub-paragraph (4) shall affect the continuance of any other appointment with
the Commission held by a Commissioner.
(6) A Commissioner shall
retire from office on reaching the age of 72 years.
(7) The Deputy Chairman of
the Commission shall continue to hold appointment as such until –
(a) he resigns from that
appointment by notice in writing delivered to the Committee; or
(b) that appointment is
revoked by the Committee by an instrument in writing.
Disclosure of
interest
2.-(1) Where a Commissioner has any direct or
indirect personal interest in the outcome of the deliberations of the
Commission in relation to any matter –
(a) he shall disclose the
nature of his interest at a meeting of the Commission in person or by means of
a written notice brought to the attention of the Commission;
(b) the disclosure shall be
recorded in the minutes of the Commission; and
(c) he shall withdraw from
any deliberations of the Commission in relation to that matter and not vote
upon it.
(2) For the purposes of
this paragraph a general notice given by a Commissioner that he is a member or
director of a particular organization and is to be regarded as interested in
any matter concerning that organization is sufficient disclosure in relation to
any such matter.
Procedure at
meetings
3. At
a meeting of the Commission –
(a) a majority of the
Commissioners shall form a quorum;
(b) the Chairman or the
Deputy Chairman shall preside;
(c) each Commissioner shall
have one vote on each matter for deliberation; and
(d) in the event of an
equality in the votes the chairman of the meeting shall have a casting vote.
Transaction of
business without meeting
4. A
resolution is a valid resolution of the Commission, even though it was not
passed at a meeting of the Commission, if –
(a) it is signed or
assented to by a majority of Commissioners; and
(b) proper notice of the
proposed resolution was given to all Commissioners.
Minutes of
meetings
5. The Commission shall keep proper
minutes of its proceedings including minutes of any business transacted in
accordance with paragraph 4.
Expenses of
Commissioners
6. The
Commission shall pay to the Commissioners –
(a) except in the case of a
Commissioner who is a member of the States, such remuneration as it may
determine; and
(b) reasonable out of
pocket or other expenses occasioned in the course of carrying out their duties.
SECOND SCHEDULE
(Article 22)
AMENDMENT
OF ENACTMENTS
Borrowing
(Control) (Jersey) Law 1947
1. In
Article 1 –
(a) in paragraph (1) before
the definition of “the Committee” there shall be inserted the
following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;”; and
(b) in paragraph (4) after
the word “may” there shall be inserted the words “, on the
recommendation of the Commission,”.
2. In
Article 2 –
(a) in paragraph (1) after
the word “may” there shall be inserted the words “, on the
recommendation of the Commission,”;
(b) in sub-paragraph (a) of
paragraph (1A) after the word “consent” there shall be inserted the
words “by the Commission”; and
(c) for the word
“Committee” in each place where it occurs in paragraphs (1A),
(1AA), (1B), (1C), (1E) and (1F) there shall be substituted the word
“Commission”.
3. For
Article 2A there shall be substituted the following Article –
“ARTICLE 2A
Limitation of Liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any
functions under this Law or any enactment made, or purportedly made, under this
Law unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or performing any duty or exercising any power on
behalf of the Commission.”.
4. Article
4 shall be repealed.
5. In
the Schedule –
(a) for the word
“Committee” in each place where it occurs there shall be
substituted the word “Commission”; and
(b) in paragraph 3 for the
words “Treasurer of the States” there shall be substituted the
words “Chairman of the Commission”.
Jersey Mutual
Fire Insurance Society, Incorporated (Alteration of Name and Rules) Law 1952
In paragraph 1 of
the Schedule for the words “Finance and Economics Committee of the States
of Jersey” there shall be substituted the words “Jersey Financial
Services Commission established by the Financial Services Commission (Jersey)
Law 1998”.
Registration of
Business Names (Jersey) Law 1956
1. In
paragraph (1) of Article 1 –
(a) after the definition of
“Christian name” there shall be inserted the following definitions
–
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;
‘the
Committee’ means the Finance and Economics Committee;”; and
(b) for the definition of
“prescribed” there shall be substituted the following definitions
–
“
‘prescribed’ means prescribed by Order of the Committee;
‘the
registrar’ means the registrar of business names appointed pursuant to
Article 1A of this Law and ‘his seal’ in relation to the registrar
means a seal prepared under that Article;”.
2. After
Article 1 there shall be inserted the following Article –
“ARTICLE 1A
Registrar and other officers
(1) The
registrar of companies appointed pursuant to Article 196 of the Companies
(Jersey) Law 1991, as amended, shall be the registrar of business names.
(2) The
Commission may direct a seal or seals to be prepared for the authentication of
documents required for or in connection with the registration of business
names.
(3) Any
functions of the registrar under this Law may, to the extent authorised by him, be exercised by any officer on the staff
of the Commission.”.
3. For
the words “Judicial Greffier” in each
place where they occur in Articles 4, 7, 8, 11, 12, 13 14 and 15 there shall be
substituted the word “registrar”.
4. For
Articles 16, 17 and 18 there shall be substituted the following Articles
–
“ARTICLE 16
Inspection of statements registered
(1) Any
person may, on payment of such fee as may be prescribed –
(a) inspect the documents
filed by the registrar in pursuance of this Law; and
(b) require a certificate
of the registration of any firm or person, or a copy of or extract from any
registered statement to be certified by the registrar.
(2) Any
certificate of registration or document certified under this Article shall be
admissible in all legal proceedings, civil or criminal.
ARTICLE 17
Orders
(1) The
Committee may by Order make provision for the purpose of carrying this Law into
effect and in particular, but without prejudice to the generality of the
foregoing, for prescribing any matter which is to be prescribed under this Law.
(2) An
Order made under this Law may –
(a) make different
provision in relation to different cases or circumstances;
(b) contain such
transitional, consequential, incidental or supplementary provisions as the
Committee may consider necessary or expedient.
(3) The
Committee shall consult the Commission before making any Order under this Law.
(4) The
Subordinate Legislation (Jersey) Law 1960, as amended, shall apply to Orders
made under this Law.
ARTICLE 18
Rules of Court
The power to make
Rules of Court under the Royal Court (Jersey) Law 1948, as amended, shall
include a power to make Rules for the purposes of this Law.”.
Income Tax
(Jersey) Law 1961
1. In
Article 123A –
(a) In sub-paragraph (b) of
paragraph (1) for the words “Director, to his satisfaction” there
shall be substituted the words “satisfaction of the Jersey Financial
Services Commission established by the Financial Services Commission (Jersey)
Law 1998”; and
(b) in paragraph (10) the
definition of “Director” shall be deleted.
2. In
Article 123B –
(a) in sub-paragraph (a) of
paragraph (1) for the words “Director, to his satisfaction” there
shall be substituted the words “satisfaction of the Jersey Financial
Services Commission established by the Financial Services Commission (Jersey)
Law 1998”; and
(b) in paragraph (13) the
definition of “Director” shall be deleted.
Limited
Liability Companies (Registration Fees) (Jersey) Law 1967
In Article 1
after paragraph (2B) there shall be inserted the following new paragraph
–
“(2BA) All fees paid under this Article shall
form part of the Income of the Jersey Financial Services Commission established
by the Financial Services Commission (Jersey) Law 1998.”.
Company
Securities (Insider Dealing) (Jersey) Law 1988
1. In
paragraph (1) of Article 1 before the definition of “the Committee”
there shall be inserted the following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;”.
2. In
paragraph (4) of Article 9 after sub-paragraph (b) there shall be inserted the
following sub-paragraph –
“(ba) a member, officer
or employee of the Commission; or”
3. In
Article 15 –
(a) after the word
“Committee” in each place where it occurs there shall be inserted
the words “or the Commission”; and
(b) after paragraph (8)
there shall be inserted the following new paragraph –
“(8A) In any case where the Committee or
the Commission may exercise a discretion under this Article, the decision of
the Committee shall prevail.”.
4. After
Article 18 there shall be inserted the following Article –
“ARTICLE 18A
Limitation of Liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any
functions under this Law or any enactment made, or purportedly made, under this
Law unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or who is an inspector appointed by the
Committee under Article 15 or who is performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or who is an inspector appointed by the Commission
under Article 15 or who is performing any duty or exercising any power on
behalf of the Commission.”.
5. In
Article 19 –
(a) the existing paragraph
shall be renumbered as paragraph (1) of that Article; and
(b) there shall be added
the following paragraph –
“(2) The Committee
shall consult the Commission before making any Order under this
Article.”.
Collective
Investment Funds (Jersey) Law 1988
1. In
Article 1 –
(a) after the definition of
“collective investment fund” there shall be inserted the following
definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998; and
(b) in the definition of
“prescribed” after the word “Committee” there shall be
inserted the words “on the recommendation of the Commission”.
2. After
the word “may” in each of the places where it occurs in the
following provisions there shall be inserted the words “, on the
recommendation of the Commission,” –
(a) paragraph (2) of
Article 3;
(b) paragraphs (4) and (8)
of Article 6;
(c) paragraphs (1) and (2)
of Article 10;
(d) paragraph (1) of
Article 13; and
(e) paragraphs (1) and (2)
of Article 17.
3. For
the word “Committee” in each of the places where it occurs in the
following provisions there shall be substituted the word “Commission”
–
(a) Article 5;
(b) paragraphs (1), (3),
(6) and (7) of Article 6;
(c) Articles 7 and 8;
(d) sub-paragraph (d) of
paragraph (1) and in paragraph (3) of Article 10;
(e) Article 12;
(f) paragraph (2) of
Article 13; and
(g) Articles 15, 19 and 20.
4. In
paragraph (5) of Article 6 for the word “Committee” there shall be
substituted the words “the Commission or the Committee as the case may
be”.
5. In
paragraph (5) of Article 15 for the word “President” there shall be
substituted the word “Chairman”.
6. For
Article 22 there shall be substituted the following Article –
“ARTICLE 22
Limitation of liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any functions
under this Law or any enactment made, or purportedly made, under this Law
unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or who is an inspector appointed by the Commission
under Article 19 or who is performing any duty or exercising any power on
behalf of the Commission.”.
Bankruptcy (Désastre) (Jersey) Law 1990
1. In
paragraph (1) of Article 1 after the definition of “claim” there
shall be inserted the following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;”.
2. For
the words “Finance and Economics Committee” in –
(a) sub-paragraph (c) of
paragraph (1) of Article 3; and
(b) paragraph (4) of
Article 7,
there shall be
substituted the word “Commission”.
3. For
Article 47A there shall be substituted the following Article –
“ARTICLE 47A
Limitation of Liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge of or purported discharge of any
functions under this Law or any enactment made or purportedly made, under this
Law, unless it is shown that the act or omission was in bad faith.
(2) The
Article applies to –
(a) the States;
(b) the Finance and
Economics Committee, any member of the Committee, or any person who is, or is
acting as, an officer, servant or agent of the Committee or performing any duty
or exercising any power on behalf of the Committee;
(c) the Commission, any
Commissioner or any person who is, or is acting as an officer, servant or agent
of the Commission or performing any duty or exercising any power on behalf of
the Commission; and
(d) the Viscount or any
member of his Department.”.
Banking Business
(Jersey) Law 1991
1. In
paragraph (1) of Article 1 –
(a) after the definition of
“chief executive” there shall be inserted the following definition
–
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;”; and
(b) in the definition of
“prescribed” after the word “Order” there shall be
inserted the words “of the Committee on the recommendation of the
Commission”.
2. In
the title to Part II for the words “FINANCE AND ECONOMICS
COMMITTEE” there shall be substituted the words “FINANCIAL SERVICES
COMMISSION”.
3. For
Article 6 there shall be substituted the following Articles –
“ARTICLE 6
Functions of the Commission
The Commission
shall have the powers conferred on it by this Law and the duty generally to
supervise the persons registered by it in the exercise of those powers.
ARTICLE 6A
Limitation of liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any
functions under this Law or any enactment made, or purportedly made, under this
Law unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or who is a person appointed by the Commission to
conduct an investigation under Article 27 or who performing any duty or
exercising any power on behalf of the Commission.”.
4. For
sub-paragraph (d) of paragraph (2) of Article 7 there shall be substituted the
following sub-paragraph –
“(d) subject to such conditions or
restrictions as may be prescribed, any other prescribed person or
institution.”.
5. For
the word “Committee” in each of the places where it occurs in the
following provisions there shall be substituted the word
“Commission” –
(a) paragraph (4) of
Article 7;
(b) Articles 8 and 9;
(c) paragraphs (2) and (4)
of Article 10;
(d) paragraph (1) of
Article 11;
(e) Articles 12 to 18, 20,
21, 23 to 28 and 32;
(f) in Article 33
–
(i) in
the heading; and
(ii) in paragraph (1); and
(g) Articles 34, 35, 37 to
40, 42 to 47 and 49.
6. Paragraph
(2) of Article 8 shall be deleted.
7. In
paragraph (1) of Article 10 –
(a) after the word
“may” in the first place where it occurs there shall be inserted
the words “, on the recommendation of the Commission,”; and
(b) for the words
“may attach” there shall be substituted the words “the
Commission may attach”.
8. In
Article 19 –
(a) in paragraph (1) after
the word “may” there shall be inserted the words “, on the
recommendation of the Commission,”; and
(b) in sub-paragraph (c) of
paragraph (2) after the word “Committee” there shall be inserted
the words “or the Commission”.
9. For
paragraphs (5) and (6) of Article 33 there shall be substituted the following
paragraphs –
“(5) Subject
to paragraph (6), the Committee may make Orders specifying circumstances in
which a person described in sub-paragraphs (a) or (b) of paragraph (1) shall be
required to communicate any information or opinion to the Commission on a
matter to which this Article applies, and which is relevant to any functions of
the Commission under this Law.
(6) Orders
under this Article may only be made –
(a) on the recommendation
of the Commission; and
(b) after consultation with
such bodies as appear to the Commission to represent the interests of
accountants and registered persons.
(7) This
Article shall apply to the auditor of a former registered person as it applies
to the auditor of a registered person.”.
10. In
paragraph (5) of Article 49 for the word “President” there shall be
substituted the word “Chairman”.
Companies
(Jersey) Law 1991
1. In
paragraph (1) of Article 1 after the definition of “articles” there
shall be inserted the following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;”.
2. For
the word “Committee” in each of the places where it occurs in the
following provisions there shall be substituted the word
“Commission” –
(a) paragraph (3) of
Article 17
(b) paragraphs (1) and (4)
of Article 88;
(c) paragraph (3) of
Article 106;
(d) paragraph (1) of
Article 113;
(e) sub-paragraph (b) of
paragraph (2) of Article 155;
(f) paragraph (1) of
Article 168
(g) paragraph (3) of
Article 194;
(h) Article 197; and
(j) paragraph (1) of
Article 201A.
3. After
the word “Committee” in each place where it occurs in paragraph (1)
of Article 78 there shall be inserted the words “, the Commission”.
4. After
the word “Committee” in each of the places where it occurs in the
following provisions there shall be inserted the words “or the
Commission” –
(a) paragraphs (1) and (3)
of Article 128;
(b) paragraph (2) of
Article 135
(c) Articles 136 and 137;
(d) paragraph (1) of
Article 138;
(e) Article 142
(f) paragraph (2) of
Article 184; and
(g) paragraph (1) of
Article 185.
5. At
the end of Article 128 there shall be inserted the following paragraph –
“(5) In
any case where the Committee or the Commission may exercise a discretion under
this Article, the decision of the Committee shall prevail.”.
6. After
the word “Committee” in paragraph (2) of Article 129 there shall be
inserted the words “or the Commission as the case may be”.
7. For
paragraph (1) of Article 135 there shall be substituted the following paragraph
–
“(1) The
inspectors may, and if so directed by the Committee or the Commission shall,
–
(a) make interim reports;
and
(b) on conclusion of their
investigation make a final report,
to the Committee
or the Commission as the case may be.”.
8. After
the word “States” in each place where it occurs in paragraph (2) of
Article 136 and paragraph (5) of Article 137 there shall be inserted the words
“or the Commission as appropriate”.
9. At
the end of Article 136 there shall be inserted the following paragraph –
“(3) In
any case where the Committee or the Commission may exercise a discretion under
this Article, the decision of the Committee shall prevail.”.
10. In
Article 139 for the words “or to an inspector appointed by it”
there shall be substituted the words “, to the Commission or to the
Committee or to an inspector appointed by the Committee or the
Commission”.
11. In
Article 142 –
(a) the existing Article
shall be re-numbered as paragraph (1) of that Article; and
(b) there shall be inserted
the following paragraph –
“(2) In any case where
the Committee or the Commission may exercise a discretion under this Article,
the decision of the Committee shall prevail.”.
12. In
Article 196 –
(a) in paragraph (2) for
the words “his staff” there shall be substituted the words
“the staff of the Commission”; and
(b) for paragraph (3) there
shall be substituted the following paragraph –
“(3) An officer
appointed under this Article shall be an officer of the Commission.”.
13. In
paragraph (6) of Article 201 for the words “annual income of the
States” there shall be substituted the words “income of the
Commission”.
14. After
Article 217 there shall be inserted the following Article –
“ARTICLE 217A
Limitation of Liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any
functions under this Law or any enactment made, or purportedly made, under this
Law unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or who is an inspector appointed by the
Committee under Article 128 or who is performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or who is an inspector appointed by the Commission
under Article 128 or who is performing any duty or exercising any power on
behalf of the Commission.”.
15. After
paragraph (1) of Article 219 there shall be inserted the following paragraph
–
“(1A) The Committee shall consult
the Commission before making any Order under this Law.”.
16. In
the First Schedule –
(a) for the word
“Committee” in the following places where it occurs there shall be
substituted the word “Commission” –
(i) in
the second column opposite the second item relating to Article 17(4) in the
first column; and
(ii) in the second column
opposite the item relating to Article 88(3) in the first column; and
(b) for the words “or
by Committee” in the second column opposite the item relating to Article
143(5) in the first column there shall be substituted the words “,
Committee or Commission”.
Limited
Partnerships (Jersey) Law 1994
1. In
paragraph (1) of Article 1 after the definition of “bankruptcy”
there shall be inserted the following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law
1998;”.”.
2. In
Article 30 –
(a) in paragraph (2) for
the word “Committee” there shall be substituted the word
“Commission”;
(b) in paragraph (3) for
the words “his staff” there shall be substituted the words
“the staff of the Commission”; and
(c) paragraph (4) shall be
deleted.
3. In
paragraph (5) of Article 31 for the words “annual income of the
States” there shall be substituted the words “income of the
Commission”.
4. After
paragraph (2) of Article 38 there shall be inserted the following paragraph
–
“(2A) The Committee shall consult
the Commission before making any Order under this Law.”.
Insurance
Business (Jersey) Law 1996
1. In
paragraph (1) of Article 1 –
(a) after the definition of
“chief executive” there shall be inserted the following definition
–
“
‘the Commission’ means the Jersey Financial Services Commission
established by the Financial Services Commission (Jersey) Law 1998;” and
(b) in the definition of
“prescribed” after the word “Order” there shall be
inserted the words “of the Committee on the recommendation of the
Commission”.
2. For Article 3 there shall be
substituted the following Articles –
“ARTICLE 3
Functions of the Commission
The Commission
shall have the powers conferred on it by this Law and the duty generally to
supervise the persons registered by it in the exercise of those powers.
ARTICLE 3A
Limitation of liability
(1) No
person or body to whom this Article applies shall be liable in damages for
anything done or omitted in the discharge or purported discharge of any
functions under this Law or any enactment made, or purportedly made, under this
Law unless it is shown that the act or omission was in bad faith.
(2) This
Article applies to –
(a) the States;
(b) the Committee, any
member of the Committee, or any person who is, or is acting as, an officer,
servant or agent of the Committee or performing any duty or exercising any
power on behalf of the Committee; and
(c) the Commission, any
Commissioner or any person who is, or is acting as, an officer, servant or
agent of the Commission or who is a person appointed by the Commission to
conduct an investigation under Article 10 or who is performing any duty or
exercising any power on behalf of the Commission.”.
3. In
Article 4 –
(a) in paragraph (4)
–
(i) for
the words “subject to paragraph (5), paragraphs” there shall be
substituted the word “Paragraphs”; and
(ii) for sub-paragraph (e)
there shall be substituted the following sub-paragraph –
“(e) the carrying on, subject to any
prescribed conditions or restrictions, of such insurance business as may be
prescribed by any other person or institution as may be prescribed;”; and
(b) paragraph (5) shall be
deleted.
4. For
the word “Committee” in each of the following places there shall be
substituted the word “Commission” –
(a) in Article 5 –
(i) in
each place where it occurs in paragraph (1); and
(ii) in the second place
where it occurs in paragraph (2);
(b) in each place where it
occurs in Article 6 except for paragraph (8);
(c) in each place where it
occurs in Articles 7 to 12 and 14 to 19;
(d) in each place where in
occurs in paragraph (1) of Article 20;
(e) in each place where it
occurs in Articles 21 and 22;
(f) in each place
where it occurs in paragraphs (3) to (8) and (11) of Article 23; and
(g) in each place where it
occurs in Articles 24, 27, 29, 30, 31, 32, 34, 37 and 39.
5. For
paragraph (3) of Article 20 there shall be substituted the following paragraphs
–
“(3) Subject
to paragraph (3A), the Committee may prescribe circumstances in which an
auditor shall be required to communicate any information or opinion to the
Commission on a matter to which this Article applies, and which is relevant to
any functions of the Commission under this Law.
(3A) Orders under this
Article may only be made –
(a) on the recommendation
of the Commission; and
(b) after consultation with
such bodies as appear to the Commission to represent the interests of
accountants, permit holders and insurers.”.
6. In
paragraph (1) of Article 23 after the word “Committee” there shall
be inserted the words “, on the recommendation of the Commission,”.
7. After
the word “may” in paragraph (1) of Article 33 and paragraph (1) of
Article 38 there shall be inserted the words “, on the recommendation of
the Commission,”.
8. In
sub-paragraph (c) of paragraph (2) of Article 33 after the word
“Committee” there shall be inserted the words “, or the
Commission,”.
9. In
paragraph (8) of Article 37 for the word “President” there shall be
substituted the word “Chairman”.
Limited
Liability Partnerships (Jersey) Law 1997
1. In
paragraph (1) of Article 1 after the definition of “charge” there
shall be inserted the following definition –
“
‘the Commission’ means the Jersey Financial Services Commission
established under the Financial Services Commission (Jersey) Law 1998;”.
2. In
Article 36 –
(a) in paragraph (4) for
the word “Committee” there shall be substituted the word
“Commission”;
(b) in paragraph (5) for
the words “his staff” there shall be substituted the words
“the staff of the Commission”; and
(c) paragraph (6) shall be
deleted.
3. In
paragraph (5) of Article 37 for the words “annual income of the
States” there shall be substituted the words “income of the
Commission”.
4. After
paragraph (3) of Article 46 there shall be inserted the following paragraph
–
“(3A) The Committee shall consult
the Commission before making any Orders under this Law.”.
THIRD SCHEDULE
(Article 23)
TRANSITIONAL
PROVISIONS
Rights,
liabilities and agreements
1.-(1) All rights, liabilities and obligations
of the Committee arising out of a transferred function shall become the rights,
liabilities and obligations of the Commission.
(2) Any agreement entered
into by or on behalf of, or undertaking given to or to any person on behalf of,
the Committee in connection with a transferred function shall have effect as if
the Commission were the original party to it, and any reference in such agreement
or undertaking to the Committee shall be construed as a reference to the
Commission.
Uncompleted
matters
2. Nothing
done by the Committee under or in consequence of a transferred function shall
be invalidated by the coming into force of this Law, and anything commenced by
the Committee under or in consequence of a transferred function may be carried
on and completed by the Commission.
Consents
3.-(1) Any licence,
permit, authorisation, certificate, registration,
consent, waiver or permission granted, issued, made or given by or on behalf of
the Committee under a transferred function shall be deemed to have been
granted, issued, made or given by or on behalf of the Commission on the date
when it was in fact granted, issued made or given.
(2) Any condition,
restriction or requirement imposed by the Committee under a transferred
function shall be deemed to have been imposed by or on behalf of the Commission
on the date on which it was in fact imposed.
Pending and
refused applications
4.-(1) Any application made to the Committee
under any enactment in respect of a transferred function which has not been
finally determined or withdrawn shall be deemed to have been made to the
Commission on the date when it was in fact made.
(2) Any application which
has been refused by the Committee, or which has been granted by the Committee
subject to conditions under a transferred function, shall be deemed to have
been refused or to have been granted subject to those conditions, as the case
may be, by the Commission on the date on which it was in fact refused or
granted subject to those conditions.
Legal
proceedings
5. Any
legal proceedings instituted by or against the Committee in relation to a
transferred function may be continued as if the Commission were instead a party
to it.
Requirements and
information
6.-(1) Any requirement made by the Committee
for the purposes of a transferred function shall be deemed to be a requirement
made by the Commission.
(2) Any information given
or statement made to the Committee and every document deposited with the
Committee shall be deemed to have been given or made to, or deposited with, the
Commission on the date when it was in fact given, made or deposited.
(3) Any information passed
to the Commission by the Committee shall be held by the Commission on the same
terms as it was held by the Committee.
Records and
registers
7.-(1) Any books, lists, files or registers
required to be established and maintained, and any other record or document
required to be kept by the Committee or any other body or individual under a
transferred function shall, on the transfer of that function –
(a) be delivered to the
Commission; and
(b) be deemed to have been
established, maintained or kept by the Commission.
(2) Notwithstanding
paragraph (1), where the Commission is satisfied that the Committee has good
cause to have access to any record or document delivered to the Commission
under that paragraph it shall grant such access to the Committee.