Financial
Regulation (Miscellaneous Provisions No. 4) (Jersey) Law 2016
A LAW to amend powers conferred on
the Jersey Financial Services Commission in relation to fees by amending the
Banking Business (Jersey) Law 1991; the Collective Investment Funds
(Jersey) Law 1988; the Financial Services (Jersey) Law 1998; the
Insurance Business (Jersey) Law 1996 and the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008.
Adopted by the
States 24th May 2016
Sanctioned by
Order of Her Majesty in Council 13th July 2016
Registered by the
Royal Court 22nd
July 2016
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have
adopted the following Law –
1 Banking
Business (Jersey) Law 1991 amended
In the Banking Business (Jersey) Law 1991[1] –
(a) Article 9(2)
shall be deleted;
(b) after
Article 48D there shall be inserted the following Article –
The Commission may, in
accordance with Article 15 of the Financial Services Commission (Jersey) Law 1998[2], publish fees that shall be
payable by registered persons at such intervals and upon the occurrence of such
events as the Commission may determine.”.
2 Financial
Services (Jersey) Law 1998 amended
In the Financial Services (Jersey) Law 1998[3], for Article 9(6) there
shall be substituted the following paragraph –
“(6) The Commission may, in
accordance with Article 15 of the Financial Services Commission (Jersey)
Law 1998[4], publish fees that shall be
payable by registered persons at such intervals and upon the occurrence of such
events as the Commission may determine.”.
3 Insurance
Business (Jersey) Law 1996 amended
In the Insurance Business (Jersey) Law 1996[5] –
(a) Article 6(2)
shall be deleted;
(b) after
Article 43C there shall be inserted the following Article –
The Commission may, in
accordance with Article 15 of the Financial Services Commission (Jersey)
Law 1998[6], publish fees that shall be
payable by permit holders at such intervals and upon the occurrence of such
events as the Commission may determine.”.
4 Proceeds
of Crime (Supervisory Bodies) (Jersey) Law 2008 amended
In the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[7] –
(a) in
Article 10(1), for sub-paragraph (b) there shall be substituted the
following sub-paragraph –
(i) a
company incorporated in Jersey, or
(ii) a
person (other than a natural person or company) whose registered office is in
Jersey,
shall not carry on such
business in any part of the world,”;
(b) in
Article 10(3), for the words “and any company incorporated in
Jersey” there shall be substituted the words “and any person
mentioned in paragraph (1)(b)”;
(c) in
the heading to Article 20, for the words “Annual fee” there
shall be substituted the word “Fees”;
(d) for
Article 20(1) and (2) there shall be substituted the following
paragraphs –
“(1) A supervisory body may charge
a fee payable by each person registered by it under this Law at such intervals
and upon the occurrence of such events as the Commission may determine.
(2) The Commission may charge a fee payable by
each deemed registered person and each regulated person at such intervals and
upon the occurrence of such events as the Commission may determine.”;
(e) in
Article 21(1)(c) for the words “an annual fee” there shall be
substituted the words “a fee”.
5 Insurance
Business (General Provisions) (Jersey) Order 1996 amended
Article 3 of the Insurance Business (General Provisions)
(Jersey) Order 1996[8] shall be deleted.
6 Citation
and commencement
This Law may be cited as the Financial Regulation (Miscellaneous Provisions
No. 4) (Jersey) Law 2016 and shall come into force one month after it
is registered.
l.-m. hart
Deputy Greffier of the States