Banking
Business (Amendment No. 9) (Jersey)
Law 2022
Adopted
by the States 30th March 2022
Sanctioned
by Order of Her Majesty in Council 8th June 2022
Registered by the Royal Court 17th June 2022
Coming into force in accordance with Article 6
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
This Law amends the Banking Business (Jersey)
Law 1991.
2 Article 1
(interpretation) amended
In Article 1 –
(a) for the definition
“auditor” there is substituted –
“ “auditor” –
(a) in
relation to a Jersey incorporated bank or a Jersey branch, has the same meaning
as “auditor” in Article 102(1) of the Companies (Jersey)
Law 1991; and
(b) in
relation to an overseas incorporated bank, means the individual, firm or
company appointed as auditor of the overseas incorporated bank;”;
(b) after the definition
“institution” there is inserted –
“ “Jersey branch” means
the part (if any) of an overseas incorporated bank that carries on business or
a part of its business or operations at a place in Jersey and, in the case of
an overseas incorporated bank that carries on any business or operations at
more than one place in Jersey, means all the places in Jersey at which it
carries on that business or those operations;
“Jersey incorporated bank”
means a registered person that is a company incorporated in Jersey under
Article 3 of the Companies (Jersey)
Law 1991;”;
(c) after the definition
“money laundering reporting officer” there is inserted –
“ “overseas incorporated bank” means a registered person that is not a
Jersey incorporated bank;”;
(d) after the definition
“registered” there is inserted –
“ “registered person” means a person registered under Article 9;”.
3 Article 32 (audited accounts to be open to inspection) deleted
Article 32 is deleted.
4 Schedule (transfer of deposit-taking business) amended
In paragraph 3 of the Schedule, after “independent auditor”
there is inserted “(where “auditor” has the same meaning as in
Article 102(1) of the Companies (Jersey)
Law 1991)”.
5 Miscellaneous amendments: application of provisions to legal
and natural persons
In
the provision described in the first column of the following table, for the existing
words specified in the 2nd column there is substituted the words specified in the
3rd column in the same row of that provision –
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|
|
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Article 9(9)
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while his or her application is awaiting
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while awaiting
|
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Article 10(3)(b)
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his or her
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person A’s
|
|
Article 14(1)
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his or her
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the person
|
|
Article 14(3A)
|
his or her
|
the person
|
|
Article 16(2)
|
that he or she did not know of the acts or circumstances by
virtue of which he or she
|
that the person did not know of the acts or circumstances by
virtue of which the person
|
|
Article 16(2)
|
he or she has become such a controller the person shall be
guilty of an offence unless he or she gives the Commission written notice of
the fact that he or she
|
the person has become such a controller the person shall be
guilty of an offence unless the person gives the Commission written notice of
the fact that the person
|
|
Article 17(7)(a)
|
he or she
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the person
|
|
Article 17(7)(b)
|
he or she
|
the person
|
|
Article 20(4)
|
if he or she proves that he or she received the advertisement
for publication in the ordinary course of his or her business, that the
matters contained in the advertisement were not (wholly or in part) devised
or selected by the person or by any person under his or her direction or
control and that he or she did not know
|
if the person proves that the person received the advertisement
for publication in the ordinary course of the person’s business, that the
matters contained in the advertisement were not (wholly or in part) devised
or selected by the person or by any person under the person’s direction or
control and that the person did not know
|
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Article 20(6)(a)
|
he or she
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the person
|
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Article 24(1)(a)
|
he or she has notified the Commission in writing of his or her
|
the person has notified the Commission in writing of the
person’s
|
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Article 24(1)(b)
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his or her
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the person
|
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Article 24(3)
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his or her
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the person
|
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Article 24(10)
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if he or she shows that he or she did not know of the acts or
circumstances by which, as the case may be, he or
she,
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if the person shows that the person did not know of the acts or
circumstances by which, as the case may be, the
person,
|
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Article 24(11)
|
he or she shall be guilty of an offence unless he or she gives
the Commission written notice of the fact that he or she,
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the person shall be guilty of an offence unless the person gives
the Commission written notice of the fact that the person,
|
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Article 25(4)
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that he or she did not
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that the person did not
|
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Article 25(4)
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he or she has become such a shareholder the person shall be
guilty of an offence unless he or she gives the Commission written notice of
the fact that he or she
|
the person has become such a shareholder the person shall be
guilty of an offence unless the person gives the Commission written notice of
the fact that the person
|
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Article 26(13)
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his or her client
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the lawyer’s client
|
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Article 28(2)
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his or her investigation, he or she
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the investigation, the person
|
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Article 31(1)
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he or she proves that he or she
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the person proves that the person
|
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Article 34(1)
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his or her
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the auditor or approved professional
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Article 34(2)
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his or her
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the auditor’s
|
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Article 34(3)
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his or her
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the approved professional’s
|
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Article 35
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his or her business in a manner satisfactory to his or her.
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the business in a manner satisfactory to the person’s
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Article 36(2)
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his or her business in a manner satisfactory to his or her
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the business in a manner satisfactory to the person’s
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Article 37A(4)
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his or her
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the person’s
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6 Citation and commencement
This Law may be cited as the Banking Business (Amendment No. 9)
(Jersey) Law 2022 and comes into force immediately upon the coming into force
of the Banking Business (Amendment
No. 7) (Jersey) Law 2011.