INVESTMENT BUSINESS (AMENDMENT No. 2)
(JERSEY) LAW 2000
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A LAW to amend the Investment
Business (Jersey) Law 1998, sanctioned by
Order of Her Majesty in Council of the
14th
day of JUNE 2000
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(Registered
on the 30th day of June 2000)
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STATES
OF JERSEY
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The 22nd day of February 2000
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THE STATES, subject to the sanction of Her
Most Excellent Majesty in Council, have adopted the following Law -
ARTICLE 1
For
paragraph (4) of Article 38 of the Investment Business (Jersey)
Law 1998,
as amended,
there shall be
substituted the following paragraphs -
“(4) Where an offence under this Law
committed by a limited liability partnership or company is proved to have been
committed with the consent or connivance of, or to be attributable to any
neglect on the part of -
(a) a person who is a
partner of the partnership, or director, manager, secretary or other similar
officer of the company; or
(b) any person purporting
to act in any such capacity,
the person shall also be guilty
of the offence and liable in the same manner as the partnership or company to
the penalty provided for that offence.
(4A) Where the affairs of a company are
managed by its members, paragraph (4) shall apply in relation to acts and
defaults of a member in connection with his functions of management as if he
were a director of the company.
(5) Any person who aids,
abets, counsels or procures the commission of an offence under this Law shall
also be guilty of the offence and liable in the same manner as a principal
offender to the penalty provided for that offence.
(5A) Nothing in paragraph (5) affects the
operation of paragraph (4) or (4A).”
ARTICLE 2
(1) This Law may be cited
as the Investment Business (Amendment No. 2) (Jersey)
Law 2000.
(2) This Law shall come
into force on such day as the States may by Act appoint and different days may
be appointed for different provisions or different purposes of this Law.
C.M.
NEWCOMBE
Deputy
Greffier of the States.