FINANCIAL SERVICES (EXTENSION) (JERSEY)
LAW 2000
____________
A LAW to amend the Investment Business (Jersey) Law 1998 to extend its
provisions to include the supervision of providers of services in connection
with companies and trusts insofar as those services relate to financial service
business, and generally to provide for purposes connected therewith and
incidental thereto, sanctioned by Order of Her Majesty in Council of the
12th day of JULY 2000
____________
(Registered on the 28th day of July 2000)
____________
STATES OF JERSEY
____________
The 16th day
of May 2000
____________
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council,
have adopted the following Law -
ARTICLE 1
“Principal Law” defined
In
this Law “principal Law” means the Investment Business (Jersey) Law 1998, as amended.
ARTICLE 2
Articles 1, 2 and 3 of
principal Law replaced
For
Articles 1, 2 and 3 of the principal Law there shall be substituted the following Articles -
“ARTICLE 1
General interpretation
(1) In this Law, unless the
context otherwise requires -
‘address’, in respect of a service provided by a
person carrying on trust company business, means an address for the receipt of
correspondence or electronic communications (including telephone calls and
facsimile communications) or both provided by that person in the course of that
business to a third party;
‘applicant’
has the meaning given in Article 7(1);
‘associate’,
in relation to a person, means -
(a) the person’s
husband, wife, child or stepchild;
(b) his partner;
(c) any company of which he
is a director;
(d) where the person is a
company, any director or employee of the company, any company in the same group
as the company, and any director or employee of such a company; and
(e) any person with whom
the first mentioned person has an agreement, arrangement or other
obligation -
(i) to act together in
exercising voting power;
(ii) with respect to the
acquisition, holding or disposal of shares or other interests in a company,
partnership or other association;
‘auditor’
means a person qualified under Article 113 of the Companies (Jersey) Law 1991 for appointment as
auditor of a company under Article 109 of that Law;
‘buy’
includes to acquire;
‘client’,
in respect of a registered person, means a person, whether resident on or off
the Island, with or for whom the registered
person transacts or has transacted investment business;
‘client
asset’ means property belonging to a client and includes money and
investments;
‘collective
investment fund’ has the meaning given to that expression by
Article 2 of the Collective Investment Funds (Jersey)
Law 1988;
‘Commission’
means the Jersey Financial Services Commission established by the Financial
Services Commission (Jersey) Law 1998;
‘Committee’
means the Finance and Economics Committee;
‘company’
(except for the purposes of paragraph 1 of the First Schedule) means any
body corporate incorporated with or without limited liability in any part of
the world;
‘Court’
means the Royal Court;
‘director’ means a person occupying the
position of director, by whatever name called;
‘dispose’
includes -
(a) in the case of an
investment consisting of rights under a contract or other arrangements, to
assume the corresponding liabilities under the contract or arrangements;
(b) in the case of any other
investment, to issue or create the investment or to grant the rights or
interests of which it consists;
(c) in the case of an
investment consisting of rights under a contract, to surrender, assign or
convert those rights;
‘documents’
includes accounts, deeds, writings and information recorded in any form and, in
relation to information recorded otherwise than in legible form, references to
its provision or production include references to providing or producing a copy
of the information in legible form;
‘express
trust’ means a trust created by the express declaration of a settlor or a
trustee made orally, by instrument in writing or by will;
‘financial
service advertisement’ means an advertisement containing -
(a) an invitation to
transact financial service business; or
(b) information which is intended
or might reasonably be presumed to be intended to lead directly or indirectly
to the transaction of financial service business,
and
includes any means of bringing such an invitation or such information to the
notice of any person and a reference to an advertisement shall be construed
accordingly;
‘financial
service business’ has, subject to any Order under Article 4, the meaning
given to that expression by Article 2(1);
‘group’
in relation to a company, means that company, any other company which is its
holding company or subsidiary and any other company which is a subsidiary of
that holding company;
‘holding
company’ has the meaning given to that expression by Article 2 of
the Companies (Jersey) Law 1991;
‘industrial
and provident society’ means a society registered or deemed to be
registered under the Industrial and Provident Societies Acts 1965 to 75 of the
United Kingdom as applied to the Island by the Industrial and Provident
Societies (Channel Islands) Order 1965;
‘investment
business’ has, subject to any Order under Article 4, the meaning given to
that expression by Article 2(2);
‘investment’
means, subject to any Order under Article 4, an asset, right or interest
that falls within a paragraph of the First Schedule and that is not excepted by
virtue of a further provision contained in that paragraph;
‘partner’,
in respect of a partnership, means a partner or an equivalent position in the
partnership howsoever called;
‘partnership’
includes a partnership constituted under the law of a country or territory
outside the Island;
‘prescribed’
means prescribed by an Order made by the Committee on the recommendation of the
Commission;
‘principal
person’ means -
in
relation to a person -
(a) being a sole trader,
the proprietor;
(b) being a company -
(i) a person who,
either alone or with any associate or associates -
(A) directly or indirectly holds
ten per cent or more of the share capital issued by the company;
(B) is entitled to exercise or
control the exercise of not less than ten per cent of the voting power in
general meeting of the company or of any other company of which it is a
subsidiary; or
(C) has a holding in the company
directly or indirectly which makes it possible to exercise significant
influence over the management of the company;
(ii) a director;
(iii) a person in accordance with
whose directions, whether given directly or indirectly, any director of the
company, or director of any other company of which the company is a subsidiary,
is accustomed to act (but disregarding advice given in a professional
capacity);
(c) being a
partnership -
(i) a partner;
(ii) where a partner is a
company, any person who, in relation to that company, falls within
sub-paragraphs (i), (ii) or (iii) of paragraph (b); and
in
relation to a person whose registered office and principal place of business is
outside the Island, includes a person who, either alone or jointly with one or
more other persons, is responsible for the conduct of the person’s
financial service business in the Island; and
in
relation to a person who has become bankrupt, includes a person who has been
appointed as liquidator or administrator of the person’s affairs;
‘registered
person’ means a person registered by the Commission under Article 8,
and “registered” shall be construed accordingly;
‘registration’
means registration by the Commission under this Law;
‘relevant
supervisory authority’, in relation to a country or territory outside the
Island, means an authority discharging in that country or territory supervisory
functions corresponding to those of the Commission;
‘secretary’, in respect of a service provided by a
person carrying on trust company business, means a person occupying the
position of, and carrying out the duties of a company secretary, howsoever
named;
‘sell’
includes to dispose;
‘shareholder
controller’ has the meaning given by sub-paragraph (i) of
paragraph (b) of the definition of ‘principal person’;
‘subsidiary’
has the meaning given to that expression by Article 2 of the Companies
(Jersey) Law 1991;
‘trust’
has the same meaning as in the Trusts (Jersey) Law 1984
‘trust
company business assets’, in respect of a registered person, means -
(a) trust property; or
(b) any other assets or property
not beneficially owned by the registered person;
‘trust
company business’ has, subject to any Order under Article 4, the meaning
given to that expression by Article 2(3);
‘trust
property’ has the meaning given to that expression by Article 1 of the
Trusts (Jersey) Law 1984.
(2) A reference in this Law
to a Part, Article or Schedule by number only and without further
identification is a reference to the Part, Article or Schedule of that number
in this Law.
(3) A reference in an
Article or other division of this Law to a paragraph, sub-paragraph or clause
by number or letter only and without further identification is a reference to
the paragraph, sub-paragraph or clause of that number or letter in the Article
or other division of this Law.
(4) Unless the context
otherwise requires, a reference in this Law to an enactment is a reference to
that enactment as amended from time to time and includes a reference to that
enactment as extended or applied under another enactment, including another
provision of this Law.
(5) In this Law a note
contained in a paragraph of a Schedule forms part of that paragraph.
ARTICLE 2
‘Financial service
business’ defined
(1) A person carries on
financial service business if by way of business he carries on investment
business or trust company business.
(2) A person carries on
investment business if he -
(a) deals in investments,
that is, he buys, sells, subscribes for or underwrites investments, either as
principal or as agent;
(b) undertakes
discretionary investment management, that is, he decides as agent to buy, sell,
subscribe for or underwrite investments on behalf of a principal;
(c) gives investment
advice, that is, he gives to persons in their capacity as investors or
potential investors advice on the merits of -
(i) the purchase,
sale, subscription for or underwriting of a particular investment; or
(ii) the exercise of a right
conferred by an investment to acquire, dispose of, underwrite or convert the
investment.
(3) A person carries on
trust company business if he carries on a business that involves the provision
of company administration services or trustee or fiduciary services and in the
course of providing those services he provides any of the services specified in
paragraph (4).
(4) Those services are -
(a) acting as a company or
partnership formation agent;
(b) acting as or fulfilling
the function of or arranging for another person to act as or fulfil the
function of director or alternate director of a company;
(c) acting as or fulfilling
the function of or arranging for another person to act as or fulfil the
function of a partner of a partnership;
(d) acting or arranging for
another person to act as secretary, alternate, assistant or deputy secretary of
a company;
(e) providing a registered
office or business address for a company or partnership;
(f) providing an
accommodation, correspondence or administrative address for a company, a
partnership or for any other person;
(g) acting as or fulfilling
or arranging for another person to act as or fulfil the function of trustee of
an express trust;
(h) acting as or fulfilling
or arranging for another person to act as shareholder or unitholder as a
nominee for another person.
(5) In this Article a
reference to a company, trust or partnership is a reference -
(a) to a company, trust or
partnership wherever incorporated or otherwise established; and
(b) to any similar or
equivalent structure or arrangement, howsoever named.
(6) For the purposes of
this Article a person acts as a company or partnership formation agent if he
arranges for the registration or formation, or the sale, transfer or disposal
of companies or partnerships.
ARTICLE 3
Exemptions
(1) The activities
described in Part I of the Second Schedule shall not be treated as investment
business for the purposes of this Law, to the extent which is respectively
specified for them in that Schedule.
(2) The activities
described in Part II of the Second Schedule shall not be treated as trust
company business for the purposes of this Law, to the extent which is
respectively specified for them in that Schedule.”.
ARTICLE 3
Article 6 amended
For
Article 6(1) of the principal Law there shall be substituted the following paragraph -
“(1) Subject to paragraph (2) -
(a) a
person shall not carry on financial service business in or from within the
Island; and
(b) a
person being a company incorporated in the Island shall not carry on such
business in any part of the world,
unless the
person is for the time being a registered person under this Law, and acting in
accordance with the terms of his registration.”.
ARTICLE 4
Article 8 amended
For
Article 8(3)(e)(i) of the principal Law there shall be substituted the following clause -
“(i) in the best interest of
persons who may transact investment business with the applicant or, if the
applicant intends to carry on trust company business, persons who may enter
into agreements for the provision of services to be provided by the applicant
when carrying on trust company business or persons who may receive the benefit
of services to be provided or arranged by the applicant when carrying on trust
company business;”.
ARTICLE 5
Article 10 amended
For
Article 10(4) of the principal Law there shall be substituted the following paragraph -
“(4) If, on the application of the
Commission, the court is satisfied that it is desirable -
(a) in the best interests
of persons who have transacted or may transact investment business with a
registered person; or
(b) if the registered
person is carrying on trust company business, in the best interests of persons
who -
(i) have entered into
or may enter into agreements for the provision of services to be provided by
the registered person when carrying on trust company business; or
(ii) have received or may
receive the benefit of services to be provided or arranged by the registered
person when carrying on trust company business,
that paragraph
(1) should not have effect, or should cease to have effect in a particular
case, or that the period suggested in sub-paragraph (a) of that paragraph
should be increased, the Court may so order.”.
ARTICLE 6
Article 10A inserted
After
Article 10 of the principal Law there shall be inserted the following Article -
“ARTICLE 10A
Commission may apply to
Court for appointment of manager in prescribed circumstances
(1) The Committee may, by
Order, prescribe circumstances in which the Commission may apply to the Court
for the appointment by the Court of a person to manage the affairs of persons
in so far as those affairs relate to the carrying on of financial service
business.
(2) An Order made under
paragraph (1) may contain such incidental or supplementary provisions as the
Committee thinks necessary or expedient, and may contain different provisions
for different classes of financial service business.
(3) The Court may, on an
application made to it by the Commission in circumstances prescribed in an
Order made under paragraph (1), appoint, on such terms as it considers to be
appropriate, a person to manage the affairs of a person in so far as those
affairs relate to the carrying on of financial service business.”.
ARTICLE 7
Article 11 amended
For
Article 11(4) of the principal Law there shall be substituted the following paragraph -
“(4) If, on the application of the
Commission the Court is satisfied that it is desirable -
(a) in the best interests
of persons who have transacted or may transact investment business with the
registered person; or
(b) if the registered
person is carrying on trust company business, in the best interests of persons
who -
(i) have entered into
or may enter into agreements for the provision of services to be provided by
the registered person when carrying on trust business; or
(ii) have received or may
receive the benefit of services provided or arranged by the registered person
when carrying on trust company business,
that
paragraph (3) should not have effect, or should cease to have effect in a
particular case, or that the period specified in sub-paragraph (a) of that
paragraph should be increased, the Court may so order.”.
ARTICLE 8
Article 18A inserted
After
Article 18 of the principal Law there shall be inserted the following Article -
“ARTICLE 18A
Trust company business
assets
(1) Where a registered
person has control of or is otherwise responsible for trust company business
assets which he is required to safeguard, he shall arrange proper protection
for them by way of segregation and identification of the assets or otherwise in
accordance with the responsibilities he has accepted.
(2) Without prejudice to
the generality of paragraph (1), the Committee may, on the recommendation
of the Commission, prescribe the manner in which any classes of trust company
business assets are to be protected.
(3) A person who fails to
comply with an Order made under paragraph (2) is guilty of an offence and
liable to imprisonment for a term not exceeding six months or a fine, or
both.”.
ARTICLE 9
Article 20 amended
For
Article 20(1)(b) of the principal Law there shall be substituted the following sub-paragraph -
“(b) it is in the best interests of -
(i) persons
who may transact investment business with the registered person or of creditors
of the registered person; or
(ii) if
the registered person is carrying on trust company business, persons who may
enter into agreements for the provision of services to be provided by the
registered person when carrying on trust company business or persons who may
receive the benefit of services to be provided or arranged by the registered
person when carrying on trust company business, or, in either case, of
creditors of the registered person;”.
ARTICLE 10
Article 23 amended
(1) For Article 23(1)(c) of
the principal Law there shall be substituted the following sub-paragraph -
“(c) it is desirable for the protection
of persons transacting investment business with the registered person or, if
the registered person is carrying on trust company business, persons who have
entered into or may enter into agreements for the provision of services to be
provided by the registered person when carrying on trust company business or
persons who have received or may receive the benefit of services to be provided
or arranged by the registered person when carrying on trust company
business,”.
(2) For Article 23(3) of
the principal Law11 there shall be
substituted the following paragraph -
“(3) Without prejudice to the generality
of paragraph (1) or to paragraph (2), an order issued under either of
those paragraphs may include a requirement that all assets, or all assets of a
specified description which, at any time while the requirement is in
force -
(a) where the registered
person carries on investment business -
(i) belong to the
registered person concerned; or
(ii) belong to persons
transacting investment business with him and are held by or to his order; or
(b) where the registered
person carries on trust company business -
(i) belong to the
registered person concerned;
(ii) are held on behalf of
persons who have entered into an agreement for the provision of services to be
provided by the registered person when carrying on trust company business; or
(iii) are held on behalf of persons
who have received or may receive the benefit of services provided or arranged
by the registered person when carrying on trust company business,
shall be
transferred to and held by a person whose appointment is approved by the Court
(in this Article referred to as an ‘appointed person’).”.
ARTICLE 11
Article 30 amended
For
Article 30(1) of the principal Law there shall be substituted the following paragraph -
“(1) If it appears to the Commission
desirable to do so -
(a) in the interests of
persons who have transacted or may transact investment business with a registered
person; or
(b) if the registered
person is carrying on trust company business, in the interests of persons who
have entered into or may enter into agreements for the provision of services to
be provided by the registered person when carrying on trust company business,
or in the interests of persons who have received or may receive the benefit of
services provided or arranged by the registered person when carrying on trust
company business,
the Commission
may appoint one or more competent persons to investigate and report to the
Commission on -
(i) the nature,
conduct or state of such registered person’s financial services business
or any particular aspect of it;
(ii) his integrity,
competence, financial standing or organisation;
(iii) the integrity, competence and
financial standing, so far as relevant in the opinion of the Commission, of
persons who are principal persons in relation to him, and of associates of such
principal persons; or
(iv) the compliance by those
persons with this Law and any Regulation, Order or Code of Practice made, or a
condition of any grant of registration, or a direction given under this
Law.”.
ARTICLE 12
Article 33 amended
For
Article 33(1)(g) of the principal Law there shall be substituted the following sub-paragraph -
“(g) the power to communicate to the
relevant supervisory authority information which is in the possession of the
Commission, whether or not as a result of the exercise of any of the above
powers, other than information relating to the identity of persons who have
transacted investment business with a registered or formerly registered person
or, where the registered or formerly registered person carries on or carried on
trust company business, the identity of persons who -
(i) have
entered into agreements for the provision of services provided by the
registered or formerly registered person when carrying on trust company
business; or
(ii) have
received or may receive the benefit of services provided or arranged by the
registered or formerly registered person when carrying on trust company
business,
unless
the persons concerned have consented to such disclosure.”.
ARTICLE 13
Article 35 amended
For
Article 35(1)(j)(i) of the principal Law there shall be substituted the following clause -
“(i) to the auditor of a
registered person or formerly registered person if it appears to the Commission
that disclosing the information would enable or assist the Commission to
discharge the functions mentioned in sub-paragraph (b) or would otherwise
be in the interests of persons who have transacted or may transact investment
business with a registered person or, in respect of a registered person
carrying on trust company business, in the interests of persons who -
(A) have entered into or may enter into
agreements for the provision of services to be provided by the registered
person when carrying on trust company business; or
(B) have received or may receive
the benefit of services provided or arranged by the registered person when carrying
on trust company business;”.
ARTICLE 14
Article 40 repealed
(1) Subject to paragraph
(2), Article 40 of the principal Law shall be repealed.
(2) On the commencement of
this Article the provisions of Article 40 of the principal Law15 shall continue to apply in respect of any applicant to whom that
Article applied immediately before that commencement and shall continue so to
apply until the applicant’s application is granted or, subject to
paragraph (3), is refused by the Commission under Article 8 of the
principal Law.
(3) Where the Commission
under Article 8 of the principal Law16 refuses the application of a person to whom paragraph (2) applies
the provisions of Article 10 of the principal Law shall have effect as if references in that Article to the
Commission, acting under Article 8 of the principal Law,16 revoking a registration were references to the Commission, acting
under that Article, refusing the application.
ARTICLE 15
Second Schedule amended
In
the Second Schedule to the principal Law -
(a) for the heading “PART I: GENERAL” there shall be
substituted the heading “PART I:
INVESTMENT BUSINESS”;
(b) the heading “PART II: INVESTMENT BUSINESS”
shall be omitted; and
(c) at the end there shall
be added the following heading “PART
II: TRUST COMPANY BUSINESS”.
ARTICLE 16
Additional amendments to principal Law
A
provision of the principal Law specified in column 1 of Schedule 1 to this Law
shall be amended by deleting from it the words specified in column 2 of that
Schedule and substituting the words (if any) specified in column 3.
ARTICLE 17
Consequential amendments to other enactments
A
provision of an enactment specified in column 1 of Schedule 2 to this Law shall
be amended by deleting from it the words specified in column 2 of that Schedule
and substituting the words specified in column 3.
ARTICLE 18
Transitional provisions
(1) Subject to paragraph
(2), a person who makes an application in compliance with the principal Law
under Article 7(1) of that Law before such day as is appointed by the Committee, on the
recommendation of the Commission, by Order for the purposes of this paragraph
may, during the period between the date of his application and its being
granted or refused by the Commission under Article 8 of the principal Law, carry on trust company business (as defined by the principal Law) in
the same manner as he was doing at the date of his application provided that he
continues to carry on that business in accordance with the terms of his
application.
(2) The Committee may, on
the recommendation of the Commission prescribe, or the Commission may impose by
notice in writing, conditions which shall apply to applicants during the period
specified in paragraph (1) of this Article in addition to or in substitution
for conditions prescribed under Article 9(1) of the principal Law and may make different provision for different applicants or for
different classes of applicants or the provision of different classes of
services provided by persons carrying on trust company business and may, in
such circumstances as the Commission thinks fit, exclude applicants from
carrying on trust company business.
(3) Articles 9(3) to (5) of
the principal Law shall apply in respect of an exclusion order made or conditions imposed
under paragraph (2) of this Article as they apply in respect of a refusal
of permission or conditions attached (to a registration) under Article 9(2) of
the principal Law.22
(4) The provisions of the
principal Law shall apply (with the necessary modifications) to an applicant to
whom paragraph (1) of this Article for the time being applies, as they
apply to a person registered under the principal Law.
(5) Without prejudice to
the generality of paragraph (4) of this Article, the following modifications
shall apply in relation to applicants to whom paragraph (1) of this
Article for the time being applies -
(a) a reference in the
principal Law to the period during which a person is registered shall be taken
to be a reference to the period between the date of the application and the
date of its being granted or refused by the Commission;
(b) a reference in the
principal Law to the terms of a registration shall be taken to be a reference
to the terms of the application;
(c) a reference in the principal
Law to a “registered person” shall be taken to include an applicant
to whom paragraph (1) of this Article applies for the time being, and
“registered” shall be construed accordingly;
(d) a reference in Article
10 of the principal Law to the Commission, acting under Article 8 of the principal Law, revoking a registration shall be taken as a reference to the
Commission, acting under that Article, refusing an application.
(6) Paragraph (1) of this
Article shall not apply to a person who, immediately before the day referred to
in that paragraph, was carrying on the business to which the application
relates in contravention of the Regulation of Undertakings and Development
(Jersey) Law 1973 or the Borrowing (Control) (Jersey) Law 1947.
ARTICLE 19
Citation and commencement
(1) This Law may be cited
as the Financial Services (Extension) (Jersey) Law 2000.
(2) This Law shall come
into force on such day or days as the States may by Act appoint and different
days may be appointed for the coming into force of different provisions or for
different purposes of the same provision.
C.M.
NEWCOMBE
Deputy Greffier of the States.
SCHEDULE 1
(Article
16)
ADDITIONAL
AMENDMENTS TO PRINCIPAL LAW
|
Column
1
Provision
of principal Law
|
Column
2
Words
to be deleted
|
Column
3
Words
to be substituted
|
|
Long title
|
“investment business”
|
“certain types of financial service
business”
|
|
Article 4(3)
|
“investment business”
|
“financial service business”
|
|
Article 4(4)28
|
“investment business”
|
“financial service business”
|
|
PART II -heading
|
“INVESTMENT BUSINESS”
|
“FINANCIAL SERVICE BUSINESS”
|
|
PART II -heading of first
division29
|
“Investment
Business”
|
“Financial
Service Business”
|
|
Heading of Article 629
|
“investment business”
|
“financial service business”
|
|
Article 6(2)(a)(i)
|
“Viscount or the Judicial
Greffier”
|
“Viscount, the Judicial Greffier or
a Jurat of the Royal Court”
|
|
Article 6(3)30
|
“investment business” (where
twice occurring)
|
“financial service business”
|
|
Article 7(1)
|
“investment business”
|
“financial service business”
|
|
Article 7(2)31
|
“investment business”
|
“financial service business”
|
|
Article 7(7)
|
“, but Article 40 shall not
apply
to any fresh application made by that applicant, except insofar as the
Commission so directs in writing”
|
|
|
Article 8(3)(c)
|
“or prescribed or imposed under
paragraph (2) of Article 40”
|
|
|
Article 8(4)(b)
|
“business”
|
“financial service business”
|
|
Article 8(4)(c)
|
“business”
|
“financial service business”
|
|
Article 8(4)(d)35
|
“business in any part of the
world”
|
“financial service business”
|
|
Article 9(1)
|
“investment business” (where
twice occurring)
|
“financial service business”
|
|
PART III -heading
|
“INVESTMENT BUSINESS”
|
“FINANCIAL SERVICE BUSINESS”
|
|
Article 17(1)(a)
|
“investment business”
|
“financial service business”
|
|
Article 17(1)(c)38
|
“investment business”
|
“financial service business”
|
|
Article 20(1)
|
“investment business”
|
“financial service business”
|
|
Article 20(1)(e)
|
“investment advertisement”
|
“financial service advertisement”
|
|
Article 20(2)(d)40
|
“investment advertisement”
|
“financial service
advertisement”
|
|
|
“investment advertisements”
|
“financial service
advertisements”
|
|
Article 20(2)(e)
|
“investment advertisement”
(where twice occurring)
|
“financial service
advertisement”
|
|
Article 21(1)(b)
|
“or imposed under paragraph (2)
of Article 40”
|
|
|
Article 22(2)
|
“investment business”
|
“financial service business”
|
|
|
“interests of investors or potential
investors”
|
“interests of the public”
|
|
Article 23(1)(a)43
|
“investment business”
|
“financial service business”
|
|
Heading of Article 26
|
“recission”
|
“rescission”
|
|
Article 27(1)(i)
|
“investment business”
|
“financial service business”
|
|
Article 28(1)45
|
“investment advertisements”
|
“financial service advertisements”
|
|
Article 28(2)(a)
|
“investment advertisements”
|
“financial service
advertisements”
|
|
Article 28(2)(b)
|
“investment advertisements”
(where twice occurring)
|
“financial service
advertisements”
|
|
Article 28(3)47
|
“investment advertisement”
|
“financial service
advertisement”
|
|
Article 28(4)
|
“investment advertisement”
(where thrice occurring)
|
“financial service
advertisement”
|
|
Article 28(5)(a)48
|
“an investment advertisement”
|
“a financial service
advertisement”
|
|
Article 28(5)(b)48
|
“an investment advertisement”
|
“a financial service
advertisement”
|
|
|
“investment business with”
|
“investment business with, or the
provision of services provided or arranged by a person carrying on trust
company business by”
|
|
Article 28(6)48
|
“an investment advertisement”
|
“a financial service
advertisement”
|
|
Article 29(1)(i)
|
“investment business”
|
“financial service business”
|
|
Article 29(2)
|
“investment business”
|
“financial service business”
|
|
Article 30(4)
|
“investment business”
|
“financial service business”
|
|
Article 38(1)(d)
|
“or imposed under paragraph (2)
of Article 40”
|
|
|
Article 38
|
All words commencing with “(5) Without prejudice” and ending
with “principal offender.”
|
|
|
Article 42
|
“Investment Business (Jersey) Law
1998”
|
“Financial Services (Jersey) Law
1998”
|
|
FIRST SCHEDULE
heading
|
“(Article 2)”
|
“(Article 1)”
|
SCHEDULE 2
(Article
17)
CONSEQUENTIAL
AMENDMENTS TO OTHER ENACTMENTS
|
Column
1
Enactment
|
Column
2
Words
to be deleted
|
Column
3
Words
to be substituted
|
|
Article 3(1)(c)(ii) of the Bankruptcy
(Désastre) (Jersey) Law 1990
|
“or the Investment Business
(Jersey) Law 1998”
|
“or the Financial Services (Jersey)
Law 1998”
|
|
Article 155(2)(b)(ii) of the Companies
(Jersey) Law 1991
|
“or the Investment Business (Jersey)
Law 1998”
|
“or the Financial Services
(Jersey) Law 1998”
|