Banking Business
(Amendment No. 7) (Jersey) Law 2011
A LAW to amend further the Banking
Business (Jersey) Law 1991.
Adopted by the
States 16th March 2011
Sanctioned by
Order of Her Majesty in Council 16th November 2011
Registered by the
Royal Court 9th
December 2011
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have
adopted the following Law –
1 Interpretation
In this Law the “principal Law”
means the Banking Business (Jersey) Law 1991[1].
2 Article 1
amended
For the definition “auditor” in Article 1 of the
principal Law there shall be substituted the following definition –
“ ‘auditor’
has the same meaning as in Part 16 of the Companies (Jersey) Law 1991[2];”.
3 Article 33
substituted
For Article 33 of the principal Law there shall be substituted
the following Article –
“33 Power to make Orders relating
to accounts and auditors
(1) The Minister may, on the recommendation of
the Commission, by Order provide for matters relating to the accounting and
audit of registered persons.
(2) Without prejudice to the generality of
paragraph (1), an Order under paragraph (1) may provide
for –
(a) the keeping of accounting records by
registered persons;
(b) the duty of a registered person to prepare
annual financial statements giving a true and fair view of the registered
person’s affairs;
(c) the qualification of auditors and their
appointment by registered persons;
(d) the form and content of auditors’
reports to be obtained by registered persons;
(e) the submission of annual financial
statements and auditors’ reports to the Commission and the time limits in
which they should be submitted;
(f) the powers and duties of auditors
including their right of access to the accounting and other records of
registered persons; and
(g) the form and content of financial
statements.
(3) An Order under paragraph (1) may make a
contravention of any of its provisions an offence for which a person is liable
to either or both of the following –
(a) imprisonment for a length of time specified
in the Order not exceeding 2 years;
(b) a fine (whether specified to be on the
standard scale or otherwise).”.
4 Citation
and commencement
This Law may be cited as the Banking Business (Amendment No. 7)
(Jersey) Law 2011 and shall come into force on such date as the States may
by Act appoint.
m.n. de la haye
Greffier of the States