Financial Services
Commission (Amendment No. 4) (Jersey) Law 2007
A LAW to amend further the Financial
Services Commission (Jersey) Law 1998 to give greater independence to the
Jersey Financial Services Commission and to make consequential amendments to
other Laws.
Adopted by the States 19th April 2007
Sanctioned by
Order of Her Majesty in Council 10th October 2007
Registered by the
Royal Court 26th
October 2007
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 Financial
Services Commission (Jersey) Law 1998[1].
2 Article 7 amended
Article 7 of the
principal Law shall be amended –
(a) by
omitting the word “and” at the end of sub-paragraph (b);
(b) by
omitting the full stop at the end of sub-paragraph (c) and by substituting
“; and”; and
(c) by
adding after sub-paragraph (c) the following sub-paragraph –
“(d) the
need to counter financial crime both in Jersey and elsewhere.”.
3 Article 8 substituted
For Article 8 of
the principal Law there shall be substituted the following Article –
(1) The Commission has the power to do
anything –
(a) that is calculated to facilitate; or
(b) that is incidental or conducive to,
the performance of any of its
functions.
(2) That power includes the power, as part of
the Commission’s routine examination of a supervised entity –
(a) to require the entity to supply information
in a format and at times specified by the Commission;
(b) to require the entity to provide answers to
questions; and
(c) to require the entity to allow officers or
agents of the Commission to enter the entity’s premises.
(3) Without prejudice to the generality of
paragraph (1) the Commission may, in connection with the carrying out of
its functions –
(a) seek
and exchange information relating to the supervision and development of
financial services in Jersey and the supervision and development of similar services carried on
outside Jersey;
(b) consult
and seek the advice of such persons or bodies whether inside or outside Jersey as it considers
appropriate;
(c) publish,
in such manner as it considers appropriate, such information relating to its
functions as it thinks fit; and
(d) provide
advice, assistance or services to any person with a view to securing the
efficient and effective provision of financial services in or from within Jersey.
(4) In paragraph (2) “supervised
entity” means –
(a) a person granted a permit under
Article 7 of the Collective Investment Funds (Jersey) Law 1988[2] to hold himself or herself
out as being, a functionary of a collective investment fund;
(b) a person registered under Article 9 of the
Banking Business (Jersey) Law 1991[3] to carry on a deposit-taking
business;
(c) a person authorized by a permit granted
under Article 7 of the Insurance Business (Jersey) Law 1996[4] to carry on insurance
business;
(d) a
person registered under Article 9 of the Financial
Services (Jersey) Law 1998[5] to carry on financial service business.”.
4 Article 12 amended
Article 12(1) of
the principal Law shall be amended by omitting the words “in relation to the supervision, development and promotion of
financial services in Jersey” and by substituting the words “in
relation to the supervision and development of financial services in Jersey”.
5 Article 15 substituted
For Article 15 of
the principal Law there shall be substituted the following Article –
(1) Where an enactment provides for the payment
to the Commission or the registrar of any fee for or in respect of the
performance of any duty or the exercise of any power, the fee that may be
charged shall be the fee for the time being published and in effect in
accordance with paragraph (5), unless a contrary intention appears in that
enactment.
(2) The fees mentioned in paragraphs (1)
are to be retained by the Commission and must, together with any other income
of the Commission, be such as are necessary –
(a) to raise sufficient income to meet the
Commission’s liabilities;
(b) to cover the Commission’s expenses;
and
(c) to provide a reserve for the Commission of
such amount as it considers necessary.
(3) Before publishing a fee mentioned in
paragraph (1), the Commission must first publish a report that must
include –
(a) details of the duty or power for or in
respect of which the fee is to be determined;
(b) details of the proposed fee;
(c) a request for comments on the level of the
proposed fee; and
(d) a date, that is at least 28 days after
the publication of the report, before which those comments may be made to the
Commission.
(4) If, by that date or any later date agreed by
the Commission, a body that the Commission is satisfied is representative of
the interests of those who would be required to pay the fee, is unable to agree
with the Commission –
(a) a fee for the performance of a duty or the
exercise of a power for or in respect of which no fee has been published and is
in effect under paragraph (5); or
(b) an increase in an existing fee where the
percentage increase in the fee is greater than the percentage increase in the
RPI since the fee last took effect in accordance with paragraph (5),
the Commission must request
the Bailiff to appoint 3 Jurats to consider if the fee proposed by the
Commission is unreasonable having regard to all the circumstances of the case
and, in particular, the requirement of paragraph (2).
(a) paragraph (4) does not apply to a
proposed fee; or
(b) Jurats appointed under that paragraph have
agreed a fee proposed by the Commission or have proposed some other fee,
the Commission shall publish
details of the fee proposed by the Commission or, in the case where some other
fee has been proposed by the Jurats, that fee, which shall have effect from the
date specified in the notice.
(6) Where an enactment provides
that –
(a) a charge or fee is to be paid to the
Commission or registrar; or
(b) a document is to be filed with or delivered
to the Commission or the registrar,
the Commission may charge a
fee, published and in effect in accordance with paragraph (5), for the
late payment of the fee or charge or for the late filing or delivery of the
document.
‘publish’ means
publish in a manner that is likely to bring it to the attention of those
affected;
‘registrar’ means
the registrar of companies appointed pursuant to Article 196 of the Companies (Jersey) Law 1991[6];
‘RPI’ means the Retail Prices Index published by the
Statistics Unit of the Policy and Resources Department of the States.
(8) Except as provided by this Article, nothing
in this Article otherwise limits any right or power the Commission has to
charge, recover and receive any fees, charges, costs, proceeds and other
amounts.”.
6 Article 19 repealed
Article 19 of the principal
Law shall be repealed.
7 Consequential
amendments to other enactments
An enactment specified in the Schedule to this Law shall be amended
as specified in that Schedule.
8 Initial
publication of fees
(1) The
Commission must, before this Law comes fully into force, publish fees for the
purpose of the Laws specified in the Schedule to this Law.
(2) The
fees so published –
(a) shall
be the same fees as those prescribed under those Laws; and
(b) shall
have effect when this Law comes fully into force.
(3) On
this Law coming fully into force, the fees published under this Article shall
be taken to have been published under Article 15(5) of the principal Law.
(4) In
this Article –
“Commission” means the Jersey Financial Services Commission established
by the principal Law;
“published”, in respect of fees published in accordance with this
Article, means published in a manner likely to bring them to the attention of
those affected by the fees.
9 Citation
and commencement
(1) This
Law may be cited as the Financial Services Commission (Amendment No. 4)
(Jersey) Law 2007.
(2) Article 1,
Article 8 and this Article shall come into force on the seventh day
following the registration of this Law.
(3) The
remainder of this Law shall come into force on the ninetieth day following the
registration of this Law.
a.h. harris
Deputy Greffier of the States
SCHEDULE
(Article 7)
Amendment of other enactments
1 Banking
Business (Jersey) Law 1991[7]
(1) In
Article 1, in the definition “relevant supervisory authority”,
for the word “Minister” there shall be substituted the word “Commission”.
(2) In Article 9(1)
for the words “the prescribed fee” there shall be substituted the
words “the fee published by the Commission in accordance with Article 15(5)
of the Financial Services Commission
(Jersey) Law 1998”.
(3) Article 51(2)
shall be repealed.
2 Collective
Investment Funds (Jersey) Law 1988[8]
(1) In Article 6(1)(f)
for the word “prescribed” there shall be substituted the words “published
by the Commission in accordance with Article 15(5) of the Financial Services Commission (Jersey) Law 1998”.
(2) For
Article 7(12) there shall be substituted the following paragraph –
“(12) The Commission may, in accordance with Article 15
of the Financial Services Commission
(Jersey) Law 1998, publish fees that shall be payable by the
holders of permits at such intervals and upon the occurrence of such events as
the Commission may determine.”.
(3) Article 20(2)
shall be repealed.
(4) Article 37
shall be repealed.
3 Companies
(Jersey) Law 1991[9]
(1) In
Article 1, after the definition “public company”, there shall
be inserted the following definition –
“ ‘published’
means –
(a) in respect of a fee payable by virtue of
this Law, published by the Commission in accordance with Article 15(5) of
the Financial Services Commission (Jersey)
Law 1998; and
(b) in any other case, published by the
Commission in a manner likely to bring it to the attention of those affected,
and ‘publish’
shall be interpreted accordingly;”.
(2) In
Article 3(3) for the words “prescribed fee” there shall be
substituted the words “published fee”;
(3) In
Article 7(1) for the words “prescribed particulars” there
shall be substituted the words “published particulars”.
(4) In
Article 12(1) for the words “prescribed maximum” there shall
be substituted the words “published maximum”.
(5) In
Article 45(1) for the words “prescribed maximum” there shall
be substituted the words “published maximum”.
(6) In
Article 45(2)(a) for the words “prescribed maximum” there
shall be substituted the words “published maximum”.
(7) For
Article 71(3) there shall be substituted the following paragraph –
“(3) The return must contain such
other information and be verified in such manner as may be specified in a
notice published by the Commission.”.
(8) For
Article 71(5) there shall be substituted the following paragraph –
“(5) A company on filing a return
required by this Article must pay the published fee and any late filing fee.”.
(9) In
Article 83(2) for the words “prescribed maximum” there shall
be substituted the words “published maximum”.
(10) In
Article 99(2) for the words “prescribed maximum” there shall
be substituted the words “published maximum”.
(11) In
Article 100(2) for the words “prescribed maximum” there shall
be substituted the words “published maximum”.
(12) In Article 100(4)
for the words “a prescribed late filing fee” there shall be
substituted the words “any late filing fee”.
(13) For
Article 106(5) there shall be substituted the following paragraph –
“(5) A company on filing documents
required by this Article must pay the published fee and any late filing fee.”.
(14) In Article 127K(1)(h)
there shall be deleted the words “as are prescribed or”.
(15) For
Article 127K(1)(i) there shall be substituted the following clause –
“(i) any
published application fee,”.
(16) In Article 127T(1)(c)
there shall be deleted the words “as may be prescribed or”.
(17) For
Article 127T(1)(d) there shall be substituted the following sub-paragraph –
“(d) any published application
fee.”.
(18) For Article 127X
there shall be substituted the following Article –
“127X Provisions relating to
continuance
(1) The Minister may by
Order prescribe for the purposes of this Part –
(a) conditions to be
complied with in respect of applications under Article 127T to
the Commission for authorization to seek continuance under the laws of other
jurisdictions; and
(b) the manner in which
records are to be kept, by the registrar, of bodies that have ceased under Article 127V to be companies incorporated under this
Law.
(2) Without prejudice to
the generality of paragraph (1),
conditions to which sub-paragraph (a) of
that paragraph refers –
(a) may relate to matters
to be complied with on or before the making of such applications to the
Commission, or after the grant of such applications; and
(b) may require applicants
to appoint and maintain authorized representatives in Jersey for such periods,
whether before or after their applications to the Commission are determined, as
may be prescribed.
(3) The Commission may
publish for the purposes of this Part details of –
(a) the forms of statements
of solvency;
(b) any other document or
information that is to be provided on applications relating to continuance
within or outside Jersey;
(c) how applicants must
verify documents or information so provided; and
(d) the application fees
that are payable to the Commission.”.
(19) In Article 135(2)(b)
for the words “prescribed fee” there shall be substituted the words
“prescribed or published fee”.
(20) For
Article 199(1) and (2) there shall be substituted the following paragraphs –
“(1) The Commission may publish
requirements (whether as to size, weight, quality or colour of paper, size,
type or colouring of lettering, or otherwise) in respect of documents delivered
to the registrar to ensure that they are of standard size, durable and easily
legible.
(2) If a document is delivered to the registrar
that in the opinion of the registrar does not comply with a published
requirement, the registrar may serve on a person by whom the document was
delivered (or, if 2 or more, any of them) a notice stating his or her opinion
and giving details of the relevant requirement.”.
(21) For Article 200
there shall be substituted the following Article –
“200 Form
of documents to be delivered to the registrar
(1) The Commission may publish forms to be used
for any of the purposes of this Law.
(2) Where this Law requires a document to be
delivered to the registrar, but the form of the document has not been published
by the Commission it shall be sufficient compliance with the requirement if a
document or the information it must contain is delivered in a form and manner
acceptable to the registrar.
(3) The Commission may
publish details of the manner in which any document to be delivered to the
registrar is to be authenticated.
(4) Unless otherwise provided
by or under this Law, a document delivered to the registrar by a company
pursuant to this Law shall be signed by an officer or the secretary of the
company.”.
(22) For Article 201
there shall be substituted the following Article –
(1) The Commission may require the payment to it
of published fees in respect of the performance by the registrar of his or her
functions under this Law or a charge for the provision by the registrar of any
service, advice, or assistance.
(2) When documents are delivered to the
registrar in accordance with Article 7 (which relates to the incorporation
of a company) or Article 71 (which relates to the annual return of a
company) they must be accompanied by such amount (additional to any fee or
charge mentioned in paragraph (1)) as the States may determine by
Regulations.
(3) The Commission shall pay any additional amount
received in accordance with paragraph (2) to the Treasurer of the States.
(4) Where a fee mentioned in paragraph (1)
or an amount mentioned in (2) is payable in respect of the performance of a
function by the registrar the registrar need take no action until the fee or
amount is paid.
(5) Where the fee or additional amount is
payable on the receipt by the registrar of a document required to be delivered
to the registrar the registrar shall be taken not to have received the document
until the fee or additional amount is paid.”.
(23) In Article 219(1B)
for the words “and the Commission in discharging their respective”
there shall be substituted the words “in discharging his or her”.
4 Control
of Borrowing (Jersey) Law 1947[10]
For Article 2(2)(e) there shall be substituted the following sub-paragraph –
“(e) make provision requiring the
payment of fees published by the Commission in accordance with Article 15(5)
of the Financial Services Commission
(Jersey) Law 1998.”.
5 Financial
Services (Jersey) Law 1998[11]
(1) In Article 8(3)(c)
for the word “prescribed” substitute the words “published by
the Commission in accordance with Article 15(5) of the Financial Services Commission (Jersey) Law 1998”.
(2) For
Article 9(6) there shall be substituted the following
paragraph –
“(6) The Commission may publish,
in accordance with Article 15(5) of the Financial Services Commission
(Jersey) Law 1998, fees to be paid by a registered person, and the intervals at
which such fees are to be paid.”.
(3) Articles 8(8),
9(7) and (8) and 42(2) shall be repealed.
6 Insurance
Business (Jersey) Law 1996
(1) In
Article 1(1), in the definition “relevant supervisory
authority”, for the word “Minister” there shall be
substituted the word “Commission”.
(2) In Article 6(1)(d)
for the words “prescribed fee” there shall be substituted the words
“fee published by the Commission in accordance with Article 15(5) of
the Financial Services Commission (Jersey)
Law 1998”.
(3) In Article 6(2)
for the word “prescribed” there shall be substituted the words “published
by the Commission in accordance with Article 15(5) of the Financial Services Commission (Jersey) Law 1998”.
(4) Article 41(2)
shall be repealed.
7 Limited
Liability Partnership (Jersey) Law 1997[12]
(1) In
Article 1, after the definition “property”, there shall be
inserted the following definition –
“ ‘published’
means –
(a) in respect of a fee payable by virtue of
this Law, published by the Commission in accordance with Article 15(5) of
the Financial Services Commission (Jersey)
Law 1998; and
(b) in any other case, published by the
Commission in a manner likely to bring it to the attention of those
affected;”.
(2) In
Article 16(3)(g) for the word “prescribed” there shall be
substituted the words “specified in a notice published by the
Commission”.
(3) In
Article 16(4) for the word “prescribed” there shall be
substituted the words “specified in a notice published by the Commission”.
(4) For
Article 37 there shall be substituted the following Article –
“37 Fees,
charges and forms
(1) The Commission may require the payment to it
of published fees in respect of the performance by the registrar of his or her
functions under this Law or a charge for the provision by the registrar of any
service, advice, or assistance.
(2) Where a fee mentioned in paragraph (1) is
payable in respect of the performance of a function by the registrar the
registrar need take no action until the fee is paid.
(3) Where the fee is payable on the receipt by
the registrar of a document required to be delivered to the registrar the
registrar shall be taken not to have received the document until the fee is
paid.
(4) The Commission may publish forms and other
documents to be used for any of the purposes of this Law together with details
of the manner in which any such document to be delivered to the registrar is to
be authenticated.”.
(5) Article 46(2)
shall be repealed.
8 Limited
Partnerships (Jersey) Law 1994[13]
(1) In
Article 1, after the definition “prescribed”, there shall be
inserted the following definition –
“ ‘published’
means –
(a) in respect of a fee payable by virtue of
this Law, published by the Commission in accordance with Article 15(5) of
the Financial Services Commission (Jersey)
Law 1998; and
(b) in any other case, published by the
Commission in a manner likely to bring it to the attention of those
affected;”.
(2) In
Article 4(3)(e) for the word “prescribed” there shall be
substituted the words “specified in a notice published by the
Commission”.
(3) For
Article 31 there shall be substituted the following Article –
“31 Fees,
charges and forms
(1) The Commission may require the payment to it
of published fees in respect of the performance by the registrar of his or her
functions under this Law or a charge for the provision by the registrar of any
service, advice, or assistance.
(2) Where a fee mentioned in paragraph (1) is
payable in respect of the performance of a function by the registrar the
registrar need take no action until the fee is paid.
(3) Where the fee is payable on the receipt by
the registrar of a document required to be delivered to the registrar the
registrar shall be taken not to have received the document until the fee is
paid.
(4) The Commission may publish forms and other
documents to be used for any of the purposes of this Law together with details
of the manner in which any such document to be delivered to the registrar is to
be authenticated.”.
(4) Article 38(2)
shall be repealed.
9 Registration
of Business Names (Jersey) Law 1956[14]
(1) In
Article 1 for the definition “prescribed” there shall be
substituted the following definitions –
“ ‘prescribed
form’ means in a form specified by the Commission in a notice published
by the Commission;
‘published’
means –
(a) in respect of a fee payable by virtue of
this Law, published by the Commission in accordance with Article 15(5) of
the Financial Services Commission (Jersey)
Law 1998; and
(b) in any other case, published by the
Commission in a manner likely to bring it to the attention of those
affected;”.
(2) In Article 17(1)
for the word “prescribed” substitute the word “published”.
(3) For
Article 18 substitute the following Article –
(1) The Commission may require the payment to it
of published fees in respect of –
(a) the
carrying out of any function by the registrar under this Law; and
(b) any
registration for the time being in force under this Law.
(2) The registrar may refuse to carry out a
function if any relevant fee has not been paid.
(3) The registrar may remove from the register a
firm or individual in respect of the registration of a name if a fee in respect
of the registration has remained unpaid for 2 months or more after it became
due.”.