Jersey Law
40/1998
BANKING BUSINESS
(AMENDMENT No. 2) (JERSEY) LAW 1998
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A LAW to
amend further the Banking Business (Jersey) Law 1991, sanctioned by Order of
Her Majesty in Council of the
17th day of NOVEMBER
1998
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(Registered on the
11th day of December 1998)
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STATES OF JERSEY
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The 2nd day of June 1998
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THE
STATES, subject to
the sanction of Her Most Excellent Majesty in Council, have adopted the
following Law –
ARTICLE 1
In sub-paragraph
(b) of paragraph (4) of Article 4 of the Banking Business (Jersey) Law 1991 (hereinafter referred to as
“the principal Law”) for the words “the following
two-sub-paragraphs” there shall be substituted the words
“sub-paragraph (c)”.
ARTICLE 2
In Article 8 of
the principal Law, in paragraph (1), for the words
“sum of seven thousand five hundred pounds” there shall be
substituted the words “fee prescribed by the Committee, on the
recommendation of the Commission,”
ARTICLE 3
For Article 11 of
the principal Law there shall be substituted the following Article –
“ARTICLE 11
Certificates of registration
Whenever the
Commission registers a person it shall issue to that person, free of charge, a
registration certificate.”.
ARTICLE 4
In Article 23 of
the principal Law –
(a) immediately before
paragraph (1) there shall be inserted the following paragraph –
“(A1) No person shall become a director,
controller or manager of a registered person unless he has notified the
Commission in writing of his intention to become such a director, controller or
manager and the Commission has notified him in writing that there is no
objection to his becoming such a director, controller or manager but, where the
intended director, controller or manager is to be a full time employee of the
registered person, the notification to the Commission may be made by the
registered person.”; and
(b) in paragraph (4) the
word “registered” shall be deleted.
ARTICLE 5
For paragraph
(14) of Article 25 of the principal Law there shall be substituted the
following paragraph –
“(14) A statement made
by a person in compliance with a requirement imposed by virtue of this Article
may not be used by the prosecution in evidence against him in any criminal
proceedings except proceedings under paragraph (13) or Article 21.”.
ARTICLE 6
For paragraph
(10) of Article 27 of the principal Law there shall be substituted the
following paragraph –
“(10) A statement made
by a person in compliance with a requirement imposed by virtue of this Article
may not be used by the prosecution in evidence against him in any criminal
proceedings except proceedings under paragraph (9) or Article 21.”.
ARTICLE 7
For paragraph (5)
of Article 28 of the principal Law there shall be substituted the following
paragraph –
“(5) A
statement made by a person in compliance with a requirement imposed by virtue
of this Article may not be used by the prosecution in evidence against him in
any criminal proceedings except proceedings under paragraph (4) or Article
21.”.
ARTICLE 8
In Article 29 of
the principal Law –
(a) in sub-paragraph (a) of
paragraph (4) for the words “three months” there shall be
substituted the words “one year”;
(b) after paragraph (4)
there shall be inserted the following paragraph –
“(4A) A person who requires any documents
of which possession is taken under paragraph (2) for the purpose of his
business and who requests such documents shall be supplied with copies as soon
as practicable.”; and
(c) after paragraph (5)
there shall be added the following paragraph –
“(6) The power to
obtain information conferred by sub-paragraph (b) of paragraph (2) includes a
power to require any information which is contained in a computer and is
accessible from the premises to be produced in a form in which it can be taken
away and in which it is visible and legible.”.
ARTICLE 9
In Article 40,
for the words “Judicial Greffier”,
wherever they occur, there shall be substituted the word
“registrar”.
ARTICLE 10
After Article 45
of the principal Law there shall be inserted the following two Articles –
“ARTICLE 45A
Co-operation with relevant supervisory authority
(1) The
Commission may exercise the following powers at the request of or for the
purpose of assisting a relevant supervisory authority –
(a) the power to impose or
vary conditions pursuant to paragraph (1) of Article 10;
(b) the power to refuse or
revoke a registration under paragraph (1) of Article 9;
(c) the powers relating to
information and documents under Article 25;
(d) the powers of
investigation under Articles 27 and 28;
(e) the powers of entry
under Article 29;
(f) 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 persons who have
transacted banking and other categories of deposit-taking business with a
registered or formerly registered person unless the persons concerned have
consented to such disclosure.
(2) The
Commission shall not exercise powers by virtue of this Article unless it is
satisfied that the assistance is requested by the relevant supervisory
authority only for the purposes of the exercise of one or more of its
supervisory functions.
(3) No
information shall be disclosed under sub-paragraph (c) or (f) of paragraph (1)
unless the Commission is satisfied that the relevant supervisory authority
complies with or will comply with any conditions to which the Commission may,
in its discretion, subject such disclosure.
(4) In
deciding whether to exercise its powers by virtue of this Article, the
Commission may take into account, in particular –
(a) whether corresponding
assistance would be given in that country or territory to the Commission;
(b) whether the case
concerns the possible breach of a law, or other requirement, which has no close
parallel in the Island or involves the assertion of a jurisdiction not recognised by the Island;
(c) the seriousness of the
case and its importance in the Island and whether the assistance could be
obtained by other means;
(d) whether it is otherwise
appropriate in the public interest to give the assistance sought.
(5) The
Commission may decline to exercise powers under this Article unless the
relevant supervisory authority undertakes to make such contribution towards the
costs of its exercise as the Commission considers appropriate.
ARTICLE 45B
Public statements
(1) The
Commission may issue a public statement concerning a person if that person
appears to the Commission to have committed a contravention of the type referred
to in –
(a) paragraph (1) of
Article 7;
(b) Article 10;
(c) Article 19;
(d) Article 20;
(e) Article 21;
(f) Article 22; or
(g) any Order made under
this Law.
(2) The
Commission may issue a public statement concerning a person who it believes to
be carrying on deposit-taking business, whether in the Island or elsewhere, if
it appears to the Commission to be desirable to do so in the interests of
depositors or potential depositors.
(3) Where
a public statement, issued under this Article, concerns a registered person the
Commission shall, at least seven days prior to the publication of the
statement, give written notice to the person concerned of the proposed
statement and of the reasons for which it intends to act.”.
ARTICLE 11
In Article 46 of
the principal Law –
(a) in paragraph (2)
–
(i) the
words “telex or” shall be deleted;
(ii) after the word
“facsimile” there shall be inserted the words “or
electronic”; and
(iii) there shall be inserted at
the end the words “in legible form or is capable of doing so”; and
(b) in sub-paragraph (d) of
paragraph (3) –
(i) the
word “telex” shall be deleted;
(ii) after the word
“facsimile” there shall be inserted the words “or electronic
transmission”; and
(iii) there shall be inserted at
the end the words “in legible form or is capable of doing so”.
ARTICLE 12
This Law may be
cited as the Banking Business (Amendment No. 2) (Jersey) Law 1998.
C.M. NEWCOMBE
Deputy Greffier of the States.