Financial
Regulation (Miscellaneous Provisions) (Amendment of Laws) (Jersey)
Regulations 2019
Made 15th January 2019
Coming into force 22nd
January 2019
THE STATES, in pursuance of Articles 1(2) and 30A of the Collective Investment
Funds (Jersey) Law 1988[1], Articles 5, 45A and 51 of
the Banking Business (Jersey) Law 1991[2], Articles 4, 38(3) and 42 of
the Financial Services (Jersey) Law 1998[3], Articles 2, 32A and 41 of
the Insurance Business (Jersey) Law 1996[4], Articles 1(2), 36(9) and 44
of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[5], have made the following
Regulations –
1 Collective
Investment Funds (Jersey) Law 1988 amended
In the Collective Investment Funds (Jersey) Law 1988[6] –
(a) in Article 1(1),
after the definition “partnership” there shall be inserted the
following definition –
“ ‘pension
supervisor’ means any entity (whether in Jersey or elsewhere) responsible
in whole or in part for the supervision of pension funds, plans, schemes or
arrangements;”;
(b) after
Article 28(3) there shall be added the following paragraphs –
“(4) Article 26 does not
preclude the disclosure of information by the Commission to a pension
supervisor for the purpose of enabling or assisting a pension supervisor to exercise
any of its supervisory functions.
(5) Disclosure under paragraph (4) may only
be made if the Commission is satisfied that the pension supervisor to whom the
disclosure is made complies with, or will comply with, any conditions that the
person disclosing the information may, in its discretion, subject such
disclosure.”;
(c) in Article 29 –
(i) in
paragraph (6) for the words after clause (iii) there shall be
substituted the following words –
“to any person or body
(whether in Jersey or elsewhere) responsible for setting standards of conduct
for any profession and having powers to discipline persons who fail to meet
those standards for the purpose of enabling or assisting that person or body to
exercise any of its supervisory functions.”,
(ii) after
paragraph (7) there shall be inserted the following paragraphs –
“(7A) Subject to paragraph (7B), Article 26
does not preclude the disclosure of information by the Commission to the
Society of Lloyd’s (being organs constituted by or under the
Lloyd’s Act 1982 of the United Kingdom) for the purpose of enabling
or assisting that Society to exercise any of its supervisory functions.
(7B) Disclosure under paragraph (7A) may only be made if
the Commission is satisfied that the Society of Lloyd’s complies with, or
will comply with, any conditions that the Commission may, in its discretion,
subject such disclosure.”.
2 Banking
Business (Jersey) Law 1991 amended
In the Banking Business (Jersey) Law 1991[7] –
(a) in Article 1,
after the definition “money laundering reporting officer” there
shall be inserted the following definition –
“ ‘pension
supervisor’ means any entity (whether in Jersey or elsewhere) responsible
in whole or in part for the supervision of pension funds, plans, schemes or
arrangements;”;
(b) after
Article 43(1) there shall be inserted the following paragraph –
“(1A) Article 42 does not preclude the
disclosure of information by the Commission to the Society of Lloyd’s
(being organs constituted by or under the Lloyd’s Act 1982 of the
United Kingdom) for the purpose of enabling or assisting that Society to
exercise any of its supervisory functions.”;
(c) after
Article 44(2), there shall be inserted the following
paragraph –
“(2A) Article 42 does not preclude the
disclosure of information by the Commission to a pension supervisor for the
purpose of enabling or assisting a pension supervisor to exercise any of its
supervisory functions.”;
(d) in Article 45(6),
for the words after clause (iii) there shall be substituted the following words –
“to any person or body
(whether in Jersey or elsewhere) responsible for setting standards of conduct
for any profession and having powers to discipline persons who fail to meet
those standards for the purpose of enabling or assisting that person or body to
exercise any of its supervisory functions.”;
(e) in Article 45(7),
for the words “Articles 43(1)(a) or (3), 44(1)(b), (c) or (d) or (2)
or 47(1)(f)” there shall be substituted the words “Article 43(1)(a),
(1A) or (3), 44(1)(b), (c) or (d) or (2), 44(2A) or 47(1)(f)”.
3 Financial
Services (Jersey) Law 1998 amended
In the Financial Services (Jersey) Law 1998[8] –
(a) in Article 1(1),
after the definition “partnership” there shall be inserted the
following definition –
“ ‘pension
supervisor’ means any entity (whether in Jersey or elsewhere) responsible
in whole or in part for the supervision of pension funds, plans, schemes or
arrangements;”;
(b) in Article 38 –
(i) in
paragraph (1)(l) for the words after clause (ii)(C) there shall be
substituted the following words –
“to any person or body
(whether in Jersey or elsewhere) responsible for setting standards of conduct
for any profession and having powers to discipline persons who fail to meet
those standards for the purpose of enabling or assisting that person or body to
exercise any of its supervisory functions;”,
(ii) after
paragraph (1)(m) there shall be inserted the following
paragraphs –
“(n) by the Commission to a
pension supervisor for the purpose of enabling or assisting a pension
supervisor to exercise any of its supervisory functions;
(o) by the Commission to the Society of
Lloyd’s (being organs constituted by or under the Lloyd’s Act 1982
of the United Kingdom) for the purpose of enabling or assisting that Society to
exercise any of its supervisory functions.”,
(iii) in
paragraph (2), for the words “(k), (l) or (m)” there shall be
substituted the words “(k), (l), (m), (n) or (o)”.
4 Insurance
Business (Jersey) Law 1996 amended
In the Insurance Business (Jersey) Law 1996[9] –
(a) in Article 1(1),
after the definition “money laundering reporting officer” there
shall be inserted the following definition –
“ ‘pension
supervisor’ means any entity (whether in Jersey or elsewhere) responsible
in whole or in part for the supervision of pension funds, plans, schemes or
arrangements;”;
(b) after
Article 31(3), there shall be inserted the following
paragraph –
“(3A) Article 29 does not
preclude the disclosure of information by the Commission to a pension
supervisor for the purpose of enabling or assisting a pension supervisor to exercise
any of its supervisory functions.”;
(c) in Article 32 –
(i) after
paragraph (4) there shall be inserted the following paragraph –
“(4A) Subject to paragraph (5), Article 29
does not preclude the disclosure of information by the Commission to the
Society of Lloyd’s (being organs constituted by or under the
Lloyd’s Act 1982 of the United Kingdom) for the purpose of enabling or
assisting that Society to exercise any of its supervisory functions.”,
(ii) in
paragraph (5), for the words “paragraph (6) or (7) or Article 30(1)(a),
31(1)(b), (c) or (d) or (2) or (3),” there shall be substituted the words
“paragraph (4A), (6) or (7) or Articles 30(1)(a), 31(1)(b), (c) or
(d), 31(2), 31(3), 31(3A)”,
(iii) in
paragraph (7) for the words after clause (iii) there shall be
substituted the following words –
“to any person or body
(whether in Jersey or elsewhere) responsible for setting standards of conduct
for any profession and having powers to discipline persons who fail to meet
those standards for the purpose of enabling or assisting that person or body to
exercise any of its supervisory functions.”.
5 Proceeds
of Crime (Supervisory Bodies) (Jersey) Law 2008 amended
In the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[10] –
(a) in Article 1(1),
after the definition “overseas supervisory function” there shall be
inserted the following definition –
“ ‘pension
supervisor’ means any entity (whether in Jersey or elsewhere) responsible
in whole or in part for the supervision of pension funds, plans, schemes or
arrangements;”;
(b) in Article 36(1)(f),
after clause (ii)(C) there shall be substituted the following words –
“to any person or
body (whether in Jersey or elsewhere) responsible for setting standards of
conduct for any profession and having powers to discipline persons who fail to
meet those standards for the purpose of enabling or assisting that person or
body to exercise any of its supervisory functions;”;
(c) after
Article 36(2A), there shall be inserted the following
paragraphs –
“(2B) Article 35 does not preclude the
disclosure of information by the Commission to the Society of Lloyd’s
(being organs constituted by or under the Lloyd’s Act 1982 of the
United Kingdom) for the purpose of enabling or assisting that Society to
exercise any of its supervisory functions;
(2C) Article 35 does not preclude the disclosure of
information by the Commission to a pension supervisor for the purpose of
enabling or assisting a pension supervisor to exercise any of its supervisory
functions.”;
(d) in Article 36(5),
for the words “or (j)” there shall be substituted the words
“(j), (2B) or (2C)”.
6 Citation
and commencement
These Regulations may be cited as the Financial Regulation
(Miscellaneous Provisions) (Amendment of Laws) (Jersey) Regulations 2019
and shall come into force 7 days after they are made.
dr. m. egan
Greffier of the States