Arrangement

part 1  3

PART 2  6

part 3  8

part 4  11

THE STATES, in pursuance of Articles 1(2), 20 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 2, 32A and 41 of the Insurance Business (Jersey) Law 1996[3] and Articles 4(2), 38(3) and 42 of the Financial Services (Jersey) Law 1998[4], have made the following Regulations –

“ ‘ESAs’ means the European Supervisory Authorities comprising –

(a)     the European Banking Authority established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.12);

(b)     the European Insurance and Occupational Pensions Authority established by Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.48); and

(c)     the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.84);

‘ESRB’ means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.1);”; and

“ ‘supervisor of a securities market’ has the meaning given in Article 1(1) of the Financial Services (Jersey) Law 1998[6];”.

“(d)    any person for the purpose of enabling or assisting that person to exercise that person’s statutory control functions in relation to any person or class of person in respect of whom the Commission does not have statutory functions.”; and

“(1A) In paragraph (1)(d), ‘statutory control functions’ means functions conferred by or under an enactment on any person which requires or enables that person to issue a licence, register, or give consent or any other form of authorization or permission to or in respect of any person or class of persons, including any ancillary functions related thereto, for such purposes as may be prescribed or specified (as the case may be) under that enactment.”.

“(d)    to a person by the Commission showing whether or not any person holds or formerly held a permit or certificate under this Law, including any conditions to which that permit or certificate is or was formerly subject under Article 7 or Article 8B as the case may be.”; and

“(7)    Subject to paragraphs (8) to (10), Article 26 does not preclude the disclosure of information by the Commission to any of the following organizations or persons –

(a)     the ESAs;

(b)     the ESRB; or

(c)     a supervisor of a securities market.

(8)     The Commission shall not disclose information under paragraph (7) unless satisfied that –

(a)     the purpose of the disclosure is in order to assist the relevant organization or person to whom it is disclosed, in the exercise of any of its functions; and

(b)     that organization or person will treat the disclosed information with appropriate confidentiality.

(9)     In deciding whether to disclose information under paragraph (7), the Commission may take the following factors (among others) into account –

(a)     whether corresponding disclosure of information would be given by the relevant organization or person, if such information were requested by the Commission;

(b)     whether the case concerns the possible breach of a law, or other requirement, which has no close parallel in Jersey;

(c)     the seriousness of the case and its importance in Jersey;

(d)     whether the information could be obtained by other means; and

(e)     whether it is otherwise appropriate in the public interest to disclose the information.

(10)    The Commission may refuse to disclose information under paragraph (7) unless the relevant organization or person undertakes to make such contribution towards the costs of the disclosure as the Commission considers appropriate.”.

“ ‘ESAs’ means the European Supervisory Authorities comprising –

(a)     the European Banking Authority established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.12);

(b)     the European Insurance and Occupational Pensions Authority established by Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.48); and

(c)     the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.84);

‘ESRB’ means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.1);”; and

“ ‘supervisor of a securities market’ has the meaning given in Article 1(1) of the Financial Services (Jersey) Law 1998[8];”.

“(3)    Subject to paragraphs (4) to (6), Article 42 does not preclude the disclosure of information by the Commission to any of the following organizations or bodies –

(a)     the ESAs,

(b)     the ESRB, or

(c)     a supervisor of a securities market.

(4)     The Commission shall not disclose information under paragraph (3) unless satisfied that –

(a)     the purpose of the disclosure is in order to assist the relevant organization or person to whom it is disclosed, in the exercise of any of its functions; and

(b)     that organization or person will treat the disclosed information with appropriate confidentiality.

(5)     In deciding whether to disclose information under paragraph (3), the Commission may take the following factors (among others) into account –

(a)     whether corresponding disclosure of information would be given by the relevant organization or person, if such information were requested by the Commission;

(b)     whether the case concerns the possible breach of a law, or other requirement, which has no close parallel in Jersey;

(c)     the seriousness of the case and its importance in Jersey;

(d)     whether the information could be obtained by other means; and

(e)     whether it is otherwise appropriate in the public interest to disclose the information.

(6)     The Commission may refuse to disclose information under paragraph (3) unless the relevant organization or person undertakes to make such contribution towards the costs of the disclosure as the Commission considers appropriate.”.

“(d)    any person for the purpose of enabling or assisting that person to exercise that person’s statutory control functions in relation to any person or class of person in respect of whom the Commission does not have statutory functions.”; and

“(1A) In paragraph (1)(d), ‘statutory control functions’ means functions conferred by or under an enactment on any person which requires or enables that person to issue a licence, register, or give consent or any other form of authorization or permission to or in respect of any person or class of persons, including any ancillary functions related thereto, for such purposes as may be prescribed or specified (as the case may be) under that enactment.”.

“(e)    to a person by the Commission showing whether or not any person is registered or was formerly registered under this Law, including any conditions which are attached to the registration or were attached to the former registration of that person under Article 11(2).”; and

“ ‘ESAs’ means the European Supervisory Authorities comprising –

(a)     the European Banking Authority established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.12);

(b)     the European Insurance and Occupational Pensions Authority established by Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.48); and

(c)     the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.84);

‘ESRB’ means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.1);”; and

“ ‘supervisor of a securities market’ has the meaning given in Article 1(1) of the Financial Services (Jersey) Law 1998[10];”.

“(d)    any person for the purpose of enabling or assisting that person to exercise that person’s statutory control functions in relation to any person or class of person in respect of whom the Commission does not have statutory functions.”;

“(1A) In paragraph (1)(d), ‘statutory control functions’ means functions conferred by or under an enactment on any person which requires or enables that person to issue a licence, register, or give consent or any other form of authorization or permission to or in respect of any person or class of persons, including any ancillary functions related thereto, for such purposes as may be prescribed or specified (as the case may be) under that enactment.”; and

“(3)    Subject to paragraphs (4) to (6), Article 29 does not preclude the disclosure of information by the Commission to any of the following organizations or persons –

(a)     the ESAs;

(b)     the ESRB; or

(c)     a supervisor of a securities market.

(4)     The Commission shall not disclose information under paragraph (3) unless satisfied that –

(a)     the purpose of the disclosure is in order to assist the relevant organization or person to whom it is disclosed, in the exercise of any of its functions; and

(b)     that organization or person will treat the disclosed information with appropriate confidentiality.

(5)     In deciding whether to disclose information under paragraph (3), the Commission may take the following factors (among others) into account –

(a)     whether corresponding disclosure of information would be given by the relevant organization or person, if such information were requested by the Commission;

(b)     whether the case concerns the possible breach of a law, or other requirement, which has no close parallel in Jersey;

(c)     the seriousness of the case and its importance in Jersey;

(d)     whether the information could be obtained by other means; and

(e)     whether it is otherwise appropriate in the public interest to disclose the information.

(6)     The Commission may refuse to disclose information under paragraph (3) unless the relevant organization or person undertakes to make such contribution towards the costs of the disclosure as the Commission considers appropriate.”.

“(d)    to a person by the Commission showing whether or not any person holds or formerly held a permit under this Law, including any conditions to which that permit is or was formerly subject under Article 7(1) or 7(5).”; and

“ ‘ESAs’ means the European Supervisory Authorities comprising –

(a)     the European Banking Authority established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.12);

(b)     the European Insurance and Occupational Pensions Authority established by Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.48); and

(c)     the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.84);

‘ESRB’ means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and of the Council of 24 November 2010 (O.J. No. L 331, 15.12.2010, p.1);

‘rules of a securities market’ means rules written and published in a manner that will bring them to the attention of anyone affected by them (whether contained in a legislative instrument or otherwise), of the country or territory, or part of the country or territory, that hosts the securities market that regulate or are recognized as regulating the conduct of the securities market;

‘securities market functions’ means any of the following functions –

(a)     the listing or admittance to trading of securities on a securities market;

(b)     the authorization or registration (as the case may be) and supervision of any person that –

(i)      deals in securities,

(ii)      is a professional intermediary, or

(iii)     is a professional advisor to an issuer,

in accordance with the rules of a securities market and recognized as so doing under those rules; and

(c)     the monitoring of trading activity on a securities market for the purposes of deterring or detecting one or more of the following activities –

(i)      market manipulation,

(ii)      misleading information, and

(iii)     insider dealing;

‘supervisor of a securities market’ means a person other than a relevant supervisory authority that is incorporated, constituted or otherwise established under a legislative instrument of a country or territory that hosts a securities market, and whose functions include (but are not limited to) securities market functions;”.

“(iv)   to any person for the purpose of enabling or assisting that person to exercise that person’s statutory control functions in relation to any person or class of person in respect of whom the Commission does not have statutory functions;”;

“(d)    to a person by the Commission showing whether or not any person is registered or was formerly registered under this Law, including any conditions which are or were formerly attached to the registration of that person under Article 10(2);”;

“(m)   subject to paragraphs (1B) to (1D), by the Commission to any of the following organizations or persons –

(i)      the ESAs,

(ii)      the ESRB, or

(iii)     a supervisor of a securities market.”;

“(1A) In paragraph (1)(a)(iv), ‘statutory control functions’ means functions conferred by or under an enactment on any person which requires or enables that person to issue a licence, register, or give consent or any other form of authorization or permission to or in respect of any person or class of persons, including any ancillary functions related thereto, for such purposes as may be prescribed or specified (as the case may be) under that enactment.

(1B)   The Commission shall not disclose information under paragraph (1)(m) unless satisfied that –

(a)     the purpose of the disclosure is in order to assist the relevant organization or person to whom it is disclosed, in the exercise of any of its functions; and

(b)     that organization or person will treat the disclosed information with appropriate confidentiality.

(1C)   In deciding whether to disclose information under paragraph (1)(m), the Commission may take the following factors (among others) into account –

(a)     whether corresponding disclosure of information would be given by the relevant organization or person, if such information were requested by the Commission;

(b)     whether the case concerns the possible breach of a law, or other requirement, which has no close parallel in Jersey;

(c)     the seriousness of the case and its importance in Jersey;

(d)     whether the information could be obtained by other means; and

(e)     whether it is otherwise appropriate in the public interest to disclose the information.

(1D)   The Commission may refuse to disclose information under paragraph (1)(m) unless the relevant organization or person undertakes to make such contribution towards the costs of the disclosure as the Commission considers appropriate.”; and