Financial
Regulation (Miscellaneous Provisions) (Jersey) Order 2014
Made 28th March 2014
Coming into force 4th
April 2014
THE CHIEF MINISTER, in pursuance of Articles 20 and 34A of the Collective Investment
Funds (Jersey) Law 1988[1], Articles 37A and 51 of the
Banking Business (Jersey) Law 1991[2], Articles 9A, 24 and 41 of
the Insurance Business (Jersey) Law 1996[3] and Articles 8, 12 and 42 of
the Financial Services (Jersey) Law 1998[4], orders as follows –
1 Schedule
to the Banking Business (Appointment of Manager) (Jersey) Order 2008 amended
For paragraph (e) of the note to case 1 in the Schedule to the Banking
Business (Appointment of Manager) (Jersey) Order 2008[5] the following paragraph
shall be substituted –
“(e) the person committing serious
and persistent breaches of –
(i) the
Drug Trafficking Offences (Jersey) Law 1988[6], the Proceeds of Crime
(Jersey) Law 1999[7], the Terrorism (Jersey) Law 2002[8], the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008[9], the Money Laundering
(Jersey) Order 2008[10] or an Order made under the European
Communities Legislation (Implementation) (Jersey) Law 1996[11] and relating to the freezing
of funds,
(ii) any
other enactment of Jersey relating to money laundering or the financing of
terrorism,
(iii) any
code of practice made under an enactment referred to in sub-paragraph (i)
or (ii) or adopted by or under such an enactment,
(iv) the
Law or any code of practice made under the Law or adopted by or under the Law,
or
(v) an
enactment made under the Law;”.
2 Schedule
to the Collective Investment Funds (Appointment of Manager) (Jersey) Order 2008
amended
For paragraph (f) of the note to case 1 in the Schedule to the Collective
Investment Funds (Appointment of Manager) (Jersey) Order 2008[12] the following paragraph
shall be substituted –
“(f) the fund person committing
serious and persistent breaches of –
(i) the
Drug Trafficking Offences (Jersey) Law 1988[13], the Proceeds of Crime
(Jersey) Law 1999[14], the Terrorism (Jersey) Law 2002[15], the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008[16], the Money Laundering
(Jersey) Order 2008[17] or an Order made under the European
Communities Legislation (Implementation) (Jersey) Law 1996[18] and relating to the freezing
of funds,
(ii) any
other enactment of Jersey relating to money laundering or the financing of
terrorism,
(iii) any
code of practice made under an enactment referred to in sub-paragraph (i)
or (ii) or adopted by or under such an enactment,
(iv) the
Law or any code of practice made under the Law or adopted by or under the Law,
or
(v) an
enactment made under the Law;”.
3 Schedule
to the Financial Services (Appointment of Manager) (Jersey) Order 2008 amended
For paragraph (f) of the note to case 1 in the Schedule to the Financial
Services (Appointment of Manager) (Jersey) Order 2008[19] the following paragraph
shall be substituted –
“(f) the person committing serious
and persistent breaches of –
(i) the
Drug Trafficking Offences (Jersey) Law 1988[20], the Proceeds of Crime
(Jersey) Law 1999[21], the Terrorism (Jersey) Law 2002[22], the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008[23], the Money Laundering
(Jersey) Order 2008[24] or an Order made under the European
Communities Legislation (Implementation) (Jersey) Law 1996[25] and relating to the freezing
of funds,
(ii) any
other enactment of Jersey relating to money laundering or the financing of
terrorism,
(iii) any
code of practice made under an enactment referred to in sub-paragraph (i)
or (ii) or adopted by or under such an enactment,
(iv) the
Law or any Code of Practice made under the Law or adopted by or under the Law,
or
(v) an
enactment made under the Law;”.
4 Financial
Services (Financial Service Business) (Jersey) Order 2009 amended
For Article 1 of the Financial Services (Financial Service
Business) (Jersey) Order 2009[26] the following Articles shall
be substituted –
“1 Classes
of financial service business
The classes of financial
service business prescribed for the purposes of Article 8(2) of the Law
are those set out in the Schedule.
In this Order ‘Law’
means the Financial Services (Jersey) Law 1998[27].”.
5 Article 1
of Insurance Business (Solvency Margin) (Jersey) Order 1996 amended
In Article 1(1) of the Insurance Business (Solvency Margin)
(Jersey) Order 1996[28], in sub-paragraphs (a)
and (b) of the definition of “net premium income”, for the words
“by the gross amount of any reinsurance” (in each place where they
occur) there shall be substituted the words “by the gross amount of the
premiums for any reinsurance”.
6 Schedule
to the Insurance Business (Appointment of Manager) (Jersey) Order 2008
amended
For paragraph (f) of the note to case 1 in the Schedule to the Insurance
Business (Appointment of Manager) (Jersey) Order 2008[29] the following paragraph
shall be substituted –
“(f) the person committing serious
and persistent breaches of –
(i) the
Drug Trafficking Offences (Jersey) Law 1988[30], the Proceeds of Crime
(Jersey) Law 1999[31], the Terrorism (Jersey) Law 2002[32], the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008[33], the Money Laundering
(Jersey) Order 2008[34] or an Order made under the European
Communities Legislation (Implementation) (Jersey) Law 1996[35] and relating to the freezing
of funds,
(ii) any
other enactment of Jersey relating to money laundering or the financing of
terrorism,
(iii) any
code of practice made under an enactment referred to in sub-paragraph (i)
or (ii) or adopted by or under such an enactment,
(iv) the
Law or any code of practice made under the Law or adopted by or under the Law,
or
(v) an
enactment made under the Law;”.
7 Citation
and commencement
(1) This
Order may be cited as the Financial Regulation (Miscellaneous Provisions)
(Jersey) Order 2014.
(2) This
Order shall come into force 7 days after this Order is made.
SENATOR I.J. GORST
Chief Minister