“O

(1)

Providing a service specified in Article 2(4)(a), (e), (f) or (i) of the Law (‘the specified service’) to a person who is –

2(3) and 2(4)

(a)

an individual ordinarily resident in Jersey; or

(b)

a company incorporated under the Companies (Jersey) Law 1991[3] all the beneficial owners of which are –

(i)

individuals ordinarily resident in Jersey,

(ii)

companies incorporated under that Law the beneficial owners of which are all individuals ordinarily resident in Jersey, or

(iii)

both such individuals and companies,

where the provision of the specified service to that person by the provider does not require the provider to handle or control the person’s trust company business assets except as a necessary result of providing the specified service.

(2)

The provider of a specified service registered in this class –

(a)

before the commencement of paragraph (1) but which, on its commencement, does not meet its requirements, is nevertheless treated as continuing to meet them –

(i)

until 6 months have elapsed from the date of such commencement, or

(ii)

if an application for registration in a class specified in this Part other than class O has not been finally determined at the expiry of that period, until it is so determined;

(b)

on or after the commencement of paragraph (1) is treated as continuing to meet its requirements until 3 months after the day on which the provider could have been expected, with reasonable diligence, to discover that the service no longer meets those requirements or, if an application for registration in a class specified in this Part other than class O has been made within that 3 month period but not finally determined at the expiry of that period, until it is so determined.

(3)

For the purposes of paragraph (2), an application has been finally determined when –

(a)

the period for appealing against the determination has ended without an appeal being brought; or

(b)

if such an appeal has been brought, it has been determined by the Court or withdrawn.”.