Banking
Business (General Provisions) (Amendment No. 5)
(Jersey) Order 2023
Made 24th July 2023
Coming into
force 1st August 2023
THE CHIEF MINISTER makes this Order under Articles 11
and 51 of the Banking Business
(Jersey) Law 1991 on the recommendation of the Jersey Financial
Services Commission –
1 Banking Business (General
Provisions) (Jersey) Order 2002 amended
This Order amends the Banking
Business (General Provisions) (Jersey) Order 2002.
2 Article 11 (conditions of registration) amended
In Article 11 –
(a) for paragraphs (2) and
(3) there is substituted –
“(2) It
is an additional condition of registration of an overseas incorporated bank
that the overseas incorporated bank –
(a) must appoint a senior officer,
approved by the Commission, outside Jersey to ensure that the obligations
imposed by the Law on the overseas incorporated bank are met; and
(b) must ensure that the
person appointed informs the Commission of the name of the overseas
incorporated bank’s principal manager in Jersey and that of any deputy of the manager
and, within 14 days, notifies the Commission of any change of the person
holding either of those offices.
(3) It
is an additional condition of registration of a Jersey incorporated bank that
the Jersey incorporated bank must not without the Commission’s approval –
(a) establish or acquire a
representative office, a branch or a subsidiary outside Jersey;
(b) participate with others
in a joint venture outside Jersey involving deposit-taking, banking or
investment business; and
(c) enter into an exposure to
any one person or a group of connected persons that exceeds 25% of the
registered person’s agreed capital resources.”;
(b) paragraphs (4) and (5) are deleted.
3 Article 12 (control of advertising) amended
In Article 12 –
(a) in paragraph (1)(a)
for “company incorporated in Jersey” there is substituted “Jersey incorporated
bank”;
(b) in paragraph (1)(b) for
“branch of a company incorporated outside Jersey” there is substituted “Jersey
branch”;
(c) in paragraph (2) for
“a company incorporated outside Jersey” there is substituted “an overseas
incorporated bank”.
4 Article 13 (circumstances in which
matters are to be reported directly to Commission) deleted
Article 13 is deleted.
5 Citation and commencement
This Order may be cited
as the Banking Business (General Provisions) (Amendment No. 5) (Jersey)
Order 2023 and comes into force immediately upon the coming into force of the
Banking Business (Amendment No. 9) (Jersey) Law 2022.
Deputy M.E. Millar of St. John,
St. Lawrence and Trinity
for and on behalf of
Chief Minister