Financial Services
(Trust Company Business (Exemptions Amendment)) (Jersey) Order 2009
Made 17th July 2009
Coming into force 17th
July 2009
THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 4(1)(a)(i) and
7(2)(a)(ii) of the Financial Services (Jersey) Law 1998[1] and on the recommendation of the
Jersey Financial Services Commission, orders as follows –
1 Financial Services (Trust Company Business
(Exemptions)) (Jersey) Order 2000 amended
In the Schedule to the Financial Services
(Trust Company Business (Exemptions)) (Jersey) Order 2000[2] –
(a) for
paragraph 4, there are substituted the following paragraphs –
“4 Private trust
company business
A person being a
company –
(a) the purpose of which is –
(i) solely to provide trust company
business services in respect of a specific trust or trusts, or
(ii) to act for that purpose and to act as
a member of the council of a foundation or of foundations (otherwise than as a
qualified member, as that term is defined by the Foundations (Jersey) Law 2009[3]);
(b) that does not solicit from or provide trust
company business services to the public; and
(c) the administration of which is carried out
by a registered person registered to carry out trust company business,
when providing a service
specified in Article 2(4) of the Law where the name of the company is
notified to the Commission.
A person being a
company –
(a) the purpose of which is –
(i) solely to act as a member of the
council of a foundation or of foundations (otherwise than as a qualified
member, as that terms is defined by the Foundations (Jersey) Law 2009), or
(ii) to act for that purpose and to provide
trust company business services in respect of a specific trust or trusts;
(b) that does not solicit from or provide trust
company business services to the public; and
(c) the administration of which is carried out
by a registered person registered to carry out trust company business,
when providing a service
specified in Article 2(4) of the Law in the course of acting as a member
of the council of a foundation or of foundations (otherwise than as a qualified
member) where the name of the company is notified to the Commission.”.
(b) after
paragraph 18, there is added the following paragraph –
“19 Guardians of a foundations
A person being the guardian
of a foundation (not being the qualified member of the council of the
foundation, as defined by the Foundations (Jersey) Law 2009) when providing to
the foundation a service specified in Article 2(4) of the Law in the
course of acting as the guardian of the foundation.”.
2 Financial
Services (Trust Company Business (Exemptions No. 3)) (Jersey) Order 2001
amended
In the Schedule to the Financial Services (Trust Company Business
(Exemptions No. 3)) (Jersey) Order 2001[4], after paragraph 1,
there is inserted the following paragraph –
“1A Private Appointer Company
A person being a
company –
(a) that does not solicit from, or provide trust
company business services to the public; and
(b) that may appoint members of the council of a
foundation pursuant to the powers afforded the company by the charter or
regulations of the foundation,
when providing a service
specified in Article 2(4)(d) of the Law in respect of that foundation.
Note: This paragraph does not have effect unless the company is
administered by a registered person registered to carry on trust company
business.”.
3 Further
amendments
An Order mentioned in Column 1 of the following Table is
amended by omitting from the paragraph of the Schedule to the Order mentioned
in Column 2 the expression mentioned in Column 3 and substituting the
expression mentioned in Column 4.
TABLE
|
Column 1
|
Column 2
|
Column 3
|
Column 4
|
|
Citation of Order
|
Paragraph of the Schedule to the Order
|
Existing expression
|
New expression
|
|
Financial Services (Trust Company Business (Exemptions)) (Jersey)
Order 2000[5]
|
6
|
Article 2(4)(f), (g) or (h)
|
Article 2(4)(g), (h) or (i)
|
|
8
|
Article 2(4)(f)
|
Article 2(4)(g)
|
|
9
|
Article 2(4)(f)
|
Article 2(4)(g)
|
|
18
|
Article 2(4)(b), (c) or (d)
|
Article 2(4)(b), (c) or (e)
|
|
Financial Services (Trust Company Business (Exemptions No. 2))
(Jersey) Order 2000[6]
|
3
|
Article 2(4)(f)
|
Article 2(4)(g)
|
|
4(2)
|
Article 2(4)(b) or (g)
|
Article 2(4)(b) or (h)
|
|
4(3)
|
Article 2(4)(b) or (g)
|
Article 2(4)(b) or (h)
|
|
Financial Services (Trust Company Business (Exemptions No. 3))
(Jersey) Order 2001[7]
|
1
|
Article 2(4)(g)
|
Article 2(4)(h)
|
|
4
|
Article 2(4)(h)
|
Article 2(4)(i)
|
|
Financial Services (Trust Company Business (Exemptions
No. 7)) (Jersey) Order 2001[8]
|
1
|
Article 2(4)(g)
|
Article 2(4)(h)
|
|
|
2
|
Article 2(4)(g)
|
Article 2(4)(h)
|
4 Citation
This Order may be cited as the Financial Services (Trust Company
Business (Exemptions Amendment)) (Jersey) Order 2009.
5 Commencement
This Order shall come into
force on the same date as the Foundations (Jersey) Law 2009.
SENATOR A.J.H. MACLEAN
Minister for Economic
Development