Financial Services
(Amendment of Law) (Jersey) Regulations 2007
Made 19th July 2007
Coming into force 26th
July 2007
THE STATES, in pursuance of Article 4 of the Financial Services (Jersey)
Law 1998[1], have made the following Regulations –
1 Interpretation
In these Regulations, “principal Law” means the Financial Services (Jersey)
Law 1998[2].
2 Article 1
amended
In Article 1(1) of the principal Law –
(a) after
the definition “Minister”, there shall be inserted the following
definition –
“ ‘money service business’ has, subject to any
Order under Article 4, the meaning given to that expression by
Article 2(9);”;
(b) in
the definition “relevant supervisory authority”, for the words
“supervisory functions corresponding to those of the Commission”
there shall be substituted the words “any function that is similar to a
function of the Commission”.
3 Article 2
amended
(1) In
Article 2(1) of the principal Law, for the words “or general
insurance mediation business” there shall be substituted the words
“, general insurance mediation business or money service business”.
(2) In
Article 2 of the principal Law, at the end, there shall be added the
following paragraph –
“(9) A person carries on money
service business if the person carries on the business of any of the
following –
(a) a bureau de change;
(b) providing cheque cashing services;
(c) transmitting or receiving funds by wire or
other electronic means;
(d) engaging in money transmission
services.”.
4 Schedule
5 amended
In Schedule 5 to the principal Law, at the end, there shall be
added the following paragraph –
“2. Money
service business
(1) Despite anything in this Law, a person who
carried on money service business at any time during the 6 months
immediately before the commencement day shall not be taken to have committed an
offence under Article 7(4) by virtue of any action that is taken, or not
taken, by the person in the course of carrying on that business during the
period –
(a) on and from the commencement day until the
day 6 months after the commencement day, or, if a day is prescribed under sub-paragraph (4)
in relation to the person, until that day; or
(b) if the person applies, before 6 months
after the commencement day, for registration under this Law as a person
entitled to carry on money service business, on and from the commencement day
until the day the application is finally determined (including as a result of
an appeal to the Court under Article 11) or is withdrawn.
(2) In relation to the period for which, in
accordance with sub-paragraph (1), a person is to be taken not to have
committed an offence under Article 7(4), the provisions of this Law shall
apply (with the necessary modifications) to and in relation to the person as
they apply to and in relation to a person registered under the Law to carry on
money service business.
(3) Without prejudice to the generality of
sub-paragraph (2), the following modifications to the provisions of this
Law shall apply to and in relation to a person to whom sub-paragraph (1)
for the time being applies and who has applied for registration under this
Law as a person entitled to carry on money service business –
(a) a reference in this Law to the period during
which a person is registered shall be taken to be a reference to the period between –
(i) the
date of the application, and
(ii) the
date on which the application is granted or refused by the Commission, is
finally determined (including as a result of an appeal to the Court under
Article 11) or is withdrawn;
(b) a reference in this Law to the terms of a
registration shall be taken to be a reference to the terms of the application;
and
(c) a reference in Article 11 to the
Commission, acting under Article 9, revoking a registration shall be taken
as a reference to the Commission refusing an application under Article 9.
(4) The Commission may, on the application of a
person, by notice in writing to the person, prescribe in relation to the person
a day for the purposes of sub-paragraph (1)(a).
(5) The Commission may only prescribe a day under
sub-paragraph (4) if –
(a) the Commission is satisfied that there are
exceptional circumstances that justify the extension of the period during which
the person shall not be taken to have committed an offence under Article 7(4)
by reason only of carrying on money service business; and
(b) the day is not more than 12 months
after the commencement day.
(6) In this paragraph, ‘commencement
day’ means the day on which the Financial Services (Amendment of Law)
(Jersey) Regulations 200- came into force.”.
5 Citation
and commencement
(1) These
Regulations may be cited as the Financial Services (Amendment of Law) (Jersey)
Regulations 2007.
(2) These
Regulations shall come into force 7 days after they are made.
a.h. harris
Deputy Greffier of the States