Financial Services
(Amendment of Schedule 2 to Law) (No. 4)
(Jersey) Order 2013
Made 5th July 2013
Coming into force 22nd
July 2013
1 Interpretation
In this Order, “Law” means the
Financial Services (Jersey) Law 1998[2].
2 Part
1 of Schedule 2 to Law amended
After paragraph 3A of Schedule 2 to the Law there shall be
inserted the following paragraph –
“3A1 Persons
registered to carry on AIF services business
The carrying on of AIF
services business by a person who is registered under this Law to do so.”.
3 Part
2 of Schedule 2 to Law amended
After paragraph 18B of
Schedule 2 to the Law there shall be inserted the following
paragraph –
“18C Persons registered to carry on AIF services
business
The carrying on of AIF services business by a person who is
registered under this Law to do so.”.
4 Part
5 added to Schedule 2 to Law
After Part 4 of Schedule 2 to the Law there shall be added
the following Part –
“PART 5 – aIF
SERVICES BUSINESS
23 Carrying on AIF services business
(1) Subject to sub-paragraph (2), the carrying
on of AIF services business in relation to an AIF by a person who –
(a) is registered to carry on any one or more classes
of fund services business in relation to an unclassified fund or an unregulated
fund where that fund services business includes the same functions as the AIF
services business;
(b) holds a permit as a functionary of a
recognized fund under the Collective Investment Funds (Jersey) Law 1988[3] where the functions of the
person as that functionary include the same functions as the AIF services
business; or
(c) is a person in respect of which Article 3(2)
of Directive 2011/61/EU applies.
(2) Sub-paragraphs (1)(a) and (b) shall not
apply in relation to a person carrying on AIF services business that markets an
AIF in a member State of the European Union or other EEA State to which
Directive 2011/61/EU applies unless the Commission has granted permission
in writing for that AIF to be so marketed.
(3) The carrying on of AIF
services business if –
(a) that
business is carried on in relation to the marketing or management of an AIF in
an EEA State; and
(b) that
EEA State’s national laws do not require compliance by that business with
Directive 2011/61/EU,
to the extent that such business is otherwise required to be
registered under Article 7(1).
(a) ‘EEA
State’ means a State which is a member State of the European Union or any
other State which is a contracting party to the agreement on the European Economic Area signed at
Oporto on the 2nd May 1992 as adjusted by the Protocol signed at
Brussels on the 17th March 1993; and
(b) ‘marketing’
has the same meaning given in Directive 2011/61/EU.”.
5 Citation
and commencement
This Order may be cited as
the Financial Services (Amendment of Schedule 2 to Law) (No. 4)
(Jersey) Order 2013 and shall come into force immediately upon the coming
into force of the Alternative Investment Funds (Amendment of Regulations)
(Jersey) Order 2013[4].
senator a.j.h. maclean
Minister for Economic Development