THE ECONOMIC DEVELOPMENT COMMITTEE, in pursuance of Articles 8 and 48 of the Banking Business (Jersey) Law 1991,[1] and on the recommendation of the Jersey Financial Services Commission, orders as follows –

“9      Application for registration

(1)     A person may apply for registration under Article 8 of the Law[3] by delivering to the Commission, in duplicate, an application in the form approved or provided by the Commission.

(2)     The application shall be made –

(a)     if the person is not registered under the Law at the time when the application is made, before the person carries on or holds himself or herself out as carrying on a deposit-taking business; or

(b)     if the person is already registered under the Law when the application is made, during October in each year.

(3)     For the purposes of Article 8(1) of the Law,[4] the prescribed fee is –

(a)     in the case of a person not registered under the Law at the time when the application is made, £10,000 plus the annual fee prescribed in paragraph (4); or

(b)     in the case of a person already registered under the Law at that time, the annual fee prescribed in paragraph (4).

(4)     The annual fee is the sum of the following components –

(a)     a component calculated on the basis of £5,000 for each country (other than Jersey) where the person carries on a deposit-taking business through an office of the person based in the country, if the Commission is a home country supervisor in relation to that business of the person in that country;

(b)     a component calculated on the basis of £5,000 for each of the person’s subsidiary companies that has its registered office outside Jersey and carries on a deposit-taking business, if the Commission is a home country supervisor in relation to that business of the subsidiary company;

(c)     a component calculated on the basis of £5,000 for each country where a subsidiary company of the person carries on a deposit-taking business through an office of the subsidiary company based in the country, if –

(i)      the country is not Jersey, nor the country where the subsidiary company has its registered office, and

(ii)      the Commission is a home country supervisor in relation to that business of the subsidiary company in that country;

(d)     a component calculated on the basis of £5,000 for each subsidiary company (hereafter called ‘X’) of a subsidiary company of the person, if –

(i)      X has its registered office outside Jersey and carries on a deposit-taking business, and

(ii)      the Commission is a home country supervisor in relation to that business of X;

(e)     the following component calculated on the basis of the consolidated income of the person –

(i)      for a consolidated income not exceeding £5,000,000 (or a loss or an income of zero), a component of £15,000,

(ii)      for a consolidated income exceeding £5,000,000 but not exceeding £10,000,000, a component of £17,500,

(iii)     for a consolidated income exceeding £10,000,000 but not exceeding £20,000,000, a component of £20,000,

(iv)     for a consolidated income exceeding £20,000,000, a component of £25,000.

(5)     For the purposes of this Article, the component referred to in paragraph (4)(a), (b), (c) or (d) shall be calculated on the basis of the factors mentioned in that sub-paragraph –

(a)     in the case of a person not registered under the Law at the time when the application is made (or of a person registered under the Law at that time, but whose business to which the application relates has not started operations at that time), as the person expects the factors to be when the business of the person to which the application relates starts operations; or

(b)     in any other case, as the factors are when the application is made.

(6)     For the purposes of this Article, the consolidated income referred to in paragraph (4)(e) is –

(a)     in the case of a person not registered under the Law at the time when the application is made, the consolidated income that the person expects to report as at the end of the year starting at midnight on 31st December following the making of the application (whether the application relates to that year or to another period);

(b)     in the case of a person registered under the Law at the time when the application is made whose business to which the application relates did not operate for the whole of the year ending at midnight on 31st December in the year preceding the making of the application, the consolidated income that the person expects to report as at the end of the year starting at midnight on 31st December following the making of the application; or

(c)     in any other case, the consolidated income that the person to whose business the application relates reported as at midnight on 31st December preceding the making of the application.

(7)     If an application is made in respect of a period of less than a year, the annual fee referred to in paragraph (4) shall be varied to a proportion of the fee that would have been payable in respect of a year, being a proportion that corresponds to the proportion that the period bears to a year.

(8)     For the purposes of this Article –

(a)     a territory is taken to be a country if the territory is co-extensive with a discrete jurisdiction concerned with the supervision of deposit-taking business;

(b)     Jersey is a country;

(c)     Guernsey is a country and Alderney and Sark are parts of that country;

(d)     the Isle of Man is a country;

(e)     each member state (however described) of the following federations is taken to be a separate country –

(i)      the United Arab Emirates;

(ii)      the United States of America.

(9)     In this Article –

‘consolidated income’ of a person means the total annual income of the person and the person’s subsidiary companies arrived at after determining each item set out in column 2 of Schedule 1A in respect of the person and each subsidiary company, and using the guidance set out opposite that item in column 3 of that Schedule;

‘home country supervisor’ means, in relation to a deposit-taking business, and to a person –

(a)     who carries on the deposit-taking business in another country;

(b)     who is the holding company of a subsidiary company that carries on the deposit-taking business in another country; or

(c)     who is the holding company of a subsidiary company that in turn is the holding company of a subsidiary company that carries on the deposit-taking business in another country,

an authority that –

(i)      is based in the country where the person is registered; and

(ii)      exercises supervision of the deposit-taking business for the purposes of international agreements, or norms, for the regulation of deposit-taking by international banking groups and their cross-border establishments.

(10)    For the avoidance of doubt, it is hereby stated that income of a person (or subsidiary company) includes all income of the person (or subsidiary company) arrived at in accordance with Schedule 1A, and not just income from the deposit-taking business of the person (or subsidiary company).”.

“SCHEDULE 1A

(Article 9(9))

INCOME