Proceeds of Crime
(Amendment of Schedule 2) (Jersey) Regulations 2008
Made 12th September 2008
Coming into force 19th
September 2008
THE STATES, in pursuance of Article 36(2) of
the Proceeds of Crime (Jersey) Law 1999[1], have made the following
Regulations –
1 Amendment
of Part A of Schedule 2
In Part A of Schedule 2
to the Proceeds of Crime (Jersey) Law 1999[2] –
(a) for
the title of the Part there shall be substituted the following
title –
“part a
Business regulated by the Commission under regulatory laws”;
(b) for
paragraph 3 there shall be substituted the following paragraph –
“3.(1) Any of the following within the meaning of the
Collective Investment Funds (Jersey) Law 1988[3] –
(a) the business of being a
functionary;
(b) the business of a
recognized fund;
(c) the business of an
unclassified fund.
(2) However, business
referred to in sub-paragraph (1) does not include the business of a
company, being a company issuing units that is within Article 1A of the Collective
Investment Funds (Permits) (Exemptions) (Jersey) Order 1994[4].”;
(c) in
paragraph 4 –
(i) for sub-paragraph (a)(i) there
shall be substituted the following clause –
“(i) paragraphs 1, 3B, 3C,
4, 10, 14, 15, 18A and 21,”;
(ii) after sub-paragraph (a)(iv) there
shall be inserted the following clause –
“(v) paragraph 18, where the
relevant special purpose vehicle is provided with any service that falls within
Article 2(3) and (4) of the Financial Services (Jersey) Law 1998 by a person
registered under that Law to carry on trust company business;”;
(iii) after sub-paragraph (c) there shall be inserted
the following sub-paragraphs –
“(ca) excluding special purpose investment
business carried on in accordance with the exemption set out in the Financial
Services (Investment Business (Special Purpose Investment
Business – Exemption)) (Jersey) Order 2001[5] by a person who –
(i) is acting as a
functionary within the meaning of that Order, and
(ii) is provided with
any service that falls within Article 2(3) and (4) of the Financial
Services (Jersey) Law 1998 by a person registered under that Law to carry on
trust company business or is provided with any service within fund services
business (within the meaning of that Law) by a person who is registered under
that Law to carry on fund services business;
(cb) excluding restricted
investment business carried on in accordance with the exemption set out in the
Financial Services (Investment Business (Restricted Investment Business – Exemption))
(Jersey) Order 2001[6] by a person who –
(i) is acting as a
functionary within the meaning of that Order, and
(ii) is provided with
any service that falls within Article 2(3) and (4) of the Financial
Services (Jersey) Law 1998 by a person registered under that Law to carry on
trust company business or is provided with any service within fund services
business (within the meaning of that Law) by a person who is registered under
that Law to carry on fund services business;”;
(iv) for sub-paragraph (f) there shall be substituted
the following sub-paragraph –
“(f) excluding trust company
business carried on by a person specified in any of the paragraphs of the
Schedule to the Financial Services (Trust Company Business (Exemptions
No. 3)) (Jersey) Order 2001[7] specified below where that business is carried on in the
circumstances described in that paragraph –
(i) paragraph 1
(private protector company),
(ii) paragraph 2
(general partner),
(iii) paragraph 4 (investment
company subsidiary);”;
(v) after sub-paragraph (g) there shall be
inserted the following sub-paragraphs –
“ ;
(h) excluding trust company
business carried on in accordance with the exemption set out in the Financial Services
(Trust Company Business (Exemptions No. 5)) (Jersey) Order 2001[8] by a person who –
(i) is specified in
the Schedule to that Order, and
(ii) is provided with
any service that falls within Article 2(3) and (4) of the Financial
Services (Jersey) Law 1998 by a person registered under that Law to carry on
trust company business;
(i) excluding money
service business specified in Article 3 of the Financial Services (Money
Service Business) (Exemptions) (Jersey) Order 2007[9].”.
2 Amendment
of Part B of Schedule 2
In Part B of Schedule 2
to the Proceeds of Crime (Jersey) Law 1999 –
(a) for
the title of the Part there shall be substituted the following
title –
(b) for
paragraph 1(2) there shall be substituted the following sub-paragraph –
“(2) In this paragraph “independent
legal professionals” means those who by way of business provide legal or
notarial services to third parties when participating in financial, or
immovable property, transactions concerning any of the following –
(a) the buying and selling
of immovable property or business entities;
(b) the buying and selling
of shares the ownership of which entitles the owner to occupy immovable
property;
(c) the managing of client
money, securities or other assets;
(d) the opening or
management of bank, savings or securities accounts;
(e) the organization of
contributions necessary for the creation, operation or management of companies;
or
(f) the creation,
operation or management of trusts, companies or similar structures.”;
(c) for
paragraph 3 there shall be substituted the following paragraph –
“3 Estate
agency services
(1) The business of
providing estate agency services for or on behalf of third parties concerning
the buying or selling of freehold (including flying freehold) or leasehold
property (including commercial and agricultural property), whether the property
is situated in Jersey or overseas.
(2) The business of
providing estate agency services for or on behalf of third parties concerning
the buying or selling of shares the ownership of which entitles the owner to
occupy immovable property, whether the property is situated in Jersey or
overseas.”;
(d) for
paragraph 6 there shall be substituted the following paragraph –
The
business of an unregulated fund, being an unregulated fund within the meaning
of the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008[10].”;
(e) in
paragraph 7, for the words “The business of providing any of the
following services to third parties not otherwise included in this
Schedule – ” there shall be substituted the words “(1) The
business of providing any of the following services to third parties, where the
business is not otherwise included in this Schedule –”;
(f) at
the end of paragraph 7 there shall be added the following sub-paragraphs –
“(2) A reference in this paragraph
to providing services to third parties shall not include a company’s
providing a service to a connected company.
(3) For the purposes of
this paragraph, a company is connected with another company if –
(a) the companies are in
the same group;
(b) one is entitled, either
alone or with any other company in the same group, to exercise or control the
exercise of a majority of the voting rights (other than as nominee shareholder)
which are attributable to the share capital and are exercisable in all
circumstances at any general meeting of the other company or of its holding
company; or
(c) the first-mentioned
company holds, or a company in the same group as the first-mentioned company
holds, an interest in the equity share capital of the other company carrying
rights to vote in all circumstances at general meetings for the purpose of
securing a contribution to the activities of the first-mentioned company or the
company in the same group as that company respectively by the exercise of
control or influence arising from that interest.
(4) In this paragraph,
“group” and “holding company” have the same meanings as
in the Financial Services (Jersey) Law 1998.”.
3 Citation
and commencement
(1) These
Regulations may be cited as the Proceeds of Crime (Amendment of
Schedule 2) (Jersey) Regulations 2008.
(2) These
Regulations shall come into force on the same day as Article 11(4) of the Proceeds
of Crime (Supervisory Bodies) (Jersey) Law 2008[11].
m.n. de la haye
Greffier of the States