Financial Services
(Trust Company Business) (Exemptions Amendment No. 2) (Jersey) Order 2010
Made 17th November 2010
Coming into force in
accordance with Article 3
THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 4(1)(a)(i), 7(2)(a)(ii)
and 42 of the Financial Services (Jersey) Law 1998[1] and on the recommendation of the
Jersey Financial Services Commission, orders as follows –
1 Schedule to 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
the matter “(Article 2(1))” in the heading there shall be
substituted the matter “(Article 2)”;
(b) for
paragraph 13 there shall be substituted the following paragraph –
(1) A person, when acting as or fulfilling the
function of a director of a company, if in relation to that company –
(a) the person has neither entered into a
contract for services, nor is party to an arrangement for the provision of
services, with a registered person or a person carrying on trust company
business in any part of the world;
(b) the majority of the board of directors is
not provided by a registered person or a person carrying on trust company
business in any part of the world; and
(c) the person does not hold himself or herself
out as carrying on a business or profession in any part of the world the sole
or main purpose of which is trust company business.
(2) An individual, when acting as or fulfilling
the function of a director of a company, if the individual, in or from within
Jersey, acts as or fulfils the function of director of not more than 6
companies (including the first-mentioned company).
(3) For the purposes of sub-paragraph (2), when
determining the number of companies, no account shall be taken of the
individual’s acting as, or fulfilling the function of, a director of a
company when, in relation to the full extent of the individual’s so
acting or so fulfilling the function, the individual is the subject of an
exemption under any one or more of the provisions of the following enactments –
(a) sub-paragraph (1);
(b) paragraph 15;
(c) any other paragraph of this Schedule;
(d) the Financial Services (Trust Company
Business (Exemptions No. 2)) (Jersey) Order 2000[3];
(e) the Financial Services (Trust Company
Business (Exemptions No. 3)) (Jersey) Order 2001[4];
(f) the Financial Services (Trust Company
Business (Exemptions No. 4)) (Jersey) Order 2001[5];
(g) the Financial Services (Trust Company
Business (Exemptions No. 5)) (Jersey) Order 2001[6];
(h) the Financial Services (Trust Company
Business (Exemptions No. 6)) (Jersey) Order 2001[7];
(i) the Financial Services (Trust Company
Business (Exemptions No. 7)) (Jersey) Order 2001[8].”.
2 Schedule
to Financial Services (Trust Company Business (Exemptions No. 4)) (Jersey)
Order 2001 amended
In the note to paragraph 1
of the Schedule to the Financial Services (Trust Company Business (Exemptions
No. 4)) (Jersey) Order 2001 the word “and” shall be inserted
at the end of paragraph (a).
3 Citation and commencement
(1) This
Order may be cited as the Financial Services (Trust Company Business)
(Exemptions Amendment No. 2) (Jersey) Order 2010.
(2) Article 1
and this Article shall come into force 7 days after this Order is made.
(3) Article 2
shall come into force 3 months after this Order is made.
SENATOR A.J.H. MACLEAN
Minister for Economic Development