Proceeds of Crime
(Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 2008
Made 12th September 2008
Coming into force 19th
September 2008
THE STATES, in pursuance of Articles 1(2)
and 11(4) of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[1], have made the following
Regulations –
1 Article
1 amended
In Article 1(1) of the
Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008[2], for the definitions “regulated business” and
“regulated person” there shall be substituted the following
definitions –
“ ‘regulated
business’ means –
(a) the business of a
recognized fund, or of an unclassified fund, within the meaning of the Collective
Investment Funds (Jersey) Law 1988[3], or
(b) a Schedule 2 business
for which a person must –
(i) be registered
under the Banking Business (Jersey) Law 1991[4],
(ii) hold a permit
under the Collective Investment Funds (Jersey) Law 1988,
(iii) be registered under the
Financial Services (Jersey) Law 1998[5], or
(iv) be authorized by a
permit under the Insurance Business (Jersey) Law 1996[6];
‘regulated
person’ means a person who carries on –
(a) a regulated business;
(b) a business that, by
virtue of any of the following provisions, is not a regulated business –
(i) Article 4 of
the Financial Services (Money Service Business (Exemptions)) (Jersey) Order
2007[7],
(ii) Article 5 of
the Financial Services (Money Service Business (Exemptions)) (Jersey) Order
2007,
(iii) paragraph 4 of the
Schedule to the Financial Services (Trust Company Business (Exemptions
No. 2)) (Jersey) Order 2000[8];
(c) business to which
paragraph 7(1) of Part B of Schedule 2 to the Proceeds of Crime
(Jersey) Law 1999 applies, where –
(i) the person is
registered under the Financial Services (Jersey) Law 1998 to carry on trust
company business, or
(ii) the person –
(A) 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, and
(B) has no established
place of business in Jersey other than a place of business provided by a person
who is registered under the Financial Services (Jersey) Law 1998 to carry on
trust company business or fund services business; or
(d) the business of an
unregulated fund within the meaning of the Collective Investment Funds
(Unregulated Funds) (Jersey) Order 2008;”.
2 Amendment
of Schedule
(1) For
item 1 of the Schedule to the Proceeds of Crime (Supervisory Bodies)
(Jersey) Law 2008 there shall be substituted the following item –
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“1
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1
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Business
to which any of sub-paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (k),
(l) and (n) of paragraph 7(1) of Part B applies, except where –
(a) the
person carrying on the business is registered under the Financial Services
(Jersey) Law 1998 to carry on trust company business; or
(b) the
person carrying on the business –
(i) 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, and
(ii) has no
established place of business in Jersey other than a place of business
provided by a person who is registered under the Financial Services (Jersey)
Law 1998 to carry on trust company business or fund services business.
A business to which paragraph 8 of Part B applies.”.
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(2) Item 3
of the Schedule to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008
shall be deleted.
(3) For
item 7 of the Schedule to the Proceeds of Crime (Supervisory Bodies)
(Jersey) Law 2008 there shall be substituted the following item –
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“7
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2
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Business
to which any of sub-paragraphs (i), (j), and (m) of paragraph 7(1)
of Part B applies, except where –
(a) the
person carrying on the business is registered under the Financial Services
(Jersey) Law 1998 to carry on trust company business; or
(b) the
person carrying on the business –
(i) 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, and
(ii) has no
established place of business in Jersey other than a place of business
provided by a person who is registered under the Financial Services (Jersey)
Law 1998 to carry on trust company business or fund services
business.”.
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(4) In
item 4 of the Schedule to the Proceeds of Crime (Supervisory Bodies)
(Jersey) Law 2008, for the words “clauses (i) to (iv)” there shall
be substituted the words “clauses (i) to (v)”.
3 Citation
and commencement
(1) These
Regulations may be cited as the Proceeds of Crime (Supervisory Bodies) (Amendment
of Law) (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.
A.H. HARRIS
Deputy Greffier of the States