European
Union (United Kingdom Exit – Financial Services) (Jersey) Order 2019
Made 24th October 2019
Coming into
force in accordance with Article 7
THE MINISTER FOR EXTERNAL RELATIONS makes this Order under Articles 37
and 43 of the Proceeds of Crime (Jersey) Law 1999[1], Articles 3, 11, 14 and 20
of the Collective Investment Funds (Jersey) Law 1988[2], Articles 29 and 219 of the
Companies (Jersey) Law 1991[3], Articles 21, 31 and 42 of
the Financial Services (Jersey) Law 1998[4] and Articles 24 and 41 of
the Insurance Business (Jersey) Law 1996[5], having consulted, and on the
recommendation of, the Jersey Financial Services Commission –
1 Money Laundering (Jersey) Order 2008 amended
After Article 23A(3)(a) of the Money Laundering (Jersey) Order 2008[6] there is inserted –
“(aa) the Bank of England;”.
2 Collective Investment Funds (Certified Funds –
Prospectuses) (Jersey) Order 2012 amended
In paragraph 1 of
Schedule 2 to the Collective Investment Funds (Certified Funds –
Prospectuses) (Jersey) Order 2012[7], in sub-paragraph (c) of the definition “public sector body”,
for “Jersey or a member state of the European Economic Community” there is
substituted “Jersey, the United Kingdom or a member state of the European
Union”.
3 Collective Investment Funds (Recognized Funds) (Rules)
(Jersey) Order 2003 amended
In the Collective
Investment Funds (Recognized Funds) Rules 2003 contained in the Schedule
to the Collective Investment Funds (Recognized Funds) (Rules) (Jersey) Order 2003[8] –
(a) in Article 5.06.1a.
after “listing” there is inserted “in the United Kingdom or”;
(b) in Article 5.09.1
for “market established in a member state on which transferable securities
admitted to official listing in the member state are” there is substituted
“market, established in the United Kingdom or in a member state, on which
transferable securities, admitted to official listing in the United Kingdom or
in the member state, are”;
(c) in Article 5.13.5a.
there is deleted “other than the United Kingdom”;
(d) in Article 5.13.5b.
for “any other member state” there is substituted “a member state”;
(e) in Article 5.13.5d. for
“another member state” there is substituted “a member state”;
(f) in Article 5.14.1a.(ii)
after “Directive” there is inserted “, or the corresponding rights under the
law of the United Kingdom”;
(g) in the glossary in
Schedule 4 to the Rules, in each of sub-paragraphs c. and g. of the
definition “eligible institution” and sub-paragraph e. of the definition
“near cash”, for “another member state” there is substituted “a member state”.
4 Collective Investment Funds (Unregulated Funds) (Jersey)
Order 2008 amended
In paragraph 6(9) of
Schedule 1 to the Collective Investment Funds (Unregulated Funds) (Jersey)
Order 2008[9], in sub-paragraph (c) of the definition “public sector body”,
for “Jersey or a member state of the European Economic Community” there is
substituted “Jersey, the United Kingdom or a member state of the European
Union”.
5 Financial Services (Trust Company Business (Assets –
Customer Money)) (Jersey) Order 2000 amended
In Article 1(1) of
the Financial Services (Trust Company Business (Assets – Customer Money))
(Jersey) Order 2000[10], in the definition “approved bank”, for “in a member state of the
European Community” there is substituted “in the United Kingdom, in a member
state of the European Union,”.
6 Insurance Business (Solvency Margin) (Jersey) Order 1996
amended
In Article 1(1) of
the Insurance Business (Solvency Margin) (Jersey) Order 1996[11], after sub-paragraph (a) of the definition “recognized stock
exchange” there is inserted –
“(aa) the United Kingdom;”.
7 Citation and commencement
This Order may be cited as the European Union (United Kingdom Exit –
Financial Services) (Jersey) Order 2019 and comes into force on the
commencement of Regulation 4 of the European Union (Financial Services –
Miscellaneous Amendments) (Jersey) Regulations 2019[12].
senator i.j. gorst
Minister for External Relations