Financial Services
(Trust Company Business (Exemptions No. 3)) (Jersey) Order 2001
THE ECONOMIC DEVELOPMENT COMMITTEE, in
pursuance of Articles 4(1)(a)(i) and 7(2)(a)(ii) of the Financial Services
(Jersey) Law 1998 and on the recommendation of the Jersey Financial
Services Commission orders as follows –
Commencement [see endnotes]
1 Interpretation
(1) In
this Order –
“Commission”
means the Jersey Financial Services Commission;
“Law” means
the Financial
Services (Jersey) Law 1998.
(2) In
this Order a note contained in a paragraph of the Schedule forms part of that paragraph.
2 Exempt persons
A person
specified in a paragraph of Part 1 or 2 of the Schedule is a prescribed person
for the purposes of Article 7(2)(a)(ii) of the Law when carrying on the
trust company business specified in that paragraph in the circumstances
specified in that paragraph.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that an
exemption conferred by Article 2 and specified in a paragraph of Part 1
of the Schedule is amended so that it is limited to Article 7 of the Law.
(2) Articles 12,
23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Law shall
continue to apply to a person exempted from registration by virtue of Article 2
and specified in a paragraph of Part 1 of the Schedule as if the person
were a registered person.
(3) A
reference to registered persons in those Articles and the reference to persons
registered by the Commission in Article 5 of the Law shall be construed
accordingly.
4 Citation
This
Order may be cited as the Financial Services (Trust Company Business
(Exemptions No. 3)) (Jersey) Order 2001.
SCHEDULE[1]
(Article 2)
EXEMPTIONS
PART 1: LIMITED EXEMPTIONS
1 Private protector company or limited liability
company
A person being a company or
a limited liability company –
(a) that does not solicit from, or provide trust
company business services to the public; and
(b) that
may appoint trustees in respect of a specific trust or specific trusts pursuant
to the powers afforded the company or limited liability company in the terms of
the trust instrument or instruments establishing the trust or trusts,
when providing a service
specified in Article 2(4)(h) of the Law in respect of that trust or those
trusts.
Note: This paragraph does not have effect unless either the company or
limited liability company or the specific trust or trusts are administered by a
registered person registered to carry on trust company business.
1A Private appointer company or limited liability
company
A person being a company or
a limited liability company –
(a) that
does not solicit from, or provide trust company business services to the
public; and
(b) that
may appoint members of the council of a foundation pursuant to the powers
afforded the company or limited liability company by the charter or regulations
of the foundation,
when providing a service
specified in Article 2(4)(d) of the Law in respect of that foundation.
Note: This paragraph does not have effect unless the company or
limited liability company is administered by a registered person registered to
carry on trust company business.
2 General
partner
(1) A person –
(a) who
does not solicit from, or provide trust company business to the public; and
(b) who
is a general partner of a limited partnership formed under the Limited Partnerships (Jersey) Law 1994,
when providing a trust company business service in respect of that
limited partnership.
(2) A person –
(a) who
does not solicit from, or provide trust company business to the public; and
(b) who
is a general partner of a separate limited partnership formed under the Separate Limited Partnerships (Jersey)
Law 2011,
when providing a trust company business service in respect of that
separate limited partnership.
(3) A person –
(a) who
does not solicit from, or provide trust company business to the public; and
(b) who
is a general partner of an incorporated limited partnership formed under the Incorporated Limited Partnerships (Jersey)
Law 2011,
when providing a trust company business service in respect of that
incorporated limited partnership.
Note: Sub-paragraphs (1),
(2) and (3) do not have effect unless either the person or the partnership
concerned is administered by a registered person registered to carry on trust
company business.
2A Manager
of a limited liability company
(1) A
person –
(a) who
does not solicit, or provide trust company business to, the public; and
(b) who
is a manager of a limited liability company registered under the Limited
Liability Companies (Jersey) Law 2018,
when providing a trust
company business in respect of that limited liability company.
(2) This
paragraph does not have effect unless the person or the limited liability
company concerned is administered by a registered person registered to carry on
trust company business.
3 Agent
for the sale of trading companies, limited liability companies and partnerships
An agent who arranges the
sale, transfer or disposal of companies, limited liability companies or
partnerships, when providing a service specified in Article 2(4)(a) of the
Law in respect of a company, limited liability company or partnership that has
carried on substantial business at any time since its incorporation or
formation.
Note: This paragraph does not have effect when the service specified
in Article 2(4)(a) of the Law is provided in respect of a locally trading
company, limited liability company or locally trading partnership to which paragraph
5 applies.
4 Investment company or
limited liability company subsidiary
A company –
(a) that
is wholly owned and managed by a company or limited liability company (the
“parent company”) that is registered to carry on investment
business;
(b) whose
sole business is in relation to the parent company’s investment business;
and
(c) that
is an own nominee of the parent company,
when providing a service
specified in Article 2(4)(i) of the Law in respect of the parent
company’s investment business.
Note: In this paragraph “own nominee” has the same
meanings as in the Financial
Services (Investment Business (Client Assets)) (Jersey) Order 2001.
PART 2: UNLIMITED EXEMPTIONS
5 Agent
for the sale of trading companies, limited liability companies and partnerships
locally trading
An agent who arranges the sale, transfer or disposal of companies,
limited liability companies or partnerships, when providing a service specified
in Article 2(4)(a) of the Law in respect of a locally trading company,
locally trading limited liability company or locally trading partnership that
has carried on substantial business at any time since its incorporation or
formation.