Financial Services
(Trust Company Business (Exemptions No. 5))
(Jersey) Order 2001
Official Consolidated
Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
Showing the law
from 1 January 2019 to Current
Financial Services
(Trust Company Business (Exemptions No. 5)) (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 Exemptions
A person
specified in a paragraph 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
the paragraph.
3 Variation of exemptions
(1) In
accordance with Article 4(1)(a)(i) of the Law, it is declared that the
exemption conferred by Article 2 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 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. 5)) (Jersey) Order 2001.
SCHEDULE
(Article 2)
EXEMPTIONS
1 Professional investor
regulated scheme
A functionary, in
relation to a professional investor regulated scheme, and that scheme, when
providing a service specified in Article 2(4) of the Law in respect of
that scheme.
Note: For the purposes of this paragraph “functionary”
and “professional investor regulated scheme” have the same meanings
as in Article 3 of the Financial Services
(Investment Business (Restricted Investment Business – Exemption))
(Jersey) Order 2001.
2 Restricted funds
A functionary in relation
to a restricted fund, and the restricted fund, when providing a service
specified in Article 2(4) of the Law in respect of that fund.
Note:
(1) For
the purpose of this Order “restricted fund” means a fund
constituted before this Order came into force which is not a professional
investor regulated scheme but which would be a fund within the meaning of the Collective Investment
Funds (Jersey) Law 1988 but for the fact that it
does not and does not intend to acquire capital by means of an offer to the
public of units for subscription, sale or exchange as described in that Law.
(2) For the purposes of
this paragraph “functionary” means a person who, in relation to a
restricted fund, acts as an agent or counter-party, and includes a manager,
investment manager, adviser, investment adviser, administrator, paying agent,
distributor, subscription agent, placement agent, sales agent, dealer, trustee,
custodian, custody agent, depository or general partner of the restricted fund.