Jersey R&O 127/2000

Financial Services (Jersey) Law 1998

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FINANCIAL SERVICES (AMENDMENT) (JERSEY) ORDER 2000

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                THE FINANCE AND ECONOMICS COMMITTEE, in pursuance of Article 4(1)(b) of the Financial Services (Jersey) Law 1998,[1] as amended, and on the recommendation of the Jersey Financial Services Commission orders as follows -

Amendment of Second Schedule to Law

                1.      The Second Schedule to the Financial Services (Jersey) Law 1998,[2] as amended,[3] is amended by inserting in Part II the following paragraph -

“Special purpose vehicle

          18.     An activity specified in Articles 2(3) and (4) carried on by a special purpose vehicle.

Note:  In this paragraph -

          ‘1958 Order’ means the Control of Borrowing (Jersey) Order 1958, as amended;[4]

          ‘partnership interest’ has the same meaning as in Article 8(3) of the 1958 Order;

          ‘relevant consent’ means the consent of the Commission given under Article 3, 4, 4A, 4B, 7(1) or 8 of the 1958 Order;

          ‘securities’ includes trust interests, shares, units, any partnership interest, bonds, notes, commercial paper, debentures, debenture stock and instruments creating or acknowledging indebtedness;

          ‘special purpose vehicle’ means a person who has obtained a relevant consent and whose sole or principal activity is to participate in a scheme or arrangement that involves -

          (a)     the making of a loan, the giving of a guarantee, or the entering into of a derivatives transaction;

          (b)     the issuing of securities;

          (c)     the securitisation, acquisition or repackaging of assets;

          (d)     a capital markets transaction;

          (e)     any other transaction the Commission may approve for the purposes of this paragraph; or

          (f)      any transaction in connection with any of the foregoing;

          ‘unit’ has the same meaning as in Article 12 of the 1958 Order.”.

Citation and commencement

                2.      This Order may be cited as the Financial Services (Amendment) (Jersey) Order 2000 and shall come into force on the twenty-seventh day of November 2000.

                By Order of the Finance and Economics Committee.

                                                                                            C.M. NEWCOMBE

Greffier of the States.

27th November 2000.