Banking Business (Jersey) Law 1991

Summary

This is Jersey's principal statute governing banking and deposit-taking business, consolidated and maintained by the Jersey Financial Services Commission. It establishes the registration regime for anyone carrying on deposit-taking business in or from Jersey, sets out the Commission's supervisory and enforcement powers, and restricts the use of banking names and the disclosure of confidential information obtained under the Law.

Registration regime: Prohibits carrying on deposit-taking business without registration, and sets out the process for applying for, granting, refusing, revoking and conditioning registration, as well as display of registration certificates.
Controllers and management changes: Requires notification of new or increased control over a registered person, objection procedures for shareholder controllers, and notification of changes of director or acquisition of significant shareholdings.
Commission powers: Gives the Commission powers of intervention, information and document requests, investigation, entry in cases of suspected contravention, and the ability to issue directions, codes of practice, and public statements about registered persons.
Banking names and descriptions: Restricts the use of certain banking names and descriptions by companies and businesses, including registration and permission requirements.
Confidentiality and disclosure: Restricts disclosure of information obtained under the Law, with defined exceptions for facilitating the Commission's functions, cooperation with overseas supervisory authorities, and other permitted disclosures.
Miscellaneous obligations: Covers transfer of deposit-taking business, fees payable to the Commission, service of notices, and criminal liability of officers, aiders and abettors for contraventions.

The version summarised here is the official consolidated text current from 1 July 2026, reflecting numerous amendments since the Law's original enactment in 1991. Because the full operative text of most articles was not available for review (only the table of contents, definitions, and amendment history were provided), specific procedural details such as time limits for notifications should be verified against the full article text before relying on this summary for compliance purposes.

Key obligations

Persons must not carry on deposit-taking business in or from Jersey without being registered under the Law
Registered persons must display their registration certificate and any conditions of registration
Registered persons must notify the Commission of new or increased control, and of changes of director or similar officers
Registered persons must notify the Commission of acquisition of significant shareholdings in the registered person
Persons must not use restricted banking names or descriptions without permission where required by the Law
Auditors and approved professionals of registered persons must communicate certain matters to the Commission
Persons must not disclose restricted information obtained under the Law except as permitted by Part 4
Registered persons must comply with directions issued by the Commission and with applicable codes of practice

Applies to

banks, Jersey incorporated banks, overseas incorporated banks, registered persons (deposit-taking businesses), controllers and shareholder controllers, directors, auditors, compliance officers, money laundering compliance officers, money laundering reporting officers

Banking Business (Jersey) Law 1991

Summary

Key obligations

Applies to

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