Deposit-taking business application form (Article 9, Banking Business (Jersey) Law 1991)

Summary

This is the standard application form used by any institution seeking authorisation to carry on deposit-taking business, as a primary or secondary activity, under Article 9 of the Banking Business (Jersey) Law 1991 (the BBL). It sets out the information, declarations and supporting documents an applicant must provide to the Jersey Financial Services Commission (JFSC) as part of the registration process.

• Who must use it: Any institution, whether a Jersey incorporated company or a branch, applying to become a registered deposit-taking (banking) business under the BBL.
• Form completion: Must be completed online and printed, or printed blank and filled in by hand in black ink using block capitals; failure to complete it properly may mean the application is not duly made and will not be considered.
• Signatures: Must be signed in original by at least two directors of the applicant.
• Submission package: Applicants must submit the completed paper application form, all supporting documents, and a cheque for the application fee set out in the Banking Business Fees Notice, sent to the Director, Banking Division at the JFSC's St Helier address.
• Supporting information required: A business plan covering at least a three year programme of operations, sources and types of business, a draft Business Risk Assessment under the AML/CFT Handbook, confirmation of draft AML/CFT policies and procedures, financial projections, governance and staffing structure, and outsourcing arrangements; also three years of audited financial statements for the applicant and parent companies, current year management accounts, and a Group Ownership Structure Chart.
• Declarations: Applicants declare the information is complete and accurate, acknowledge it is restricted information under Article 42 of the BBL, authorise the JFSC to make further enquiries, and accept the JFSC may seek further information or make ongoing fitness and propriety enquiries after submission and before registration.

The form warns that knowingly or recklessly providing false or misleading information in connection with the application is a criminal offence under Article 22 of the BBL, punishable by up to two years' imprisonment, a fine, or both. Applicants must also keep copies of all submitted documentation for their own records and must notify the JFSC immediately of any significant change to the information given in the application.

Key obligations

• Applicants must complete the application form in full (online and printed, or printed and completed by hand in block capitals) or risk the application being treated as not duly made
• The application form must be signed with original signatures by at least two directors of the applicant
• Applicants must submit a completed paper application form, all supporting documents, and a cheque for the applicable fee under the Banking Business Fees Notice to the JFSC's Banking Division
• Applicants must provide a business plan including a three year programme of operations, a draft Business Risk Assessment under the AML/CFT Handbook, and confirmation of draft AML/CFT policies and procedures
• Applicants must provide the last three years' audited financial statements of the applicant and parent companies, current year management accounts, and a Group Ownership Structure Chart
• Applicants must keep a copy of all submitted documentation, including the application form and supporting documents, for their own records
• Applicants must notify the JFSC immediately of any significant change to the information given in the application form
• Applicants must not knowingly or recklessly provide false or misleading information in a material particular, on pain of criminal liability under Article 22 of the BBL

Applies to

institutions seeking to be authorised to carry on deposit-taking business, Jersey incorporated companies, branches