Banking Business (General Provisions) (Jersey) Order 2002

Summary

This Jersey Order supplements the Banking Business (Jersey) Law 1991 by defining transactions and persons exempt from the deposit-taking prohibition, setting conditions attached to registration as a deposit-taker, and prescribing content requirements for deposit advertisements. It applies to registered persons (banks) under the Law, including both Jersey-incorporated and overseas-incorporated banks, as well as certain non-bank actors whose activities might otherwise fall within the deposit-taking regime.

• Exempt transactions: Certain transactions are excluded from the deposit-taking prohibition, including specified dealings by charities, industrial and provident societies, advocates and solicitors, investment dealers, and trustees.
• Exempt persons: The Channel Islands Co-operative Society Limited and Community Savings and Credit Limited are exempt persons, each subject to specific conditions set out in Schedule 1 (e.g. deposit limits, auditor statements, information and inspection rights, annual accounts).
• Registration conditions: Every registered person must not start a significant new activity without Commission consent, must remove a director, controller or manager the Commission deems not fit and proper, and must comply promptly with Commission notices under Article 26(1) of the Law.
• Overseas incorporated banks: Must appoint a Commission-approved senior officer outside Jersey and ensure the Commission is kept informed of the Jersey principal manager and deputy, notifying any change.
• Jersey incorporated banks: Must not, without Commission approval, establish or acquire an overseas representative office, branch or subsidiary, enter an overseas joint venture involving deposit-taking or banking business, or take on an exposure to one person or connected group exceeding 25% of agreed capital resources.
• Advertising control: Deposit advertisements issued in Jersey (or targeted at Jersey) by registered persons or others must comply with detailed content conditions in Schedule 2, covering deposit-taker identification, interest rate disclosures, assets and liabilities disclosures, deposit protection scheme details, and currency.

The Order has been amended several times since 2002, most recently with effect from 1 April 2026 (affecting Schedule 2's deposit protection provisions), and remains fully in force as consolidated legislation.

Key obligations

• Registered persons must not commence, without the Commission's consent, a new activity in Jersey that has or may have a significant effect on their business or profitability.
• Registered persons must remove a director, controller or manager if the Commission requires this on fit and proper grounds.
• Registered persons must comply promptly with any notice issued under Article 26(1) of the Banking Business (Jersey) Law 1991.
• Overseas incorporated banks must appoint a Commission-approved senior officer outside Jersey to ensure the bank's obligations under the Law are met.
• Overseas incorporated banks must notify the Commission within 14 days of any change of their principal manager in Jersey or that manager's deputy.
• Jersey incorporated banks must obtain Commission approval before establishing or acquiring a representative office, branch or subsidiary outside Jersey.
• Jersey incorporated banks must obtain Commission approval before participating in an overseas joint venture involving deposit-taking, banking or investment business.
• Jersey incorporated banks must obtain Commission approval before entering an exposure to one person or connected group exceeding 25% of agreed capital resources.
• Deposit advertisements issued in Jersey must comply with the content conditions in Schedule 2, including disclosure of the deposit-taker's name, address, interest terms, and deposit protection scheme coverage.
• The Channel Islands Co-operative Society must have its auditors provide an annual written statement to the Commission confirming compliance with its exemption conditions.
• Community Savings & Credit Limited must submit copies of its annual audited accounts to the Commission within 3 months of its financial year end.

Applies to

registered persons (banks), Jersey incorporated banks, overseas incorporated banks, deposit-takers, charities, industrial and provident societies, advocates and solicitors, investment dealers, trustees, exempt persons (Channel Islands Co-operative Society Limited, Community Savings & Credit Limited)

Deadlines

• within 14 days: Overseas incorporated bank must notify the Commission of any change of its principal manager in Jersey or that manager's deputy.
• within 3 months of financial year end: Community Savings & Credit Limited must submit copies of its annual audited accounts to the Commission.
• annually: The Channel Islands Co-operative Society's auditors must provide the Commission with a written statement confirming compliance with the Society's exemption conditions.

Related documents

• This document is made under Banking Business (Jersey) Law 1991