Collective Investment Funds (Permits) (Exemptions) (Jersey) Order 1994

Summary

This Order exempts specified categories of persons and bodies from the requirement under Article 5(1) of the Collective Investment Funds (Jersey) Law 1988 to hold a permit before carrying on collective investment fund business in Jersey. It does not impose new duties; rather it carves out entities that are already regulated elsewhere or that lack a Jersey presence.

• UK-authorized insurers: Bodies authorized under section 3 or 4 of the UK Insurance Companies Act 1982 carrying on the same insurance business in Jersey as in the UK.
• EU insurers: Bodies authorized in another EU member State to carry on insurance business there, when carrying on the same business in Jersey.
• Jersey insurance permit holders: Persons granted a permit under Article 7 of the Insurance Business (Jersey) Law 1996 for classes of insurance business specified in Part 1 of Schedule 1 to that Law.
• Friendly societies: Societies registered under the UK Friendly Societies Act 1974 (as applied to Jersey) or registered and incorporated and authorized under the UK Friendly Societies Act 1992, carrying on the same insurance business in Jersey as in the UK.
• Non-Jersey domiciled unit-issuing companies: Companies incorporated outside Jersey that do not have an established place of business in Jersey (a branch or office); having directors meet in Jersey or a manager/director/administrator ordinarily resident in Jersey does not, by itself, create an established place of business.

The Order has been amended several times since 1994, including insertion and later deletion of a provision (former Article 1AA) and insertion of the non-Jersey domiciled company exemption (Article 1A) in 2007. No filing deadlines or periodic obligations arise from this Order; it simply defines who falls outside the permit regime.

Applies to

UK-authorized insurance companies, EU member state authorized insurance undertakings, holders of permits under the Insurance Business (Jersey) Law 1996, friendly societies, non-Jersey domiciled companies issuing units

Related documents

• This document is made under Collective Investment Funds (Jersey) Law 1988