Financial Services (Advertising) (Jersey) Order 2008

Summary

This Order, made under the Financial Services (Jersey) Law 1998, sets detailed content, identification and record-keeping requirements for advertisements relating to financial service business in Jersey (excluding money service business). It applies to written and broadcast advertisements issued by or on behalf of providers of financial services, and sets out exemptions for certain fund prospectuses, sponsorship statements, business-name-only ads, and overseas persons responding to unsolicited approaches.

• Identification: Advertisements must state the issuer's name, the provider's name if different, and a postal or electronic address for the provider.
• General principles: Advertisements must clearly indicate they are financial service advertisements, be clear, fair and not misleading, name the authorising authority (if any), and must not claim Commission approval of the advertisement or the service.
• Record retention: Issuers must keep copies/recordings and records of approval and dissemination of each advertisement for 10 years after it was last issued.
• Unsolicited material: Advertisements must not be issued to a person who has indicated they do not want to receive them.
• Exemptions: Certain fund prospectuses, business-name-only notices, sponsorship statements, and specified overseas-person communications are excluded from parts or all of the Order.
• Transitional relief: Pre-existing sales or marketing material finalised before the Order's commencement is exempt for the first twelve months after commencement.

The Order does not apply to money service business advertisements, and Articles 5 to 7 (identification and record-keeping) do not apply to certain communications by overseas persons responding to unsolicited approaches or continuing an existing client relationship.

Key obligations

• Advertisements must specify the name of the issuer and, if different, the name of the provider of the financial service.
• Advertisements must include a geographical or electronic address for the provider to receive correspondence about the service.
• Advertisements must make clear they are financial service advertisements, be clear, fair and not misleading, and name the authorising authority where applicable.
• Advertisements must not claim approval by the Commission of the advertisement itself or of the service advertised.
• Issuers must retain, for 10 years after the last date an advertisement was issued, a copy or recording of it plus records of issuance occasions, approvers, approval dates, and dissemination details.
• Financial service advertisements must not be issued unsolicited to a person who has indicated they do not wish to receive them from that provider.

Applies to

providers of financial service business (excluding money service business), issuers of financial service advertisements, publishers of advertisements, overseas persons advertising to Jersey clients

Deadlines

• 10 years after the last date on which the advertisement was issued: Period for which issuers must retain copies and records of financial service advertisements.
• before the first anniversary of the day when this Order comes into force: Twelve-month exemption period for pre-existing sales or marketing material finalised before commencement.

Related documents

• This document is made under Financial Services (Jersey) Law 1998
• Collective Investment Funds (Certified Funds – Prospectuses) (Jersey) Order 2012 amends this document