Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000

Summary

This Order sets out categories of persons who are exempt from the requirement to register with the Jersey Financial Services Commission before carrying on trust company business under the Financial Services (Jersey) Law 1998. It divides exemptions into two groups: Part 1 limited exemptions, where certain conduct-of-business provisions of the Law still apply as if the person were registered, and Part 2 unlimited exemptions, where no such provisions apply.

• Limited exemptions (Part 1): Employee pension/share scheme trustees, executors and administrators, private trust companies (including those acting for foundations), court-appointed managers, global custodians, incidental service providers, address providers, the Jersey Post Office, managers of managed banks, connected companies, introducers, certain directors/managers (capped at 6 companies unless otherwise exempt), and liquidators/trustees in bankruptcy of registered persons.
• Unlimited exemptions (Part 2): Persons already registered/licensed under banking, insurance or investment business law when acting within that registration; persons dealing with recognized or certified collective investment funds; persons registered for fund services business; directors/managers of registered persons or their subsidiaries; liquidators/trustees in bankruptcy of non-registered persons; tuteurs, delegates and similar court-appointed representatives; registered recruitment agents; and guardians of a foundation.
• Conditions attached to private trust company exemptions: The private trust company must not solicit or provide services to the public, its administration must be carried out by a registered trust company business, and its name must be notified to the Commission.

The Order has been amended multiple times since 2000, most recently in September 2022 to reflect changes under the Limited Liability Companies (Jersey) Law 2018, but its core structure of listing prescribed exempt persons remains unchanged.

Key obligations

• A private trust company relying on the exemption (paragraphs 4 and 4A) must notify the Commission of its name in order to benefit from the exemption.
• An individual director or manager relying on paragraph 13(2) must not act as director or manager of more than 6 companies or limited liability companies to retain the exemption.
• Persons exempted under Part 1 of the Schedule remain subject to specified Articles of the Financial Services (Jersey) Law 1998 (Articles 12, 23-26, 28, 32-39 and 41) as if they were registered persons.

Applies to

trust company business providers, private trust companies, employee pension scheme trustees, employee share or debenture scheme trustees, executors and administrators, global custodians, managers of managed banks, connected companies or limited liability companies, introducers, directors and managers of companies or limited liability companies, liquidators and trustees in bankruptcy, registered persons under banking, insurance, investment or fund services law, collective investment fund functionaries, guardians of a foundation, recruitment agents

Related documents

• This document is made under Financial Services (Jersey) Law 1998