Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000

Summary

This Order exempts certain categories of persons from the requirement to register under the Financial Services (Jersey) Law 1998 when carrying on trust company business, provided they fall within specific circumstances set out in the Schedule. Exempted persons remain subject to a defined set of the Law's provisions (as if they were registered persons), covering matters such as conduct and enforcement articles.

• Overseas persons: A person with no place of business in Jersey and not a Jersey-incorporated company or Jersey-registered limited liability company is exempt when carrying on trust company business, but may not hold out in Jersey as willing to undertake such business except for existing customers or clients.
• Unit holding nominee companies: A nominee company wholly owned and managed by a permit or certificate holder under the Collective Investment Funds (Jersey) Law 1988 is exempt in respect of units covered by that permit.
• Electronic communications service providers: Exempt when providing a service specified in Article 2(4)(g) of the Law as part of their electronic communications service business.
• Experienced personal advisers: A person recognized by the Commission as having substantial relevant trust company business experience is exempt when continuing to provide a relevant personal service they were already providing before the Order commenced, and may also carry on additional specified services if separately authorized by the Commission on application.

Although exempted from registration, persons relying on these exemptions remain bound by a specified list of Articles of the Financial Services (Jersey) Law 1998 (Articles 12, 23 to 26, 28, and 32 to 39 and 41) as if they were registered persons.

Key obligations

• Persons exempted under Article 2 remain subject to Articles 12, 23, 24, 25, 26, 28, 32, 33, 34, 35, 36, 37, 38, 39 and 41 of the Financial Services (Jersey) Law 1998 as if they were registered persons
• An overseas person relying on the exemption must not hold out in Jersey as willing to undertake trust company business except in respect of an existing customer or client
• A person seeking recognition as an experienced personal adviser must apply to the Commission for recognition of substantial relevant trust company business experience
• An experienced personal adviser wishing to carry on additional specified services beyond those provided before commencement must obtain separate authorization from the Commission on application

Applies to

overseas persons carrying on trust company business, unit holding nominee companies, electronic communications service providers, experienced personal advisers, trust company business registrants generally

Related documents

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