Financial Services (Trust Company Business (Exemptions No. 4)) (Jersey) Order 2001

Summary

This Order creates a narrow exemption from the requirement to register as a trust company business under the Financial Services (Jersey) Law 1998. It exempts a person from registration when that person provides a Article 2(4) trust company service only to another person connected with them, as defined in the Schedule.

• Who is exempt: A person providing a trust company service under Article 2(4) of the Law solely to a connected person (for example, an associate, or a company/LLC where majority voting control is held) is treated as a prescribed person and does not need to register for that activity.
• Scope of exemption: The exemption applies only in relation to Article 7 of the Law (the registration requirement); it does not remove the exempted person from other obligations.
• Continuing obligations: Even though exempt from registration, the person remains subject to Articles 12, 23 to 26, 28, and 32 to 39 and 41 of the Law as if they were a registered person, and references to registered persons in those provisions are read accordingly.

The Order has been amended over time (notably by the 2010 Exemptions Amendment and the 2022 Limited Liability Companies consequential amendments) to extend the connected persons test to limited liability companies and LLC interest holders. It is a long standing, narrowly scoped exemption instrument rather than a broad compliance regime.

Key obligations

• A person relying on the connected persons exemption must ensure the service is provided only to a person connected with them as defined in the Schedule, or the exemption from registration will not apply.
• An exempted person must continue to comply with Articles 12, 23 to 26, 28, and 32 to 39 and 41 of the Financial Services (Jersey) Law 1998 as if they were a registered person.

Applies to

trust company business providers, persons exempt from registration under Article 7(2)(a)(ii) of the Financial Services (Jersey) Law 1998, connected persons (associates, companies, and limited liability companies under common control)

Related documents

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