Financial Services (Trust Company Business (Exemptions No. 5)) (Jersey) Order 2001

Summary

This Order is an exemption made under the Financial Services (Jersey) Law 1998. It exempts certain functionaries connected to specific types of investment schemes from the requirement to register as trust company business, when they provide the trust company business services listed in Article 2(4) of the Law in respect of those schemes.

• Professional investor regulated schemes: A functionary in relation to a professional investor regulated scheme, and the scheme itself, are exempted when providing an Article 2(4) service to that scheme. Terms take their meaning from the Financial Services (Investment Business (Restricted Investment Business Exemption)) (Jersey) Order 2001.
• Restricted funds: A functionary in relation to a restricted fund (a fund constituted before this Order came into force that would meet the Collective Investment Funds (Jersey) Law 1988 definition but for not raising capital from the public), and the fund itself, are similarly exempted. Functionary is defined broadly to include managers, investment managers, advisers, administrators, paying agents, distributors, subscription/placement/sales agents, dealers, trustees, custodians, custody agents, depositories and general partners.
• Continuing application of the Law: Even though exempted from registration, exempted persons 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.

The Order is narrow in scope: it only limits the registration requirement under Article 7 of the Law and does not remove exempted persons from the substantive conduct and supervisory provisions listed above. It remains in force with no stated expiry.

Key obligations

• Exempted functionaries and schemes/funds must continue to comply with 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 though they were registered persons, notwithstanding their exemption from registration.

Applies to

functionaries of professional investor regulated schemes, functionaries of restricted funds, managers, investment managers, advisers, investment advisers, administrators, paying agents, distributors, subscription agents, placement agents, sales agents, dealers, trustees, custodians, custody agents, depositories and general partners of restricted funds, professional investor regulated schemes, restricted funds

Related documents

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