Financial Services (Trust Company Business (Exemptions No. 6)) (Jersey) Order 2001

Summary

This Jersey Order grants a limited exemption from trust company business registration requirements under the Financial Services (Jersey) Law 1998. It applies to a person providing a service (as specified in Article 2(4) of the Law) to another person acting as a functionary in relation to a professional investor regulated scheme.

• Exemption scope: A qualifying person is treated as a prescribed person under Article 7(2)(a)(ii) of the Law when carrying on the specified trust company business, so registration is not required for that activity.
• Transitional continuation: The exemption applied until 1 August 2001, and continues after that date only if the person applied under Article 8 of the Law before 1 August 2001 for registration and that application remains undetermined.
• Determination of application: An application is treated as determined once it is granted, or, if refused, once the appeal period under Article 11(3) expires without appeal or the Court rules on an appeal made in time.
• Limited effect of exemption: The exemption is limited to Article 7 of the Law, and various other Articles (12, 23 to 26, 28, 32 to 39, 41) continue to apply to the exempted person as if they were a registered person.

The Order remains in force as part of Jersey's consolidated legislation, though its practical effect is now largely historical given the 2001 dates involved.

Key obligations

• A person relying on the exemption after 1 August 2001 must have applied under Article 8 of the Law before that date to be registered for the relevant trust company business, and that application must remain undetermined for the exemption to continue.
• A person exempted under this Order remains 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 registered.

Applies to

persons providing trust company business services, functionaries of a professional investor regulated scheme, trust company business providers

Deadlines

• 1st August 2001: Date by which the original exemption applied; after this date the exemption continues only for persons who applied for registration under Article 8 before this date and whose application remains undetermined.

Related documents

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