Financial Services (Trust Company Business (Exemptions No. 7)) (Jersey) Order 2001

Summary

This Jersey Order creates narrow exemptions from trust company business registration requirements under the Financial Services (Jersey) Law 1998. It excuses two specific categories of persons from having to register as trust company business providers when carrying out defined activities in defined circumstances.

• Testamentary trustees: A person who has received a grant of probate or letters of administration from the Royal Court is exempt when providing the relevant trust company business service while administering a deceased person's estate, including acting as trustee of any trust arising from that administration.
• Trustees of shares in property holding vehicles: An advocate or solicitor of the Royal Court who holds shares or LLC interests conferring exclusive occupation rights over Jersey immovable property is exempt when providing the relevant service in respect of that company, LLC, or those shares/interests.
• Continued application of core Law provisions: Persons relying on the exemption remain subject to specified Articles of the Financial Services (Jersey) Law 1998 (Articles 12, 23 to 26, 28, 32 to 39 and 41) as if they were registered persons.

The Order also contained a now-spent transitional mechanism allowing persons who applied for registration before 1 February 2002 to remain exempt pending determination of that application. As consolidated, the current version in force from 1 September 2022 reflects amendments extending the exemptions to LLC interests.

Key obligations

• Persons relying on the Schedule 2 (property holding trustee) or Schedule 1 (testamentary trustee) exemptions 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.

Applies to

testamentary trustees administering deceased estates, advocates or solicitors of the Royal Court holding shares or LLC interests in property holding companies or limited liability companies, trust company business providers exempt under this Order

Deadlines

• 1st February 2002: Date until which, and transitional point after which, the exemptions in the Schedule applied automatically; after this date continued exemption depended on having applied under Article 8 of the Law before this date for registration, with that application still undetermined.

Related documents

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