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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Financial Services (Trust Company Business (Exemptions)) (Jersey) Order: Proposed amendment

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A decision made on 2 May 2014:

Decision Reference:   MD-C-2014-0093

Decision Summary Title :

Financial Services (Trust Company Business (Exemptions)) (Jersey) Order

Date of Decision Summary:

 May 2014

Decision Summary Author:

 

Director,

Finance Industry Development

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Report to Financial Services (Trust Company Business (Exemptions)) (Jersey) Order

Date of Written Report:

1 May 2014

Written Report Author:

Director,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject: Approval and commencement of law drafting for an amendment to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order

Decision(s): The Deputy Chief Minister approved the commencement of law drafting of the amendment to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order.

Reason(s) for Decision:

An amendment to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 (the Order) is required to clarify the meaning of certain provisions contained in the Order.

Resource Implications: There are no resource implications as a result of this decision.

Action required: The Law-Draftsman is requested to commence law-drafting of the amendment to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order.

Signature:

 

 

 

 

Position:

 

 

 

Deputy Chief Minister

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

Financial Services (Trust Company Business (Exemptions)) (Jersey) Order: Proposed amendment

 

FINANCIAL SERVICES

Chief Minister’s Department

5TH Floor, Cyril Le Marquand House, The Parade

St Helier, Jersey, JE4 8UL

Tel: +44 (0)1534 440449

e-mail: k.lemarquand2@gov.je

 

Report to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order

 

 

Summary and recommendation

 

  1. An amendment is needed to the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 (the Order). It is recommended that the Chief Minister approves the commencement of drafting based on the instructions contained in this report.

 

Background

 

  1. The paragraph in question is in Part 2 of the Schedule relating to Unlimited Exemptions, No.14 which is headed “Certain persons engaged in banking, insurance and other investment businesses.”

 

  1. In the original Order, in force from 27 November 2000, the provision read as follows:

 

 

 

  1. On 14 October 2003 the Transfer of Functions (Economic Development Committee) (Jersey) Act 2003  transferred the functions of the Finance and Economics Committee to the Economic Development Committee.   Nothing could be identified in the Report and Explanatory Note of this Act which might change the wording in the above paragraph, however in the superseded revised edition dated 21 August 2004 the paragraph read:

 

 

  1. It can be seen above that the wording “to carry on investment business” has been shifted from (d) (under which Law it is defined), to relate to all the other legislation in paragraph 14. 

 

  1. As stated above, there seems to be no specific change requested in the amending Act and this move from one line to the next changes the meaning of the entire paragraph in that it appears that only investment business is exempted and, for example, deposit taking and insurance business are not.  This wording was then carried forward through the subsequent five amendments (R&Os 113/2010, 76/2009, 54/2008, 155/2007, 133/2006) and the current wording is:

 

 

  1. The draftsman is requested to revise this order so that this provision has the same meaning as it had in 2000. 

 

Recommendation

 

  1. It is recommended that the Chief Minister approves the commencement of drafting based on the instructions contained in this report.

 

 

Director, Finance Industry Development, Financial Services

1 May 2014

1

 

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