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Financial Services (Financial Service Businesses) (Jersey) Order 200-.

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A decision made (16/07/2009) regarding: Financial Services (Financial Service Businesses) (Jersey) Order 200-.

Decision Reference:    MD-E-2009-0121 

Decision Summary Title:

Financial Services (Financial Service Businesses) (Jersey) Order 200-

Date of Decision Summary:

13 July 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title:

Financial Services (Financial Service Businesses) (Jersey) Order 200-

Date of Written Report:

13 July 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

Public

Subject: 

Financial Services (Financial Service Businesses) (Jersey) Order 200- (“the draft Order”)

Decision(s): 

The Minister made the Financial Services (Financial Service Businesses) (Jersey) Order 200- (“the draft Order”)

Reason(s) for Decision:

Following the coming into force of the Foundations (Jersey) Law 2009, the draft Order will create a new class of financial service business under the Financial Services (Jersey) Law 1998 (“the Law”) in respect of which foundations will be registered by the Jersey Financial Services Commission.  The opportunity has also been taken to consolidate the five separate Orders under which other classes of financial service business are currently prescribed. 

Resource Implications: 

There are no financial or manpower implications. 

Action required: 

The Minister to sign, date and seal the draft Order and for it to be returned to the States Greffe.

Signature:  Senator A.J.H.Maclean 

Position: Minister

Date Signed:                 

Date of Decision:              

Financial Services (Financial Service Businesses) (Jersey) Order 200-.

MINISTER FOR ECONOMIC DEVELOPMENT (“the Minister”)  

Financial Services (Financial Service Businesses) (Jersey) Order 200-

(“the draft Order”)  
 

  1. ISSUE AND RECOMMENDATION

 

  1. Following the coming into force of the Foundations (Jersey) Law 2009, the draft Order will create a new class of financial service business in respect of which foundations will be registered by the Jersey Financial Services Commission.

 

  1. It is recommended that the Minister signs, dates and seals the draft Order and that it be returned to the States Greffe.

 
 

  1. BACKGROUND

 

  1. The Foundations (Jersey) Law 2009 (“the Foundations Law”) was adopted by the States on 22 October 2008, sanctioned by Order of Her Majesty in Council on 10 June 2009 and registered by the Royal Court on 19 June 2009.  It will come into force on 17 July 2009 and will introduce foundations to Jersey for the first time.

 

  1. The Foundations Law amends the Financial Services (Jersey) Law 1998 to include the provision of services to foundations within the definition of trust company business, which is one of the types of financial service business regulated by the Jersey Financial Services Commission (“the Commission”). 

 

  1. As a result, it is necessary to amend the classes of financial service business to take account of the introduction of foundations.  This has been done by creating a new Class ‘OA’ for “Acting as or fulfilling the function of or arranging for another person to act as or fulfil the function of a member of the council of a foundation” and by making additional changes to Classes ‘F’, ‘J’ and ‘K’ to include reference to foundations.

 

  1. The opportunity has also been taken to consolidate the five existing Orders under which other classes of financial service business are currently prescribed, namely:

 

(a) Financial Services (Investment Business (Registration)) (Jersey) Order 2003

(b) Financial Services (Trust Company Business (Registration)) (Jersey) Order 2003;

(c) Financial Services (General Insurance Mediation Business (Registration)) (Jersey) Order 2005;

(d) Financial Services (Money Service Business (Registration)) (Jersey) Order 2007; and

(e) Financial Services (Fund Services Business (Registration)) (Jersey) Order 2007.

  1. The draft Order will revoke these five existing Orders and will prescribe all classes of financial service business in a single Schedule to the draft Order.

 

  1. The Commission has considered and recommended the amendment made by the draft Order.  Consultation has also taken place with Jersey Finance and no objections have been made to the change.

 
 

  1. RECOMMENDATION

 

  1. It is recommended that the Minister signs, dates and seals the draft Order and that it be returned to the States Greffe.

 
 
 
 

FINANCE INDUSTRY DEVELOPMENT EXECUTIVE

13 July 2009

 

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