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

Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014

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A decision made 24 July 2014:

Decision Reference: MD-C-2014-0141

Decision Summary Title:

Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014

Date of Decision Summary:

 24th July 2014

Decision Summary Author:

 

Director, Financial Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014

Date of Written Report:

 24th July 2014

Written Report Author:

Director, Financial Industry Development

Written Report :

Public or Exempt?

Public

 

Subject:  Approval of the draft Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014 (the “Amending Order”).

Decision(s): The Chief Minister made the draft Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014 (the “Amending Order”).

Reason(s) for Decision: 

This Order amends the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 to clarify the meaning of the expression “registered person” used in paragraph 14 of the Schedule to the 2000 Order which deals with exemptions.

Recommendation from the Jersey Financial Services Commission

The Board of Commissioners have provided their recommendation that the Amending Order be made.

Resource Implications:  There are no financial or manpower implications for the States of Jersey arising as a result of this decision.

Action required:  The signed Order to be provided to the Publications Editor immediately, and Greffier of the States to be requested to arrange for the making of the Order to be notified to the States at the earliest opportunity.

Signature:

 

  

 

 

Position:

 

CHIEF MINISTER

Date Signed:

 

 

Date of Decision:

 

Financial Services (Trust Company Business (Exemptions)) (Amendment No. 4) (Jersey) Order 2014

 

 

FINANCIAL SERVICES

Chief Minister’s Department

 

 

Financial Services (Trust Company Business (Exemptions)) (Amendment No 4) (Jersey) Order 2014 (the “Amending Order”)

 

 

Summary and recommendation

 

  1. The Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 (the “Order”) was inadvertently amended in the revision process.  It is recommended that the Minister approves the Explanatory Note and signs the Amending Order to clarify the meaning of the Order.

 

Background

 

  1. An inadvertent error was made in the revision process which needs correcting 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. Accordingly this Amending Order has been produced to amend the provision back to its previous meaning. 

 

Recommendation

 

  1. It is recommended that the Minister approves the Explanatory Note and signs the Amending Order to clarify the meaning of the Order

 

Director, Finance Industry Development, Financial Services

24 July 2014

1

 

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