PRESS RELEASE 29 November 2010
AMENDMENT TO SECONDARY LEGISLATION IN RESPECT
On the 17 November 2010, the States of Jersey passed amending legislation with respect to the Financial Services (Jersey) Law 1998. The following two changes are in relation to trust company business exemptions and are contained within the Financial Services (Trust Company Business) (Exemptions Amendment No 2) (Jersey) Order 2010. The two amendments are as follows:
OF TRUST COMPANY BUSINESS EXEMPTIONS
- To present a new exemption that introduces de minimis provisions which will allow an individual to hold a maximum of six directorships (in addition to any that would otherwise be exempt) before the need to register is triggered).1
In addition, the Commission has taken this opportunity to re-publish the Guidance Note (first published in February 2009 and amended in March 2010) entitled “Natural Persons undertaking the Activity of Acting as a Director under the Financial Services (Jersey) Law 1998”.
- To restrict the scope of the ‘Connected Persons’ exemption contained in paragraph 1 of the Schedule to the Financial Services (Trust Company Business (Exemptions No 4)) (Jersey) Order 2001.2
The above mentioned amendments reflect the results of a consultation process that concluded with the publication of a Feedback Paper in September 2010.
- Ends -
For further information please contact: -
Debbie Sebire - Director, Trust Company Business
Tel: + 44 (0) 1534 822113
Fax: + 44 (0) 1534 822002
1The de minimis provisions came into force on 24 November 2010.
2 The amendment to the Connected Person exemption will come into force on 17 February 2011.