TRUST COMPANY BUSINESS

For what comprises "Advice" as opposed to "Arranging" in the context of Trust Company Business

For the purpose of the Financial Services (Jersey) Law 1998, "advice" is not subject to regulation whereas "arranging" is within the context of trust company business.

In this regard, the professional advice given by lawyers or accountants in private practice is outside the scope of the Law and includes:-

a) all discussions and correspondence with or on behalf of the client regarding the formation of a company to the point of signing and filing incorporation documents or, in the case of a foreign company, instructing a formation agent;

b) all discussions and correspondence with or on behalf of the client regarding the registration of a limited partnership or, in the case of a foreign limited partnership, instructing a formation and registration agent; and

c) preparing and drafting documents such as minutes, resolutions, trust instruments and partnership agreements for consideration by the client, and the preparation and delivery of execution copies of any of the same to the client or their professional advisers.

13th September 2001

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