Financial Services (Amendment) (Jersey) Law 2002

Jersey Law 5/2002 FINANCIAL SERVICES (AMENDMENT) (JERSEY) LAW 2002 ____________ A LAW to amend further the Financial Services (Jersey) Law 1998, sanctioned by Order of Her Majesty in Council of the 11th day of DECEMBER 2001 ____________ (Registered on the 4th day of January 2002) ____________ STATES OF JERSEY ____________ The 30th day of October 2001 ____________ T HE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law - ARTICLE 1 In this Law, “the principal Law” means the Financial Services (Jersey) Law 1998, [1] as amended . [2] ARTICLE 2 In Article 23(2) of the principal Law [3] for the words “a person has entered into any transaction in contravention of any of the provisions of Article 6 or 27,” there shall be substituted the words “a person, by entering into any transaction, has contravened Article 6, or entered into any transaction with another party who was induced to enter the transaction as a result of the person’s contravening Article 27,”. ARTICLE 3 For Article 33 of the principal Law [4] there shall be substituted the following Article - “ARTICLE 33 Co-operation with relevant supervisory authority (1) The following powers may be exercised (by the officer or person specified in the relevant provision) in order to assist a relevant supervisory authority - (a) the power to refuse or revoke a registration under paragraph (1) of Article 8; (b) the power to impose, revoke or vary conditions pursuant to paragraph (2) of Article 9; (c) on the application of the Commission, the powers under Article 23 (Powers of intervention); (d) the powers relating to information and documents under Article 29; (e) the powers under Article 30 (Investigations on behalf of the Commission); (f) the powers under Article 31 (Entry and search of premises); (g) communication by the Commission to the relevant supervisory authority of information that is in the possession of the Commission, whether or not as a result of the exercise of any of the above powers. (2) The Commission shall not exercise the power referred to in sub-paragraph (g) of paragraph (1) unless satisfied that the relevant supervisory authority will treat the information communicated with appropriate confidentiality and that - (a) the power is exercised in order to assist the authority in the exercise of its supervisory functions; or (b) the exercise of the power has been requested by the authority and requested only for the purposes of obtaining assistance for the authority in the exercise of one or more of its supervisory functions. (3) The other powers referred to in paragraph (1) shall not be exercised by virtue of this Article unless the Commission is satisfied that the exercise has been requested by the relevant supervisory authority and requested only for the purposes of obtaining assistance for the authority in the exercise of one or more of its supervisory functions. (4) In deciding whether to exercise a power by virtue of this Article, the following factors (among others) may be taken into account - (a) whether corresponding assistance would be given in that country or territory to the Commission; (b) whether the case concerns the possible breach of a law, or other requirement, which has no close parallel in the Island or involves the assertion of a jurisdiction not recognized by the Island; (c) the seriousness of the case and its importance in the Island and whether the assistance could be obtained by other means; (d) whether it is otherwise appropriate in the public interest to give the assistance. (5) The exercise of powers by virtue of this Article may be refused unless the relevant supervisory authority undertakes to make such contribution towards the costs of its exercise as the Commission considers appropriate. (6) For the purposes of this Article - (a) a reference - (i) in paragraph (2) of Article 29 or paragraph (4) of Article 30 to a contravention of paragraph (1) of Article 6 or a contravention of Article 27; or (ii) in paragraph (1) of Article 31 to a contravention of a type referred to in paragraph (2) of Article 29, shall include a reference to a contravention (committed at any time, including a time before the enactment of this Law) of a law of a country or territory outside the Island constituted by an act, or omission, that, if it arose in the Island, would constitute (at the time when the relevant request referred to in paragraph (3) was received) a contravention of paragraph (1) of Article 6, or a contravention of Article 27, as in force at the latter time; and (b) a reference in paragraph (7) of Article 29 or paragraph (4) of Article 31 to proceedings shall include a reference to proceedings outside the Island. (7) For the purposes of this Article, a reference (however expressed or implied) in Article 6 or 27 (or in any provision necessary for the interpretation of that Article) to Jersey, or to any class of person, any qualification or any provision, shall be construed, in the application of that Article to a contravention of a law of a country or territory outside the Island, as a reference to that country or territory, or to an equivalent class of person, qualification or provision, in terms of the law of that country or territory. (8) The exercise of a power under any provision shall be no less an exercise of that power under that provision because it is exercised by virtue of this Article, and this Law (and any other law that applies when a power is exercised directly under that provision) applies also when that power is exercised by virtue of this Article . ”. ARTICLE 4 From Article 35(1)(i) of the principal Law [5] the words “subject to sub-paragraph (g) of paragraph (1) of Article 33,” shall be deleted. ARTICLE 5 In Article 38(5A) of the principal Law [6] for the words “paragraph (4) or (4A)” there shall be substituted the words “paragraph (3), (4) or (4A)”. ARTICLE 6 (1) This Law may be cited as the Financial Services (Amendment) (Jersey) Law 2002. (2) This Law shall come into force on such day as the States may by Act appoint. (3) Anything that could have been done, or completed, under a provision of the principal Law before its amendment or substitution by this Law may be done, or completed, under the provision as so amended or under the substitute provision. A.H. HARRIS Assistant Greffier of the States. [1] Volume 1998, page 507. [2] Volume 1999, pages 413, 420 and 527, Volume 2000, pages 705 and 716 to 745 and R & Os 9402 and 127/2000. [3] Volume 1998, page 547. [4] Volume 1998, page 564 and Volume 2000, page 733. [5] Volume 1998, page 567. [6] Volume 1998, page 572 and Volume 2000, page 705.