Banking Business (Amendment No. 9) (Jersey) Law 2022

Banking Business (Amendment N o. 9 ) (Jersey) Law 2022 Contents Article 1 Banking Business (Jersey) Law 1991 amended . 3 2 Article 1 (interpretation) amended . 3 3 Article 32 (audited accounts to be open to inspection) deleted . 4 4 Schedule (transfer of deposit-taking business) amended . 4 5 Miscellaneous amendments: application of provisions to legal and natural persons 4 6 Citation and commencement . 6 Banking Business (Amendment N o. 9 ) (Jersey) Law 2022 A LAW to amend the Banking Business (Jersey) Law 1991 to extend powers to the Jersey Financial Services Commission in relation to auditors. Adopted by the States 30th March 2022 Sanctioned by Order of Her Majesty in Council 8th June 2022 Registered by the Royal Court 17th June 2022 Coming into force in accordance with Article 6 THE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law – 1 Banking Business (Jersey) Law 1991 amended This Law amends the Banking Business (Jersey) Law 1991 . 2 Article 1 (interpretation) amended In Article 1 – ( a ) for the definition “auditor” there is substituted – “ “ auditor” – ( a ) in relation to a Jersey incorporated bank or a Jersey branch, has the same meaning as “auditor” in Article 102(1) of the Companies (Jersey) Law 1991 ; and ( b ) in relation to an overseas incorporated bank, means the individual, firm or company appointed as auditor of the overseas incorporated bank;”; ( b ) after the definition “institution” there is inserted – “ “Jersey branch” means the part (if any) of an overseas incorporated bank that carries on business or a part of its business or operations at a place in Jersey and, in the case of an overseas incorporated bank that carries on any business or operations at more than one place in Jersey, means all the places in Jersey at which it carries on that business or those operations; “Jersey incorporated bank” means a registered person that is a company incorporated in Jersey under Article 3 of the Companies (Jersey) Law 1991 ; ”; ( c ) after the definition “money laundering reporting officer” there is inserted – “ “ overseas incorporated bank” means a registered person that is not a Jersey incorporated bank;”; ( d ) after the definition “registered” there is inserted – “ “ registered person” means a person registered under Article 9;”. 3 Article 32 (audited accounts to be open to inspection) deleted Article 32 is deleted. 4 Schedule (transfer of deposit-taking business) amended In paragraph 3 of the Schedule, after “independent auditor” there is inserted “(where “auditor” has the same meaning as in Article 102(1) of the Companies (Jersey) Law 1991 )”. 5 Miscellaneous amendments: application of provisions to legal and natural persons In the provision described in the first column of the following table, for the existing words specified in the 2nd column there is substituted the words specified in the 3rd column in the same row of that provision – Provision Existing words Substituted words Article 9(9) while his or her application is awaiting while awaiting Article 10(3)(b) his or her person A’s Article 14(1) his or her the person Article 14( 3A ) his or her the person Article 16(2) that he or she did not know of the acts or circumstances by virtue of which he or she that the person did not know of the acts or circumstances by virtue of which the person Article 16(2) he or she has become such a controller the person shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she the person has become such a controller the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person Article 17(7)(a) he or she the person Article 17(7)(b) he or she the person Article 20(4) if he or she proves that he or she received the advertisement for publication in the ordinary course of his or her business, that the matters contained in the advertisement were not (wholly or in part) devised or selected by the person or by any person under his or her direction or control and that he or she did not know if the person proves that the person received the advertisement for publication in the ordinary course of the person’s business, that the matters contained in the advertisement were not (wholly or in part) devised or selected by the person or by any person under the person’s direction or control and that the person did not know Article 20(6)(a) he or she the person Article 24(1)(a) he or she has notified the Commission in writing of his or her the person has notified the Commission in writing of the person’s Article 24(1)(b) his or her the person Article 24(3) his or her the person Article 24(10) if he or she shows that he or she did not know of the acts or circumstances by which , as the case may be, he or she, if the person shows that the person did not know of the acts or circumstances by which , as the case may be, the person, Article 24(11) he or she shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she, the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person, Article 25(4) that he or she did not that the person did not Article 25(4) he or she has become such a shareholder the person shall be guilty of an offence unless he or she gives the Commission written notice of the fact that he or she the person has become such a shareholder the person shall be guilty of an offence unless the person gives the Commission written notice of the fact that the person Article 26(13) his or her client the lawyer’s client Article 28(2) his or her investigation, he or she the investigation, the person Article 31(1) he or she proves that he or she the person proves that the person Article 34(1) his or her the auditor or approved professional Article 34(2) his or her the auditor’s Article 34(3) his or her the approved professional’s Article 35 his or her business in a manner satisfactory to his or her. the business in a manner satisfactory to the person’s Article 36(2) his or her business in a manner satisfactory to his or her the business in a manner satisfactory to the person’s Article 37 A ( 4) his or her the person’s 6 Citation and commencement This Law may be cited as the Banking Business (Amendment No. 9) (Jersey) Law 2022 and comes into force immediately upon the coming into force of the Banking Business (Amendment No. 7) (Jersey) Law 2011 .