Jersey To Amend Trust Company Rules
Friday, April 2, 2010
The Jersey Financial Services Commission has launched a consultation
on proposed changes to trust company business exemptions with regard to
persons undertaking the activity of a director under the Financial Services
(Jersey) Law (FS(J)L) 1998.
The consultation paper will be of particular interest to:
- Individuals that act as directors, on a professional basis, of companies
that they do not beneficially own; and
- Individuals that are currently relying on ‘the connected persons
The Consultation Paper proposes the following two changes in respect 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
under the FS(J)L is triggered.
- To restrict the scope of the ‘Connected Persons’ exemption
contained in the note to paragraph 1 of the Schedule to the Financial Services
(Trust Company Business (Exemptions No 4)) (Jersey) Order 2000.
In addition, although not subject to the consultation process, the Commission
has taken this opportunity to re-publish the Guidance Note (first published
in February 2009) entitled “Natural Persons undertaking the Activity of
Acting as a Director under the Financial Services (Jersey) Law 1998”.