Banking Services Act 2014 Eleventh Schedule Consequential Amendment of Enactments

THE BANKING SERVICES ACT, 2014 (Act of 2014) ARRANGEMENT OF SECTIONS I­'" PART I. Preliminary l. Short title and commencement. c' 2. Interpretation. 3. Meaning offit and proper person. PART II. Administration 4. Exercise offunctions under this Act. S. Principles to take into account when performing functions. 6. Constitution ofSupervisory Committee. 7. Functions ofSupervisory Committee. 8. Protection ofmembers ofSupervisory Committee. 9. Secrecy ofSupervisory Committee. PART III. Prohibition and Restriction on Deposil Taking 10. Restriction on deposit taking generally. II. Prohibition on shell banks. 12. Offence offraudulent misrepresentation re licence, etc. 13. Offence re indictment to place money on deposit.

]4. Restrictions on dealing with, for or on behalf ofprohibited scheme.

.., 15• Offence ofholding out to be licensee. 16. Search warrant for contraventiOn of.... Part.

10' PART IV. Restriction on use ofcertain words t , " ill name or title " \ 17. Restriction on use ofcertain words in name or title. I

The Banking Services Act, 2014 [No. 213 ELEVENTH SCHEDULE (Section 144) Consequential Amendment ofEnactments Enactment Amendment Charities Act Section 2 Delete the definition of "financial institution" and

substitute therefor the following­ " "fmancial institution" means-­ (a) a bank as defined in the Banking Services Act; (b) a merchant bank as defined in the Banking Services Act; (c) a building society as defined in the Banking Services Act; (d) a society registered under the Co-operative Societies Act and which carries on credit union business; (e) an insurance company registered under the Insurance Act; (t) a person licensed under the Bank of Jamaica Act to operate an exchange bureau; (g) a person licensed under the Securities Act as a dealer or investment adviser; (h) money transfer and remittance agents and agencies; (i) any other person declared by the Minister, by order published in the Gazette, subject to affirmative resolution, to be a financial institution for the purposes of this Act;". Companies Act Section 38 Delete from subsection (8) the words "the Banking Act, the

Financial Institutions Act" and substitute therefor the words

"the Banking Services Act".

214 [No. The Banking Services Act, 2014 Enactments Amendment Section 159 In subsection (l). delete paragraphs (a). (b), (c), (d), (e), (t), (g) and (h) and substitute therefor the following￾Part II of the Seventh Schedule. " (a) a public company; (b) a private company whose articles provide otherwise; (c) a bank as defined under the Banking Services Act; (d) a merchant bank as defined under the Banking Services Act; (e) an insurance company registered under the Insurance Act; (t) a company licensed under the Securities Act; (g) a building society as defined under the Banking Services Act; (h) a society registered under the Co-operative Societies Act and which carries on credit union business; (i) an insurance company registered under the Insurance Act; (j) a subsidiary of a company, falling within any of the categories in paragraphs (a) to (i),". l.Tn paragraph 8, delete sub-paragraphs (a) (b), (c), (d), (e) and (t) and substitute therefor the following­ " (a) a public company; (b) a bank as dermed under the Banking Services Act; (c) a merchant bank as defined under the Banking Services Act; (d) an insurance company registered under the Insurance Act; (e) a licensee under the Securities Act; (1') a building society as defined under the Banking Services Act; or

The Banking Services Act, 20J4 [No. 215 Enactments Amendment (g) a society registered under the Co-operative Societies Act.". 2. In paragraph II, delete sub-paragraphs (a) (b), (c), (d), (e) and (f) and substitute therefor the following­ " (a) a public company; (b) a bank, merchant bank or building society as defined under the Banking Services Act; (c) an insurance company registered under the Insurance Act; (d) a licensee under the Securities Act; (e) a society registered under the Co-operative Societies Act.". Deposit Insurance Act Section 2 I. In subsection (I), delete the definition of "financial insti­

tution" and substitute therefor the following­ " "financial institution" means­ (a) a bank as defined under the Banking Services Act; (b) a merchant bank as defined under the Banking Services Act; (c) a building society as defined under the Banking Services Act; (d) subject to section (3) any other person or undertaking whose business includes the accepting of deposits and who has been designated, by the Minister under section 2 of the Bank of Jamaica Act, to be a specified financial institution.". 2. In subsection (2), delete from­ (a) paragraph (b) the words "the Banking Act, Building Societies Act, the Deposit Insurance Act, the Financial Institutions Act" and substitute therefor the words "Banking Services Act, the Deposit Insurance Act"; and

216 [No. The Banking Services Act;20T4 Enactments Amendment (b) paragraph (c) the words "the Banking Act, the Deposit Insurance Act, Building Societies Act, the Financial Institutions Act" and substitute therefor the words "Banking Services Act, the Deposit Insurance Act". Section 5 In subsection (2) (b), delete the words "the Banking Act, Bank of Jamaica Act, Building Societies Act, Financial In￾stitutions Act," and substitute therefor the words "the Bank of Jamaica Act or Banking Services Act,". Financial Investigations Division Act Section 2 Delete the defmition of"fmancial institution" and substitute therefor the following­ " "fmancial institution" means­ (a) a bank as defined under the Banking Services Act; (b) a merchant bank as defmed under the Banking Services Act; (c) a building society as defined under the Banking Services Act; (d) a society registered under the Co-operative Societies Act and which carries on credit union business; (e) an insurance company registered under the Insurance Act; (f) a person licensed under the Bank of Jamaica Act to operate an exchange bureau; (g) a person licensed under the Securities Act as a dealer or investment adviser; (h) money transfer and remittance agents and agencies; (i) any other person declared by the Minister, by order subject to affirmative resolution, to be a financial institution for the purposes of this Act;".

The Banking Services Act. 2014 [No. ] 217 Enactments Amendment Insurance Act Section 2 In subsection (3)(c )(iI), delete the words "the BankingAct, the Deposit Insurance Act, the Financial Institutions Act" and substitute therefor the words "Banking Services Act, the Deposit Insurance Act". Moneylending

Act

Section 13 In subsection 0), delete from­ (a) paragraph (d) the words "licensed under the Financial Institutions Act" and substitute therefor the words "operating under the Banking Services Act as a merchant bank"; and (b) paragraph (e) the words "licensed under the Banking Act" and substitute therefor the words "operating under the Banking Services Act as a bank" Proceeds of

Crimes Act

Section 2 In subsection (1), delete th.e definition of "fmancial institu￾tion" and substitute therefor the following­ " '''fmancial institution" means­ (a) a bank as defined under the Banking Services Act; (b) a merchant bank as defined under the Banking Services Act; (c) a building society as defined under the Banking Services Act; (d) a society registered under the Co-operative Societies Act and which carries on credit union 7 business; (e) an insurance company registered under the Insurance Act; (t) a person licensed under the Bank of Jamaica Act to operate an exchange bureau;

218 [No. ] The Banking Services Act, 2014 Enactments Amendment (g) a person licensed under the Securities Act as a dealer or investment adviser; (h) money transfer and remittance agents and agencies; (i) any other person declared by the Minister, by order subject to affirmative resolution, to be a financial institution for the purposes of this Act;". Securities Act Section 2 1. In subsection (I), delete paragraph (j) ofthe definition of "securities" and substitute therefor the following­ "(j) certificates of deposit issued by banks or merchant banks;". 2. In subsection (2), delete paragraph (a) and substitute therefor the following­ "(a) a bank as defined in the Banking Services Act;"; 3. In subsection (3), delete from­ (a) paragraph (c) the words "Banking Act" and substitute therefor the words "Banking Services Act"; and (b) paragraph (d) the words "any licensee under the Financial Institutions Act" and substitute therefor the words "any merchant bank under the Banking Services Act". Section 26 Delete subsection (4)(b )(i) and substitute therefor the fol~ lowing­ "(i) a deposit taking institution under the Banking Services Act;" .

The Banking Services Act, 2014 [No. ] 219 Enactments Amendment Securities (Collective Investment Scheme) Regulations, 2013 Regulation 2 Delete paragraph (I) (b) (i) and substitute therefor the fol·

lowing­ "(i) a deposit taking institution under the Banking Services Act;". Te"orism Prevention Act Section 2 In subsection (J). delete the definition of "financial institu­

tion" and substitute therefor the following­ " "fmancial institution" means-­ (a) a bank as defined under the Banking Services Act; (b) a merchant bank as defined under the Banking Services Act; (c) a building society as defined under the Banking SmicesAct; (d) a society registered under the Co-operative Societies Act and which carries on credit union bW!iness; (e) an insurance company registered under the Insurance Act; (f) a person licensed under the Bank of Jamaica Act to operate an exchange bureau; (g) a person licensed under the Securities Act as a dealer or investment adviser; (h) money transfer and remittance agents and agencies; (i) any other person declared by the Minister. by order subject to affinnative resolution, to be a financial institution for the purposes ofthis Act;".

220 [No. The Banking Services Act, 2014 Enactments Amendment United Nations Security Council Resolutions (Implementation) Act Section 2 Delete the definition of "financial institution" and substitute therefor the following­ " "financial institution" means­ <a) a bank as defined under the Banking Services Act; (b) a merchant bank as defined under the Banking Services Act; (c) a building society as defined under the Banking Services Act; (d) a society registered under the Co￾operative Societies Act and which carries on credit union business; <e) an insurance company registered under the Insurance Act; (t) a person licensed under the Bank of Jamaica Act to operate an exchange bureau; (g) a person Iicensed under the Securities Act as a dealer or investment adviser; (h) money transfer and remittance agents and agencies; (i) any other person designated by the Minister. by order published in the Gazette. subject to affirmative

The Banking Services Act, 2014 [No. ] 221 Enactments Amendment resolution, as a financial institution . for th~ purposes of this Act;". Passed in the Honourable House ofRepresentatives with two hundred and sixty-eight (268) amendments this 4th day ofJune, 2014. MICHAEL A. PEART Speaker. Passed in the Honourable Senate with seventy-five (75) 8Jl)endrnents this 13th day ofJUIle, 2014. FLOYD E. MORRIS President. On the 18th day of June, 2014 the Honourable House of Representatives agreed to the amendments made by the Senate. MICHAEL A. PEART Speaker. This printed impression has been care­

fully compared by me with the authenticated

impression o/the/oregoing Act. and has been

found by me to be a true and correct printed

copy ifthe said Act.

;; ! , JIe.o:jt\er p.. ezu.,Ke. l ljcl;l Cleric to the Houses 0/Parliament.