|Department||Department for the Economy|
|Type of consultation||White paper|
|Deadline for comments||13/01/2011|
About the consultation
The legal framework for securities in Jersey requires modernisation to provide Jersey with a simplified, modern and efficient legal regime for the creation, perfection, priority and enforcement of security interests. Given the scale of the change, it was decided to progress the reform in 2 stages:
- stage 1: to address security interests in intangible movables
- stage 2: to extend this to cover security interests in tangible movables
Stage 1 has been taken forward with the adoption of Secuirty Interests (Jersey) Law by the States Assembly on 19 July 2011. This will replace the existing Security Interests (Jersey) Law 1983 following the approval of the Privy Council.
This consultation sets out the proposals regarding stage 2 of reform. As per stage 1, it follows the recommendations of one of the leading authorities in this field, Professor Sir Roy Goode QC. The provisions are based largely on elements of the latest security laws worldwide which are regarded as providing a successful and tested modern framework in this complex area, and have also been the subject of numerous judgments and substantial commentary. Download the Security Interests Stage 2 White Paper (size 201kb)
How to submit comments to the consultation
Please submit your comments by email or in writing to the Finance Industry Development Director. If you belong to a local company, you can submit comments to the Technical Director at Jersey Finance who will co-ordinate an industry response.
Responses to the consultation
There were no comments received to the consultation paper and, therefore, Government has taken forward the recommendations set out in the white paper with full consultation with the industry Steering Group.