Debt Relief Legislation: Approval to prepare law-drafting instructions

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A decision made 30 January 2012:

Decision Reference: MD-C-2012-0011
Decision Summary Title :	Approval for the commencement of law drafting instructions for debt relief legislation		Date of Decision Summary:	19th January 2012
Decision Summary Author:	International Affairs		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Approval for commencement of law drafting instructions for debt relief legislation		Date of Written Report:	19th January 2012
Written Report Author:	International Affairs		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Approval for commencement of law drafting instructions for debt relief legislation
Decision(s): The Chief Minister instructed officials to prepare law-drafting instructions for legislation to limit practices that could undermine international debt relief efforts.
Reason(s) for Decision: The objective of this legislation will be to limit practices that could undermine international debt relief efforts. Jersey has a responsibility to play its part in the global effort, expressed in the UN Millennium Declaration, to support debt relief efforts intended to assist the world’s most heavily indebted poor countries. The adoption of such legislation is important for the Island’s international reputation as a responsible jurisdiction conscious of its role as an international finance centre and the contribution it makes to the well-being of the world’s developing and most heavily indebted poor countries. The maintenance of the Island’s international reputation in matters of law and commerce will be a key consideration in the preparation of law drafting instructions, prescribing legislation that strikes the correct and necessary balance between the support for international debt relief efforts and the upholding of sanctity of contract law and compliance with our human rights commitments. Article 18(3)(b) of The States of Jersey Law (2005) lists as a function of the Chief Minister “conducting external relations in accordance with the common policy agreed by the Council of Ministers”. The States of Jersey Strategic Plan 2009-2014 includes a commitment to “Strengthen international relationships, supported by legislation regulation and international agreements, in order to enhance recognition as a responsible jurisdiction committed to international standards”. In accordance with this existing common policy the Chief Minister instructs officials to prepare law drafting instructions for debt relief legislation. Law drafting instructions should be completed by the end of quarter two in 2012.
Resource Implications: There are no financial or manpower implications.
Action required: Director of International Affairs to notify the Law Draftsman of the decision in order that drafting instructions can be prepared and submitted by the end of the quarter two 2012.
Signature:		Position: Senator I.J. Gorst Chief Minister
Date Signed:		Date of Decision (If different from Date Signed):