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Brexit: Financial Services Legislation: Amendments: Law drafting instructions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

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A decision made 28 August 2018:

Ministerial decision reference    MD-C-2018-0134

Decision summary title   Law Drafting for Brexit related amendments to financial services legislation

Decision summary author

Lead Policy Adviser – Brexit and Financial Services

Is the decision summary public or exempt? 

Public

Report title   N/A

Report author or name of

person giving report

N/A

Is the report public or exempt?

N/A

Decision and reason for the decision

The Chief Minister approved the commencement of law drafting instructions to prepare financial services legislation for the UK’s exit from the European Union.

The drafting instructions will reflect the position that any eventual amendments to the legislation will be made under powers provided by the European Union (Repeal and Amendment) (Jersey) Law 2018.

In summary, the relevant powers in EURAL provide that the States may by Regulations make such provision as the States consider appropriate to prevent, remedy or mitigate any matter appearing to the States to amount to failure, or any other deficiency of any kind, arising from Brexit, in a relevant Jersey law.

Resource implications

There are no resource implications for the States of Jersey. 

Action required

The Lead Policy Adviser to request the Law Draftsman to draft amendments to financial services legislation.

SIGNATURE:

 

SENATOR John Le Fondré

POSITION:

 

CHIEF MINISTER

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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