Finance Industry: Regulatory Legislation: Maintenance: Law drafting instructions

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A decision made 30 September 2016:

Ministerial decision reference MD-C-2016-0105
Decision summary title Law drafting instructions for routine maintenance of the laws that regulate the finance industry
Decision summary author	Director, Finance Industry Development, Financial Services Unit	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 Assistant Chief Minister acting under delegated powers from the Chief Minister approved the commencement of law drafting for routine maintenance of regulatory laws for the finance industry. The law drafting instructions constitute ‘maintenance amendments’ to the regulatory laws in order to address issues that have been identified by the Jersey Financial Services Commission (“JFSC”) in the course of its day-to-day use of the laws. The amendments would: Enhance the ability of the JFSC to disclose restricted information to other regulatory and professional bodies, in appropriate circumstances, where it would assist such bodies to carry out their supervisory functions. Address lacunae in the statutory provisions that apply to “principal persons” of regulated businesses, so that the provisions consistently apply to liquidators and administrators of a bankrupt business’s affairs. Address inconsistencies in the laws. Remove redundant statutory provisions and correct typographical errors.
Resource implications There are no resource implications for the States of Jersey.
Action required The Director, Finance Industry Development, Financial Services Unit to request the Law Draftsman to draft the changes in order to consult on the proposed changes with industry.
Signature			Position Senator P F C Ozouf Assistant Chief Minister

Date signed			Effective date of the decision