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Companies (Amendment of Law) (No.2) (Jersey) Order 2021

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.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 12 October 2021

MINISTERIAL DECISION REFERENCE:   MD-ER-2021-0053

DECISION SUMMARY TITLE:  Companies (Amendment of Law) (No.2) (Jersey) Order 2021

DECISION SUMMARY AUTHOR:

Associate Director, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Companies (Amendment of Law) (No.2) (Jersey) Order 2021

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Legislative Drafting Office

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations and Financial Services made the Companies (Amendment of Law) (No. 2) (Jersey) Order 2021 (the “Order”) pursuant to Article 1(3) of the Companies (Jersey) Law 1991 (the “Companies Law”). The Order will come into force 7 days after it is made.

The Companies Law was amended in 2014 to allow for the definition of “prospectus” to be amended by Order. The Order amends the definition of “prospectus” by aligning it to provisions found in the UK and the EU, which will ensure that the Jersey offering remains relevant and attractive, while maintaining adequate levels of consumer protection.

RESOURCE IMPLICATIONS:

There are no resource implications for the Government of Jersey as a result of this decision.

ACTION REQUIRED:

The Minister for External Relations and Financial Services signs and seals the Companies (Amendment of Law) (No. 2) (Jersey) Order 202- and it be returned to the States Greffe for immediate publication, and that the Greffier of the States be requested to arrange for the making of the Order to be notified to the States.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES

 

 

DATE SIGNED

EFFECTIVE IMMEDIATELY

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