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Control of Borrowing (Amendment No. 15) (Jersey) Order 2012

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 29 August 2012:

Decision Reference: MD-E-2012-100

Decision Summary Title:

Draft Control of Borrowing (Amendment No. 15)  (Jersey) Order 201-

Date of Decision Summary:

24th August 2012

Decision Summary Author:

 

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft Control of Borrowing (Amendment No. 15)  (Jersey) Order 201-

Date of Written Report:

24th August 2012   

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

 

Public

Subject:

Approval of the Control of Borrowing (Amendment No. 15)  (Jersey) Order 201- drawn pursuant to Article 2 of the Control of Borrowing (Jersey) Law 1947.

Decision(s): The Minister approved and made the Control of Borrowing (Amendment No. 15) (Jersey) Order 2012 (the “Amending Order”) pursuant to Article 2 of the Control of Borrowing (Jersey) Law 1947 (the “1947 Law”).

 

Reason(s) for Decision:

Article 2 of the 1947 Law provides that the Minister for Economic Development may, on the recommendation of the Jersey Financial Services Commission (the “Commission”), make Orders for regulating various transactions and acts.

The Control of Borrowing (Jersey) Order 1958 (the “CoB Order”) was made in pursuance of Article 2 of the 1947 Law. Inter alia, it provides that the prior consent of the Commission must be obtained for any of a range of activities including the issue by a body corporate of shares in, or securities of that body corporate; the issue of units in a unit trust; the creation of interests in certain types of partnership; the raising of money in the Island; and the circulation of prospectuses.

Article 2(2) of the 1947 Law states that an Order made under Article 2 may make provision requiring the payment of fees published by the Commission in accordance with Article 15(5) of the Financial Services Commission (Jersey) Law 1998.

To date, the CoB Order has not made any provision for fees to be paid. The Amending Order will allow the Commission to require the payment of fees with an application for the grant of any of the various consents, with details of the amounts of such fees, and the particular applications with which they are to be paid, being published by the Commission.

Article 15 of the Financial Services Commission (Jersey) Law 1998 requires that before publishing a fee, the Commission must first publish a report, for at least 28 days, that sets out the details of the proposed fee and the duty or power in respect of which the fee is to be determined.  The Article also sets out the arrangements for resolution of any disagreement arising from such consultation.

The Commission has recommended that the Minister makes the Amending Order. The Deputy Chief Minister is making this decision under delegated authority as per MD-C-2012-0081.

 

Resource Implications:

 

There are no financial or manpower implications arising as a result of this decision.

 

Action required:

 

The Minister to sign, date and seal the Amending Order and the Amending Order to be returned to the States Greffe without delay, with the Greffier of the States to be requested to arrange for the Amending Order to be notified to the States.

 

Signature:

 

 

 

Senator Ian Le Marquand

Position:

 

Deputy Chief Minister

 

 

Date Signed:               

 

 

Date of Decision:                  

 

 

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