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Approval of the Financial Services (Amendment No. 3) (Jersey) Law 200-.

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.

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A decision made (27/07/2007) regarding: Approval of the Financial Services (Amendment No. 3) (Jersey) Law 200-.

Subject:

Approval of the Financial Services (Amendment No.3) (Jersey) Law 200-

Decision Reference:

MD-E-2007-0144

Exempt clause(s):

 

Type of Report:

(oral or written)

Written

Person Giving Report (if oral):

 

Telephone or

e-mail Meeting?

 

Report

File ref:

 

Written report – Title

Financial Services (Amendment No.3) (Jersey) Law 200-

(the “Amendment”)

Written report – Author

(name and job title)

James Mews, Finance Industry Development Executive

Decision(s):

The Minister approves the Amendment and directs the Finance Industry Development Executive to make such steps as are necessary to lodge the Amendment before the States for debate on 11 or 25 September 2007.

Reason(s) for decision:

The changes proposed are to introduce standard regulatory provisions to bring the Financial Services (Jersey) Law 1998 into line with the requirements of the IMF, and consolidate offences relating to insider dealing and market manipulation into one Law.

The major changes are to harmonise the investigatory powers of the Commission in market abuse cases, consolidate the offences under the Law, and revise of the Commission’s powers of co-operation with overseas regulators so that they more closely follow current international standards and Jersey’s international obligations.

The proposed changes have been agreed following consultation.

Action required:

The Finance Industry Development Executive to request the Publications Editor at the States Greffe to lodge the Amendment au greffe for debate on 11 or 25 September 2007.

Signature:

Senator P.F.C.Ozouf

(Minister)

Date of Decision:

27 July 2007

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