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Financial Services (Amendment of Law) (No. 2) (Jersey) Regulations 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.

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.

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  • 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

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A decision made (24/08/2007) regarding: Financial Services (Amendment of Law) (No. 2) (Jersey) Regulations 200-.

Decision Reference: MD-E-2007-0168

Decision Summary Title :

Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200-

Date of Decision Summary:

23 August 2007

Decision Summary Author:

James Mews

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Approval of Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200- and consequential orders

Date of Written Report:

23 August 2007

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

Approval of Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200- (“the Regulations”) and consequent Orders

Decision(s):

The Minister approved the draft Regulations and authorised their lodging ‘au Greffe’ in time for them to be taken into consideration by the States on the 9 October 2007 or at the first available sitting thereafter.

In the event that the Regulations are adopted by the States, the Minister agreed to give consideration as to whether to approve five consequential Orders within one week of the States decision.

Reason(s) for Decision:

The proposed Regulations are one of a series of changes in order to transfer the regulation of functionaries of funds from the Collective Investment Funds (Jersey) Law 1988 (the ‘CIF(J)L’) to the Financial Services (Jersey) Law 1998 (“the Law”). These changes are part of a larger set of amendments all with the purpose of regulating all financial services businesses operating in Jersey under a single law. This will increase efficiencies in both the finance industry and the Commission in accordance with the latest international standards and good practice.

 

These particular changes include the creation of a new class of business, fund services business under the Law as well as consequential and transitional provisions.

Consultation has taken place with industry who support the changes contained in the Regulations.


Resource Implications:

No measurable cost or manpower implications arise for the Commission, the States or industry.

Action required:

The Finance Industry Development Executive to arrange, in conjunction with the Greffier of the States, for the draft Regulations to be lodged ‘au Greffe’ to be taken into consideration by the States on 9 October 2007 or at the first available sitting thereafter.

Signature:

Senator Philip Ozouf

Position:

Minister for Economic Development

Date Signed:

24 August 2007

Date of Decision (If different from Date Signed):

24 August 2007

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