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Financial Services (Disclosure and Provision of Information) (Jersey) Law: Publication of consultation on secondary legislation

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 23 July 2020

MINISTERIAL DECISION REFERENCE:    MD-ER-2020-0022

DECISION SUMMARY TITLE:  Publication of consultation on secondary legislation under the Financial Services (Disclosure and Provision of Information) (Jersey) Law

DECISION SUMMARY AUTHOR:

Lead Policy Advisor, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

 

REPORT TITLE:  Consultation on secondary legislation under the Financial Services (Disclosure and Provision of Information) (Jersey) Law

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

Lead Policy Advisor, Financial Services

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations approved and authorised the publication of the consultation paper on secondary legislation under the Financial Services (Disclosure and Provision of Information) (Jersey) Law. The secondary legislation seeks to supplement the Law by ensuring compliance with requirements of the Financial Action Task Force (FATF) International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the 2012 Recommendations).

The secondary legislation specifies the information to be provided to the Jersey Financial Services Commission (the Commission), whether information shall be made public, how to apply to suppress information from the register and for appeals against decisions of the Commission. These provisions will aid in demonstrating compliance with Recommendation 24 at the next Moneyval assessment.

 

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

The Lead Policy Advisor, Financial Services is to arrange for the consultation paper to be published on the Government of Jersey website.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE IMMEDIATELY

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