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Financial Services (Amendment of Schedule 2 to Law) (No. 5) (Jersey) Order 201- and Alternative Investment Funds (Amendment) (Jersey) Order 201-

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 27 March 2015:

Ministerial Decision Reference:    MD-C-2015-0040

Decision Summary Title:  Financial Services (Amendment of Schedule 2 to Law) (No.5) (Jersey) Order 201- and Alternative Investment Funds (Amendment) (Jersey) Order 201-

Decision Summary Author:

Financial Services Unit

Is the Decision Summary Public or Exempt?  

Public

Report Title:  Financial Services (Amendment of Schedule 2 to Law ) (No.5) (Jersey) Order 201- and Alternative Investment Funds (Amendment) (Jersey) Order 201-

Report Author or Name of Person Giving Report: 

Financial Services Unit

Is the Report Public or Exempt?

Public

Decision and Reason for the Decision:

The Chief Minister made the Financial Services (Amendment of Schedule 2 to Law) (No.5) (Jersey) Order 201- and Alternative Investment Funds (Amendment) (Jersey) Order 201- (together, the “draft Orders”).

The draft Orders exempt a person who has been granted a certificate, that is in force, under Article 8B of the Collective Investment Funds (Jersey) Law 1988 from the requirement to be authorised to carry on AIF Services Business under Article 2(11) of the Financial Services (Jersey) Law 1998 in respect of that fund and ensures that such a fund is also not caught as a “service provider” under Article 3(b) of the Alternative Investment Funds (Jersey) Order 2013 (AIF Order).

Resource Implications: 

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

Action Required:

That the Chief Minister sign and seal the draft Orders and they 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 Orders to be notified to the States.

Signature:

 

 

 

 

Position:

 

Chief Minister

 

 

 

 

Date Signed

 

Effective Date of the Decision

 

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