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Financial Services (Jersey) Law 1998: Exemption of Investment Business: Law drafting instructions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 26 September 2014:

Decision Reference:        . MD-C-2014-0164

Decision Summary Title :

Drafting instructions in respect of an exemption under the Financial Services (Jersey) Law 1998 which relates to certain managed accounts

Date of Decision Summary:

26 September 2014

Decision Summary Author:

 

Financial Services Unit

Decision Summary:

Public or Exempt?

(If exempt, state clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Summary of Instructions

Date of Written Report:

26 September 2014

Written Report Author:

Financial Services Unit

Written Report :

Public or Exempt?

(If exempt, state clauses from Code of Practice booklet)

Exempt

 

Clause 3.2.1(a)(xiv)

Subject: Drafting Instructions for an exemption under the Financial Services (Jersey) Law 1998 (the “FS(J)L”).  

Decision(s): The Chief Minister approved the instruction of the Law Draftsman to prepare an exemption under the FS(J)L from the requirement to be registered to carry on investment business in respect to certain managed accounts and where certain conditions are met.

Reason(s) for Decision:  

Government and the Jersey Financial Services Commission have received representations from industry concerning the dual regulation of hedge fund managers who are required to be registered under FS(J)L to carry on both fund services business in respect of the hedge funds they manage and investment business in respect of the segregated managed accounts they manage which also utilise the same or elements of the hedge fund investment strategy.

 

A policy decision has been made to exempt those hedge fund managers from having to be registered to carry on investment business under the FS(J)L in respect of the managed accounts they manage, provided certain conditions are met.

Resource Implications:

Law Drafting time will be required to draft this proposed exemption under the FS(J)L.  There are no other resource implications for the States of Jersey as a result of this decision. 


 

 

 

 

 

Action Required:

That law drafting instructions be sent by the Financial Services Unit to the Law Draftsman requesting that an exemption under the FS(J)L be drafted.  

Signature:

 

 

 

Senator I.J. Gorst

Position:

 

 

 

Chief Minister of Jersey

Date Signed:

 

 

 

Date of Decision (If different from Date Signed):

 

 

 

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