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Trusts (Jersey) Law 1984: Amendment: Consultation Response and 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 11 January 2017:

MINISTERIAL DECISION REFERENCE:    MD-C-2017-0004

DECISION SUMMARY TITLE:  Publication of Response to Public Consultation on proposed amendments to the Trusts (Jersey) Law 1984: (Amendment No. 7) and approval of instruction of Law Draftsman

DECISION SUMMARY AUTHOR:

Lead Policy Adviser: Private Wealth and Financial Crime, Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Response to Public Consultation on proposed amendments to the Trusts (Jersey) Law 1984

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

Lead Policy Adviser: Private Wealth and Financial Crime, Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT 

Public

 

DECISION AND REASON FOR THE DECISION:

The Assistant Chief Minister approved and authorised (1) the publication of the Response and Policy Paper to the Public Consultation on Proposed Amendments to the Trusts (Jersey) Law 1984; and (2) the instruction of the Law Draftsman to draft the relevant amendment to the Trusts (Jersey) Law 1984.

 

The Trusts (Jersey) Law 1984 (TJL84) has provided a successful legislative framework for the establishment of public and private trusts for over thirty years. Due to the constantly evolving nature of the finance industry, as well as developing case law, it is necessary to make amendments from time to time to ensure that Jersey remains a leading trusts jurisdiction. 

 

The Response and Policy Paper summarises responses to the public consultation entitled ‘Proposed Amendments to the Trusts (Jersey) Law 1984’, which consultation was open to the public from April to July 2016.  Responses from a number of law firms, industry bodies, a limited number of trust companies and individuals were received and collated by the Chief Minister’s Department of the Government of Jersey, and by Jersey Finance Limited.

 

Further, the Response and Policy Paper sets out the policy decisions taken by the Government as a result of the responses to the Consultation Paper and the Government’s further consideration of the points arising with the Jersey Finance Trusts Working Group, with the objective of ensuring that the TJL84 remains an appropriate legal framework for the trusts industry in Jersey.

 

Consequent on those decisions, it is necessary to instruct the Law Draftsman to draft amendments to the TJL84 to reflect the policy conclusions arising from the Consultation.  These include certain clarificatory amendments, a reworking of Article 29 of the TJL84, extension of the indemnity provisions in Article 34, widening of the options as to accumulation and distribution of trust income, and a limited widening of the power of the court to vary a trust where it is not possible to find or consult all adult beneficiaries.

 

Further details on the proposed amendments will be included in any Ministerial Decision to lodge au Greffe proposed amendments to the TJL84 in due course.

 

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

The Lead Policy Adviser will take steps to issue the Response Paper on the gov.je website, and to circulate it to respondents and industry representatives.

 

The Lead Policy Adviser will instruct the Law Draftsman to prepare draft legislation to reflect the proposed amendments to the TJL84.

SIGNATURE:

 

SENATOR PHILIP FRANCIS CYRIL OZOUF

POSITION:

 

ASSISTANT CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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