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Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 2022

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 19 April 2022

Decision Reference:  MD-ER-2022-316

Public

Subject: Financial Services Commission (Financial Penalties) (Amd No.2) (jersey) Order 2022

 

Report Title: Financial Services Commission (Financial Penalties) (Amd No.2) (jersey) Order 2022

Public

Decision(s):

The Minister made the Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 2022 and requested that it be laid before the States

Reason for Decision(s):

The Minister for External Relations and Financial Services made this Order under Articles 21B and 22 of the Financial Services Commission (Jersey) Law 1998 and after having consulted the Jersey Financial Services Commission. This Order amends the Financial Services Commission (Financial Penalties) (Jersey) Order 2015 (the “principal Order”) to make changes regarding the calculation of the  maximum level of penalty that may be imposed on a person by the Commission, and the persons on whom the maximum penalty may be imposed. These changes are consequential to the changes made to the Financial Services Commission (Jersey) Law 1998 (the “Law”) by the Financial Services Commission (Amendment No. 8) (Jersey) Law 202- and would come into force on the same day.

Resource Implications: None.

 

Action Required: The Private Secretary to: 1. notify the Greffier of the States that the Order has been made and request that the States be notified; and 2. deliver the signed and sealed Order to the Publications Editor of the States Greffe.

Signature:

 

 

Signed By: Minister for External Relations and Financial Services

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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