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Private Fund and Unregulated Fund Regimes: Rationalisation and Consolidation: Consultation

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 1 August 2016:

MINISTERIAL DECISION REFERENCE:    MD-C-2016-

DECISION SUMMARY TITLE:  Consultation on the Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Funds, managed accounts and asset management

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes

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

Lead Policy Adviser, Funds, managed accounts and asset management

IS THE REPORT PUBLIC OR EXEMPT 

Public

 

DECISION AND REASON FOR THE DECISION:

The Assistant Chief Minister approved and authorised the publication of the Consultation Paper titled Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes.

 

The Consultation Paper is a joint paper to be issued by the Government of Jersey and the Jersey Financial Services Commission and consults on proposals to:

 

  1. Introduce a new Very Private Placement Fund Guide;
  2. Introduce a new multi-purpose Jersey “professional investor” definition;
  3. Introduce modern regulatory powers in the Control of Borrowing (Jersey) law 1947;
  4. Phase out COBO Only Funds; and
  5. Phase out unregulated exchange-traded funds.

As part of the continuing work to ensure that Jersey’s funds sector continues to flourish, a comprehensive jurisdictional review was undertaken to consider the future direction of Jersey’s financial services industry.  One of the initiatives recommended by the jurisdictional review was to simplify Jersey’s private and unregulated funds regimes whilst retaining flexibility and innovation. 

The proposals set out in the Consultation Paper arise from the work undertaken as part of the funds review project by a working group comprised of members from the Government of Jersey, the Jersey Financial Services Commission, Jersey Finance Limited and industry (including the Jersey Funds Association).

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

The Lead Policy Adviser, Funds, managed accounts and asset management to take steps to issue the consultation paper on the gov.je website.

SIGNATURE:

 

SENATOR PHILIP FRANCIS CYRIL OZOUF

POSITION:

 

ASSISTANT CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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