Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

  • Choose the service you want to log in to:

  • gov.je

    Update your notification preferences

  • one.gov.je

    Access government services

  • CAESAR

    Clear goods through customs or claim relief

  • Talentlink

    View or update your States of Jersey job application

Financial Regulation (Miscellaneous Provisions No. 2) (Jersey) Law 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 28 March 2014:

Decision Reference:  MD-C-2014-0047

Decision Summary Title :

Draft Financial Regulation (Miscellaneous Provisions No. 2) (Jersey) Law 201-

Date of Decision Summary:

 28th March 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 :

Draft Financial Regulation (Miscellaneous Provisions No. 2) (Jersey) Law 201-

Date of Written Report:

 28th March 2014

Written Report Author:

Financial Services Unit

Written Report :

Public or Exempt?

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

Public

 

Subject:  Approval of the draft Financial Regulation (Miscellaneous Provisions No. 2) (Jersey) Law 201- (the “Draft Law”) for lodging.

Decision(s): The Chief Minister hereby:

         approved the Draft Law and the attached report;

         signed the statement of compatibility with the European Convention on Human Rights; and

         directed that the documents be lodged au Greffe for the States to debate the Draft Law at the earliest opportunity.

Reason(s) for Decision:  The Draft Law contains a range of proposed amendments to the following laws –

  • the Collective Investment Funds (Jersey) Law 1988;
  • the Banking Business (Jersey) Law 1991;
  • the Insurance Business (Jersey) Law 1996;
  • the Financial Services (Jersey) Law 1998;
  • the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008;
  • the Community Provisions (Wire Transfers) (Jersey) Regulations 2007; and
  • the Bankruptcy (Désastre) (Jersey) Law 1990.

Together, the changes set out in the Draft Law constitute routine maintenance of the legislation that is the basis of regulation by the Financial Services Commission (the “Commission”) of the financial services industry in Jersey and of legislation that provides the Commission with powers to supervise financial services firms, and various other businesses, for compliance with their obligations under legislation designed to counter money laundering and the financing of terrorism.

The Board of the Commissioners have provided their recommendation to the Chief Minister that the Draft Law be lodged for debate by the States.

Resource Implications:  There are no financial or manpower implications for the States of Jersey arising as a result of this decision.

Action required:  The Draft Law and attached report are to be lodged au Greffe for debate by the States at the earliest opportunity.

Signature:

  

 

 

 

 

Position:

 

 

 

 

Chief Minister of Jersey

Date Signed:

 

Date of Decision (If different from Date Signed):

 

Back to top
rating button