Reform of Jersey Law relating to security interests in movable property: White Paper

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A decision made 10 November 2011:

Decision Reference: MD-E-2011-0190

Decision Summary Title :

White Paper on the reform of Jersey law relating to security interest in movable property – Stage 2: extension to tangible movables

Date of Decision Summary:

November 2011

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

White Paper on the reform of Jersey law relating to security interest in movable property – Stage 2: extension to tangible movables

Date of Written Report:

November 2011

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

Subject:

Reform of Jersey Law relating to security interests in movable property: white paper.

Decision(s):

The Minister approved the publication of the white paper concerning security interests in movable property and agreed that it should be presented to the States as part of a public consultation ending on Friday 13th January 2012.

Reason(s) for Decision:

The legal framework for securities in Jersey requires modernisation to provide Jersey with a simplified, modern and efficient legal regime for the creation, perfection, priority and enforcement of security interests. Given the scale of the change, it was decided to progress the reform in two stages: stage one to address security interests in intangible movables; and stage two, to extend this to cover security interests in tangible movables.

The first stage is almost complete, with the draft Security Interests (Jersey) Law 201- being approved by the States Assembly on 19th July 2011 and awaiting Privy Counsel approval. Therefore, it is now necessary to consult on stage two of reform.

Resource Implications:

There are no cost or manpower implications for the States.

Action required:

The Economic Development Department is to take such steps as are necessary for the White Paper to be published on the States website. The Greffier of the States is requested to arrange for the White Paper to be presented to the States.

Signature:

AJH Maclean

Position:

Minister for Economic Development

Date Signed:

Date of Decision (If different from Date Signed):

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