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. 4) (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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 17 March 2016:

Decision Reference: MD-C-2016-0025

Decision Summary Title :

Financial Regulation (Miscellaneous Provisions No. 4) (Jersey) Law 201-

 

Date of Decision Summary:

7 March 2016

Decision Summary Author:

 

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

Decision Summary:

Public or 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 :

Financial Regulation (Miscellaneous Provisions No. 4) (Jersey) Law 201-

 

Date of Written Report:

7 March 2016

Written Report Author:

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

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

Financial Regulation (Miscellaneous Provisions No. 4) (Jersey) Law 201- (the “Draft Law”)

 

Decision(s):

 

  1. 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 debate by the States at the earliest opportunity.

 

 

 

 

 

 

 

Reason(s) for Decision:

 

Making the Jersey Financial Services Commission’s fee-levying powers consistent

 

The Jersey Financial Services Commission (the “Commission”) has been granted the statutory power under Article 15 of the Financial Services Commission (Jersey) Law 1998 (and under provisions in each of the regulatory laws that the Commission administers) to require regulated businesses to pay fees.

 

Following a review of the existing statutory provisions, the need for a number of amendments have been identified to make the fee-levying provisions consistent across the regulatory laws and ensure that each regulatory law (where it does not do so already) gives the Commission the flexibility to:

 

  •        charge periodic fees (such as an annual licence fee); and

 

  •        charge discrete fees (i.e. requiring the payment of a fee for the Commission’s carrying out of a specific requested activity).

 

The Draft Law (together with an additional Order) would make the necessary amendments to the Commission’s fee-levying powers.

It is important to note that the Draft Law would make amendments only to the enabling powers.  Before the Commission could set any new or revised fee under the amended statutory provisions it would need to follow the prescribed consultation process set out in Article 15 of the Financial Services Commission (Jersey) Law 1998. As well as requiring consultation, Article 15 also provides for an arbitration mechanism (involving a panel of Jurats) should the Commission be unable to reach agreement on a proposed fee with a body that is representative of those who would be required to pay the fee. The Chief Minister is updated by the Chairman of the Commission periodically on consideration of such fee consultations by the Commission.

 

Removing unnecessary administrative provisions

 

Under all of the regulatory laws that the Commission administers, except the Banking Business (Jersey) Law 1991 (“BBJL”) and the Insurance Business (Jersey) Law 1996 (the “IBJL”), once a business has been granted a licence it remains valid until such time as it is revoked by the Commission.

 

However, under the BBJL, every registration (licence) expires on 31st January of each year. This means that every bank has to have its registration renewed annually. This results in unnecessary administrative work for both the Commission and banks. A similar situation exists under the IBJL.

 

These licence renewal provisions are unnecessary and the Draft Law will remove them.

 

Amendment to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (the “Supervisory Bodies Law”)

 

An amendment is also made by the draft Law to extend the prohibition on carrying on unauthorised business of a kind specified in Schedule 2 of the Supervisory Bodies Law to bodies, other than companies, whose registered office is in Jersey. This extension is made to ensure that there is sufficient width in the offence of carrying out unauthorised business.

 

The Board of the Commission has recommended that the Chief Minister lodges the Draft Law for debate in the States.

 

Resource Implications:

 

There are no financial or manpower costs for the States.

 

Action required:

 

The Greffier of the States is requested to ensure that the documents related to the draft Law are 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