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Financial Services Commission (Jersey) Law 1998: Amendments: Law Drafting Instructions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 2 March 2021

MINISTERIAL DECISION REFERENCE: MD-ER-2021-0015

DECISION SUMMARY TITLE: Amendments to the Financial Services Commission (Jersey) Law 1998 and the Financial Services Commission (Financial Penalties Order) (Jersey) 2015 – request for legislative drafting

DECISION SUMMARY AUTHOR:

Associate Director of Financial Crime Strategy

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE: Amendments to the Financial Services Commission (Jersey) Law 1998 and the Financial Services Commission (Financial Penalties Order) (Jersey) 2015

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

 

IS THE REPORT PUBLIC OR EXEMPT? 

Qualified Exempt – Article 35

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations authorised the Department for the Economy to instruct the principal legislative drafter to draft amendments specifically to: 

  1. The Financial Services Commission (Jersey) Law 1998 (the ‘FSC Law’); and
  2. The Financial Services Commission (Financial Penalties Order) (Jersey) 2015 (the ‘FP Order’).

The amendments to the FSC Law and the FP Order will enable the Jersey Financial Services Commission (JFSC) to issue financial penalties to registered persons, principal persons and senior management as well as any Designated Non-Financial Businesses and Professions with respect to breaches of the Money Laundering Order (Jersey) 2008 or any of the JFSC’s Codes of Practice concerning provisions relevant to money-laundering and the financing of terrorism.

Draft legislation will be the subject of full public consultation in 2021.

RESOURCE IMPLICATIONS: 

Law drafting time will be required. There are no other resource implications for the Government of Jersey.

ACTION REQUIRED: 

Law Drafting instructions to be submitted by the Department for the Economy. 

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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