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 Services (Amendment of Schedules to Law) (Jersey) Order 2018

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 23 April 2018:

MINISTERIAL DECISION REFERENCE:    MD-C-2018-0081

DECISION SUMMARY TITLE:  Financial Services (Amendment of Schedules to Law) (Jersey) Order 2018

DECISION SUMMARY AUTHOR:

Lead Policy Adviser:  Funds, managed accounts & asset management

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Financial Services (Amendment of Schedules to Law) (Jersey) Order 2018

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

Lead Policy Adviser:  Funds, managed accounts & asset management

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Chief Minister made the Financial Services (Amendment of Schedules to Law) (Jersey) Order 2018 (the Amendment Order).

The Amendment Order amends Schedules 1 and 2 to the Financial Services (Jersey) Law 1998 (FS(J)L).  Specifically, the Amendment Order amends Schedule 1 of FS(J)L to include as an investment a ‘defined benefit scheme’ (within the meaning given by Article 130B(2) of the Income Tax (Jersey) Law 1961).

 

The Amendment Order also amends Part 1 of Schedule 2 of FS(J)L so that defined benefit schemes are a relevant ‘Investment’ in the case where a person provides ‘investment advice’ to investors or potential investors on the merits of the exercise of a right conferred by an investment to acquire, dispose of, underwrite or convert the investment.  Such regulated investment advice now extends to advice with respect to defined benefit schemes.  Defined benefit schemes will not be relevant in the case of dealing, undertaking discretionary investment management or giving advice in respect of purchase, sale, subscription for or underwriting of defined benefit schemes (which are the other investment business limbs under FS(J)L).

 

The Amendment Order will come into force three months after the day that it has been made.

 

The Jersey Financial Services Commission has provided its recommendation that the Chief Minister make the Order.

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

That the Chief Minister sign and seal the Amendment Order and it be returned to the States Greffe for immediate publication, and that the Greffier of the States be requested to arrange for the making of the Amendment Order to be notified to the States.  

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

CHIEF MINISTER

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

Back to top
rating button