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Financial Services (Amendment of Schedules to Law) (No. 2) (Jersey) Order 2022: Phase 1 of Pension Regulation

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 3 March 2022

Decision Reference:  MD-ER-2022-112

Public

Subject: Execution of the Order to give effect to Phase 1 of Pension Regulation – pension investment advice

 

Report Title: Legislative Consultation on Phase 1 Pension Regulation

Public

Decision(s):

In accordance with Article 4(1)(b) of the Financial Services (Jersey) Law 1998, and on the recommendation of the Jersey Financial Services Commission, the Minister made the Financial Services (Amendment of Schedules to Law) (No. 2) (Jersey) Order 2022.

Reason for Decision(s):

The Order amends Schedules 1 and 2 of the Financial Services (Jersey) Law 1998 (the “1998 Law”) to provide that pension schemes fall under the definition of investments according to Schedule 1 of that Law.

Resource Implications: none.

 

Action Required: That the Minister sign and seal and date the Order and a copy is sent to the Legislative Drafting Office Editorial Team for publication and that the Greffier of the States make the necessary arrangements for the Order to be laid before the States.

Signature:

 

 

Signed By: Minister for External Relations and Financial Services

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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