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Collective Investment Funds (Certified Funds - Fees) (Jersey) Order 2012

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 February 2012 regarding:

Decision Reference: MD-E-2012-0022

Decision Summary Title :

Collective Investment Funds (Certified Funds - Fees) (Jersey) Order 2012 made pursuant to the provisions of the Collective Investment Funds (Jersey) Law 1988

Date of Decision Summary:

15 February 2012

Decision Summary Author:

Deputy-Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Draft Collective Investment Funds (Certified Funds-Fees) Order 2012

Date of Written Report:

15 February 2012

Written Report Author:

Deputy-Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

 

Subject:

 

Approval of the Order drawn pursuant to Article 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988.

 

Decision(s):

 

The Minister approved and made the following Order pursuant to Articles 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988:

 

Collective Investment Funds (Certified Funds - Fees) (Jersey) Order 2012 (“the Fees Order”).

 

Reason(s) for Decision:

 

Article 8 of the Collective Investment Funds (Jersey) Law 1988 contains a requirement which prevents a company, trustee or partnership from carrying on business as an unclassified fund unless it has been granted a certificate. 

 

Article 8A of the Collective Investment Funds (Jersey) Law 1988 sets out the application process for a certificate and requires, at Article 8A(2)(e) that the application be accompanied by the “prescribed fee”.

 

Article 8B of the Collective Investment Funds (Jersey) Law 1988 allows for conditions to be attached to certificates and sets out the grounds upon which a certificate may be refused or cancelled.  Article 8B(13) allows for the prescription of fees to be paid by certificate holders at prescribed intervals and on the occurrence of prescribed events.

 

Article 1 of the Collective Investment Funds (Jersey) Law 1988 confirms that ‘prescribed’ means prescribed by an Order made by the Minister for Economic Development on the recommendation of the Jersey Financial Services Commission.

 

The Jersey Financial Services Commission has recommended that the Minister for Economic Development prescribe the fees as set out in the Fees Order.

 

Resource Implications:

 

There are no financial or manpower implications arising as a result of this decision.

 

Action required:

 

The Minister to sign, date and seal the Fees Order and the Fees Order to be returned to the States Greffe without delay, with the Greffier of the States to be requested to arrange for the Order to be notified to the States.

 

Signature:

 

 

Senator AJH Maclean

Position:

 

Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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