Collective Investment Funds (Certified Funds

Information about the publication of Ministerial Decisions

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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

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there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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

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

DRAFT COLLECTIVE INVESTMENT FUNDS (CERTIFIED-FEES) (JERSEY) ORDER 2012

1 THE ISSUE AND RECOMMENDATION

1.1 This Decision Summary concerns the making of the draft Collective Investment Funds (Certified Funds - Fees) (Jersey) Order 2012 (“the Fees Order”). The Fees Order prescribes fees under the Collective Investment Funds (Jersey) Law 1988 (the CIF Law”).

1.2 It is recommended that the Minister for Economic Development signs the Decision Summary, approves and makes the Fees Order and lodges documentation au Greffe at the earliest possible opportunity.

2 BACKGROUND AND SUMMARY

2.1 The CIF Law provides the administrative framework for the operation of collective investment funds (“CIFs”) within Jersey, prohibiting unauthorised persons from being functionaries of CIFs and regulating both the functionaries and the funds themselves.

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

2.3 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 an application for a certificate be accompanied by the “prescribed fee”.

2.4 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 prescribed fees to be paid by certificate holders at prescribed intervals and on the occurrence of prescribed events.

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

2.6 The Jersey Financial Services Commission has recommended that the Minister for Economic Development prescribes the fees as set out in the Fees Order. Under the Fees Order, fees will become payable:

2.6.1 upon an application for a grant of a certificate in relation to an unclassified fund;

2.6.2 upon the grant of a certificate;

2.6.3 annually, whilst a certificate is in force; and

2.6.4 upon an application for certain variations in the conditions of a certificate.

3 RESOURCE IMPLICATIONS

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

4 RECOMMENDATION

4.1 It is recommended that the Minister for Economic Development should sign the Decision Summary, approve and make the Fees Order at the earliest possible opportunity.

Deputy Director, Finance Industry Development