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Companies (Transfers of Shares - Exemptions) (Jersey) Order 2014

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 24 September 2014:

Decision Reference: MD-C-2014-0155

Decision Summary Title :

Companies  (Transfers of Shares – Exemptions) (Jersey) Order 201-

 

Date of Decision Summary:

22 September 2014

Decision Summary Author:

 

Financial Services Unit

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

N/A

Person Giving

Oral Report:

N/A

Written Report

Title :

N/A

 

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

N/A

Subject:  

Making of the Draft Companies (Transfers of Shares – Exemptions) (Jersey) Order 201- 

 

Decision(s):

The Chief Minister made the Draft Companies (Transfers of Shares – Exemptions) (Jersey) Order 201- (the “Draft Order”).

 

BTLG4-31215181-1


 

 

Decision Summary

Reason(s) for Decision:

The Draft Order provides an exemption from Articles 42(1) and 50(1) of the Companies (Jersey) Law 1991 (the “Companies Law”) in relation to the transfer of shares in Jersey companies where the shares are listed on certain approved exchanges. 

 

The Draft Order is required, inter alia, because the Companies (Uncertificated Securities) (Jersey) Order 1999 relating to the transfer of uncertificated securities was designed with the intention of facilitating transfers via systems with specific characteristics.  The Draft Order would have the effect, inter alia, of extending the exemption from Article 42(1) of the Companies Law to securities traded electronically on an increased number of stock exchanges with safeguards including that such transfers must be made in accordance with the relevant laws, and the rules and regulations of, the approved stock exchange on which the shares are listed. 

 

The Jersey Financial Services Commission has been consulted in accordance with Article 219(1A) of the Companies Law and has no objections to the Draft Order being made.

 

Jersey Finance Limited has been fully consulted and has disseminated the Draft Order to relevant lawyers who it understands have an interest and expertise in this area.  The responses received were categorically supportive of the Draft Order.

 

Resource Implications:

There are no financial or manpower costs for the States.

 

Action required:

That the Minister sign and seal the Draft Order and request the Greffier of the States to make the necessary arrangements for the Draft Order to be laid before the States.

 

Signature:

 

 

 

Senator I.J. Gorst

 

Position:

 

Chief Minister of Jersey

 

Date Signed:

 

 

 

Date of Decision (If different from Date Signed):

 

 

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