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Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 2020-

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 29 September 2020

MINISTERIAL DECISION REFERENCE: MD-ER-2020-0039

DECISION SUMMARY TITLE:  Draft Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 202- Decision to lodge “au Greffe”

DECISION SUMMARY AUTHOR:

Lead Policy Advisor, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

 

REPORT TITLE:  Draft Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 202-

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

Lead Policy Advisor, Financial Services

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations approved for lodging “au Greffe” the draft Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 202- (the ‘Draft Regulations’) together with the attached report.

The Draft Regulations are made under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 202- (the ‘Law’), adopted by the States in July 2020. Together, the Law and the Draft Regulations seek to demonstrate the jurisdiction’s compliance with Recommendation 24 of the Financial Action Task Force Standards on Combating Money Laundering and the Financial of Terrorism and Proliferation ahead of the next Moneyval assessment. The Draft Regulations specify the information to appear on the public register of significant persons, provide an application process to suppress information from the public register in specified situations and set out a process to appeal against decisions of the Jersey Financial Services Commission.

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

The Greffier of the States is requested to arrange for the draft Regulations to be lodged au Greffe for debate by the States at the earliest opportunity. The Minister requests that these draft Regulations are debated prior to the draft Limited Partnerships (Annual Additional Charge) (Jersey) Regulations 202-.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE IMMEDIATELY

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