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Consequential Orders to the Financial Services (Amendment of Law) (No. 2) (Jersey) Regulations 200-

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A decision made (13.11.07) to approve the Consequential Orders to the Financial Services (Amendment to the Law) (No.2) (Jersey) Regulations 200-

Decision Reference:   MD-E-2007-0212 

Decision Summary Title :

Consequential Orders to Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200-

Date of Decision Summary:

9 November 2007

Decision Summary Author:

 

James Mews

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Approval of Orders relating to Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200-

Date of Written Report:

9 November 2007

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

Approval of consequential Orders to Financial Services (Amendment of Law) (No 2) (Jersey) Regulations 200- (“the Regulations”)

 

 

Decision(s):

 

The Minister for Economic Development made the consequential Orders:

 

Financial Services (Investment Business (Fund Services Business Exemption)) (Jersey) Order 2007

Financial Services (Trust Company Business (Exemptions)) (Amendment No.2) (Jersey) Order 2007

The Financial Services (Funds Services Business) (Accounts, Audits and Reports) (Jersey) Order 2007

Financial Services (Funds Services Business (Registration and Fees)) (Jersey) Order 2007

Collective Investment Funds (Permits) (Exemptions) (Amendment No 2) (Jersey) Order 2007

 

 

 

Reason(s) for Decision:

 

The proposed Orders are one of a series of changes in order to transfer the regulation of functionaries of funds from the Collective Investment Funds (Jersey) Law 1988 (the ‘CIF(J)L’) to the Financial Services (Jersey) Law 1998 (“the Law”).  These changes are part of a larger set of amendments all with the purpose of regulating all financial services businesses operating in Jersey under a single law.  This will increase efficiencies in both the finance industry and the Commission in accordance with the latest international standards and good practice.

 

These particular changes include the creation of a new class of business, fund services business under the Law as well as consequential and transitional provisions.

 

Consultation has taken place with the Commission and industry through Jersey Finance.  Jersey Finance have not received any significant objections from industry to the proposed Orders.

 

 

Resource Implications:

 

No measurable cost or manpower implications arise for the Commission, or the States.

 

Action required:

 

The Minister to sign the five Orders and the Finance Industry Development Executive to deliver the Orders to the Greffe

 

 

Signature:  Senator P.F.C.Ozouf

 

 

 

Position:  Minister

 

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

 

 

 

 

 

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