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Law Drafting contingency application for the Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-

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.

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A decision made (26/10/2007) regarding: Request for allocation of time from the contingency fund to enable the drafting of an Order exempting certain categories of fund from Collective Investment Funds Law (Jersey) 1998 (“the CIF Law”).

Decision Reference: MD-E-2007-0209

Decision Summary Title :

Law Drafting contingency application for Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-

Date of Decision Summary:

24 October 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 :

Law Drafting contingency application for Collective Investment Funds (Exempt Schemes or Arrangements) (Jersey) Order 200-

Date of Written Report:

24 October 2007

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

Request for allocation of time from the contingency fund to enable the drafting an Order exempting certain categories of fund from Collective Investment Funds Law (Jersey) 1998 (“the CIF Law”)

Decision(s):

The Minister for Economic Development sponsored a request that time be made available from the contingency fund for the drafting of this Order.

Reason(s) for Decision:

It is very important that the funds industry is able to offer a full product range to investors in order to remain competitive with other jurisdictions. Jersey lacks a very light touch or registration regime for those investors who are sophisticated or institutional, and industry have informed the Minister that there is a demand for such a model that provided simplicity, certainty and speed to the promoters. It is important this be introduced as early as possible to maintain Jersey’s international position.

Consultation has taken place with industry and the Commission who support the changes.

 

Resource Implications:

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

Action required:

Legislation Request Questionnaire to be completed and signed by Minister and returned to the Finance Industry Executive to ensure that the law drafting is commenced as soon as possible.

Signature: Senator P.F.C.Ozouf

Position: Minister

Date Signed:

Date of Decision (If different from Date Signed):

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