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Companies (Transfers of Shares - Exemptions) (Amendment No. 3) (Jersey) Order 2017

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 28 February 2017:

MINISTERIAL DECISION REFERENCE:    MD-C-2017-0025

DECISION SUMMARY TITLE:  Companies (Transfers of Shares – Exemptions) (Amendment No. 3) (Jersey) Order 201-

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Funds, managed accounts and asset management

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

 

REPORT TITLE:  N/A

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

N/A

IS THE REPORT PUBLIC OR EXEMPT 

N/A

DECISION AND REASON FOR THE DECISION:

The Chief Minister made the Companies (Transfers of Shares – Exemptions) (Amendment No. 3) (Jersey) Order 2017 (the Amendment Order).

The Amendment Order amends the Companies (Transfer of Shares – Exemptions) (Jersey) Order 2014 (the Exemption Order) to add as an approved stock exchange the Stock Exchange of Mauritius (in respect only of its market known as the ‘Official Market’).  The effect of the Exemption Order, as amended by the Amendment Order, is that a Jersey company listed on an “approved stock exchange” (which includes the Official Market of the Stock Exchange of Mauritius) is exempt from Article 42 of the Companies (Jersey) Law 1991 (Companies Law), which requires an instrument of transfer of shares in writing to be delivered to the company in order for the transfer to be registered, and is also exempt from Article 50(1) of the Companies Law to produce a certificate in respect of allotments or transfers of its shares within 2 months.  The exemption is provided for on the basis that a transfer of shares is made to or from an approved central securities depositary or by means of a computer system which has been approved by the competent authority that has also approved the central securities depositary.

 

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

 

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

That the Chief Minister sign and seal the Amendment Order and it be returned to the States Greffe for immediate publication, and that the Greffier of the States be requested to arrange for the making of the Amendment Order to be notified to the States.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

CHIEF MINISTER

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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