Government of Jersey

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 10 March 2017:

MINISTERIAL DECISION REFERENCE: MD – C–2017-0028
DECISION SUMMARY TITLE: Publication of feedback on consultation paper dated 1 August 2016 on the rationalisation and consolidation of Jersey’s private fund and unregulated fund regimes
DECISION SUMMARY AUTHOR:	Lead Policy Adviser, Funds, managed accounts and asset management	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Feedback on consultation paper dated 1 August 2016 on the rationalisation and consolidation of Jersey’s private fund and unregulated fund regimes (the Feedback Paper)
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)	Lead Policy Adviser, Funds, managed accounts and asset management	IS THE REPORT PUBLIC OR EXEMPT		Public
DECISION AND REASON FOR THE DECISION: The Chief Minister approved and authorised the publication of the Feedback Paper in response to the public consultation entitled ‘Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes’ (the Consultation Paper). On 1 August 2016 the Government of Jersey (Government) and the Jersey Financial Services Commission (Commission) jointly issued the Consultation Paper in connection with Phase I of the Funds Review Project. The consultation was open to the public until 21 September 2016. The consultation focussed on the rationalisation and consolidation of Jersey’s private fund and unregulated fund regimes. Specifically, the consultation paper sought views on the: 1. introduction of a Very Private Placement Fund Guide; 2. introduction of a new and universal Professional Investor Definition; 3. introduction of modern regulatory powers in the Control of Borrowing (Jersey) Law 1947; 4. phasing out of COBO Only Funds; and 5. phasing out of Unregulated Exchange-Traded Funds. The Government and Commission’s joint response to the industry feedback received and to new product developments in other jurisdictions, has subsequently resulted in the Government and the Commission adopting a revised and more simplified strategy to effect Phase I of the Funds Review Project than was originally proposed in the Consultation Paper; namely the launch of a new single private fund product to be known as the Jersey Private Fund and the introduction of new Jersey Private Fund guide. The implementation of the Jersey Private Fund will see the phasing out of Very Private Funds, Jersey Private Placement Funds, COBO Only Funds and Unregulated Exchange-Traded Funds. However existing Jersey Private Placement Funds, Very Private Funds, COBO Only Funds and Unregulated Exchange-Traded Funds may continue in operation until the end of their natural life or alternatively may convert into another fund product subject to the consent of the Commission. The Feedback Paper summarises responses to the Consultation Paper. Responses from a number of law firms, industry bodies, a limited number of trust companies and individuals were received and collated by the Chief Minister’s Department of the Government of Jersey, the Commission and by Jersey Finance Limited.
RESOURCE IMPLICATIONS: There are no resource implications for the States of Jersey as a result of this decision.
ACTION REQUIRED: The Lead Policy Adviser will take steps to issue the Feedback Paper and to circulate it to respondents and industry representatives.
SIGNATURE: SENATOR IAN GORST			POSITION: CHIEF MINISTER

DATE SIGNED			EFFECTIVE DATE OF THE DECISION

Jersey's Private Fund and Unregulated Fund Regimes - Rationalisation and Consolidation: Consultation - August 2016: Publication of Feedback

Information about the publication of Ministerial Decisions

A decision made 10 March 2017:

1. introduction of a Very Private Placement Fund Guide;

2. introduction of a new and universal Professional Investor Definition;

3. introduction of modern regulatory powers in the Control of Borrowing (Jersey) Law 1947;

4. phasing out of COBO Only Funds; and

5. phasing out of Unregulated Exchange-Traded Funds.