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Collective Investment Funds (Certified Funds - Fees) (No. 2) (Jersey) Order 2012

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 25 June 2012:

Decision Reference: MD-E-2012-0073

Decision Summary Title:

Draft Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-

Date of Decision Summary:

22 Jun 2012

Decision Summary Author:

 

Deputy Director, Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-            

Date of Written Report:

22 Jun 2010

Written Report Author:

Deputy Director, Finance Industry Development

Written Report :

Public or Exempt?

 

Public

Subject:

Approval of the Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 201-drawn pursuant to Articles 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988.

 

Decision(s): The Minister approved and made the Collective Investment Funds (Certified Funds – Fees) (No. 2) (Jersey) Order 2012 (the “Fees Order”) pursuant to Articles 8A(2)(e), 8B(13) and 20 of the Collective Investment Funds (Jersey) Law 1988.

 

Reason(s) for Decision:

Article 8 of the Collective Investment Funds (Jersey) Law 1988 contains a requirement which prevents certain persons from carrying on the business of an unclassified collective investment fund unless that person has been granted a certificate in relation to the fund.

Article 8A(2)(e) of the Collective Investment Funds (Jersey) Law 1988 requires that an application for a certificate is to be accompanied by the ‘prescribed fee’.

Article 8B(13) of the Collective Investment Funds (Jersey) Law 1988 allows for the prescription of fees to be paid by certificate holders at prescribed intervals and on the occurrence of prescribed events.

Article 1 of Collective Investment Funds (Jersey) Law 1988 confirms that ‘prescribed’ means prescribed by an Order made by the Minister for Economic Development on the recommendation of the Jersey Financial Services Commission.

The Jersey Financial Services Commission has recommended that the Minister for Economic Development prescribe the fees as set out in the Fees Order.

Following a period of public consultation and agreement with the body representing the interests of those liable to pay the fees prescribed by the Fees Order, the Fees Order alters, and adds to, fees prescribed by the Collective Investment Funds (Certified Funds – Fees) (Jersey) Order 2012, which will be revoked when the Fees Order comes into force.

 

Resource Implications:

 

There are no financial or manpower resources for the States of Jersey arising from this decision.

 

The decision to make the Fees Order will result in those applying for a certificate and who are holders of certificates being liable for new and increased fees payable to the Jersey Financial Services Commission in line with the public consultation and the agreement reached with the body representing the interests of those liable for such fees.

 

Action required:

 

The Minister to sign, date and seal the Fees Order and the Fees Order to be returned to the States Greffe without delay, with the Greffier of the States to be requested to arrange for the Order to be notified to the States.

 

Signature:

 

 

 

Senator AJH Maclean

Position:

 

Minister for Economic Development

 

 

Date Signed:               

 

 

Date of Decision:                  

 

 

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