Security Interests (Jersey) Law 201-

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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
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A decision made on 26 May 2011:

Decision Reference: MD-E-2011-0081

Decision Summary Title :

Security Interests (Jersey) Law 201-

Date of Decision Summary:

24 May 2010

Decision Summary Author:

Assistant,

Finance Industry Development

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Report to Security Interests (Jersey) Law 201-

Date of Written Report:

24 May 2010

Written Report Author:

Director,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

Approval of the draft Security Interests (Jersey) Law 201- for lodging.

Decision(s):

To approve the Security Interests (Jersey) Law 201- and the attached report and to sign the declaration of compatibility with the European Convention on Human Rights and for the documents to be lodged au Greffe so as to allow the Law to be debated by the States on 19 July 2011.

Reason(s) for Decision:

This Law seeks to replace the existing and outdated Security Interests (Jersey) Law 1983 with a new and updated set of provisions relation to security interests in intangible movable property. The ability to create and manage such interests forms a vital and required mechanism in any modern financial services industry.

This Law has received widespread support, having been developed in close cooperation with the Jersey finance industry and the Jersey Financial Services Commission (“the Commission”) who has approved the legislation from a regulatory view-point. The Attorney General has confirmed that the Law is Human Rights Act compliant.

Resource Implications:

The Law provides for the development of a modern security interests register allowing registrations to be effected (and searches made) on a computer-to-computer basis. This register will be developed by the Commission and is expected to cost in the region of £150,000.

Thereafter, the Commission and the registrar will incur annual costs in running and maintaining the security interests register, which costs will be collected through appropriate fee mechanisms.

The Royal Court will have costs associated with dealing with any applications made under the Law. These costs will be off-set by the charging of court fees.

Action required:

To approve the Security Interests (Jersey) Law and the attached reports, to sign the declaration of compatibility with the European Convention on Human Rights and for the documents to be lodged au Greffe so as to allow the law to be debated by the States on 19 July 2011.

Signature:

Senator AJ Maclean

Position:

Minister for Economic Development

Date Signed:

Date of Decision (If different from Date Signed):