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Plan Plus Grant for Jersey Finance.

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.

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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

  • 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

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 (26/06/2009) regarding: Plan Plus Grant for Jersey Finance.

Decision Reference: MD-E-2009-0108 

Decision Summary Title :

Plan Plus Grant for Jersey Finance

Date of Decision Summary:

24 June 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Plan Plus Grant for Jersey Finance

Date of Written Report:

June 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?  

Exempt under para. 3.2.1 (a)(ix) of the Code of Practice

Subject:    

Plan Plus Grant for Jersey Finance to commission a detailed expert analysis of the equivalence provisions with regard to non-EU territories in order to determine a strategic response.

Decision(s):  

The Minister approved the transfer of £75,000 to Jersey Finance in 2009 in addition to the core grant.

Reason(s) for Decision: 

The proposed EU Directive on Alternative Investment Fund Managers could have significant implications for Jersey’s funds industry.  This funding matches an industry contribution of approximately £75,000 and is required to commission a detailed expert analysis of the equivalence provisions with regard to non-EU territories in order to determine a strategic response. 

Resource Implications: 

There will be a one-off cost to the Economic Development Department of £75,000.  There are no manpower implications for the States. 

Action required: 

£75,000 to be allocated immediately to Jersey Finance. 

Signature: 

Senator Alan Maclean

Position: 

Minister for Economic Development

Date Signed: 

Date of Decision (If different from Date Signed): 

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