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Alternative Investment Funds (Jersey) Regulations 201- and Financial Services (Amendment of Law) (No.4) (Jersey) Regulations 201-: Lodging

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 19th Ocotber 2012:

Decision Reference: MD-E-2012-0133

Decision Summary Title :

i) Alternative Investment Funds (Jersey) Regulations 201- 

ii) Financial Service (Amendment of Law) (No.4) (Jersey) Regulations 201-

Date of Decision Summary:

18 October 2012

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

i) Alternative Investment Funds (Jersey) Regulations 201- 

ii) Financial Services (Amendment of Law) (No.4) (Jersey) Regulations 201-

Date of Written Report:

18 October 2012

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

 

Subject:

 

Approval of the following draft Regulations:

 

i)                    Alternative Investment Funds (Jersey) Regulations 201- 

ii)                   Financial Service (Amendment of Law) (No.4) (Jersey) Regulations 201-

 

Decision(s):

 

The Minister for Economic Development approved the following draft Regulations:

 

i)                    Alternative Investment Funds (Jersey) Regulations 201- 

ii)                   Financial Service (Amendment of Law) (No.4) (Jersey) Regulations 201-

 

(Together the “draft Regulations”)

 

The Minister further directed that the documents be lodged au Greffe for debate by the States at the earliest opportunity.

 

 

 

 

 

Reason(s) for Decision:

The draft Regulations are necessary to make a variety changes to the regulatory regime of funds in the island to allow Jersey to sign an international agreement as a result of European Union Directive 2011/61/EU, the Alternative Investment Fund Managers Directive (the “Directive”).  The draft Regulations are therefore proposed to be made under the European Communities Legislation (Implementation) (Jersey) Law 1996.

 

The draft Regulations provide the Jersey Financial Services Commission (the “Commission”) with additional powers in relation to certain Jersey funds.  The effect of the Regulations is that the Commission will have the regulatory powers it needs over all funds which are to be marketed into Europe in order to enable the Commission to sign the international agreement and comply with the Directive.

 

Industry has been consulted on an expedited basis in relation to the draft Regulations. At the conclusion of that consultation it was evident that industry, Jersey Finance Limited and a working group of specialist funds practitioners were all in favour of providing the Commission with the regulatory powers required to sign the international agreement. 

 

Resource Implications:

 

There are no financial or manpower implications for the States of Jersey arising as a result of this decision.

 

Action required:

 

The documents to be lodged au Greffe for debate by the States at the earliest opportunity.

 

Signature:

 

 

 

Senator Ian Gorst

Position:

 

Chief Minister acting on behalf of the

Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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