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Jersey Financial Services Commission and the Jersey Bank Depositors Compensation Board: Memorandum of Understanding

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 6 February 2013:

Decision Reference: MD-E-2013-0025

Decision Summary Title:

Memorandum of Understanding between the Jersey Financial Services Commission and the Jersey Bank Depositors Compensation Board

Date of Decision Summary:

5 February 2013

Decision Summary Author:

 

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Oral

Person Giving

Oral Report:

Director, Finance Industry Development

Written Report

Title:

N/A

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

 

N/A

Subject:

 

Memorandum of Understanding (“MOU”) between the Jersey Financial Services Commission (“JFSC”) and the Jersey Bank Depositors Compensation Board (“the Board”)

            

Decision(s)

 

The Minister, acting on behalf of the Board pursuant to Article 8A (4) of the Banking Business (Depositor Compensation) (Jersey) Regulations 2009, signed the MOU dated January 2013.

 

Reason(s) for Decision:

An MOU was previously entered into between the JFSC and the Board dated October 2010. The January 2013 MOU will supercede that MOU.

MOU’s provide a formal basis for co-operation between the JFSC and the Board, including provisions for the exchange of information which will enable the parties to more effectively perform their functions.

In September 2012 a number of legislative changes were made to the Depositors Compensation Scheme by the following propositions:

1. P78/2012  Banking Business (Depositors Compensation) (Amendment and Miscellaneous Provision) (Jersey) Regulations 201-

 

2.   P77/2012  Banking (Depositors Compensation Supplementary Provisions) (Jersey) Regulations 201-

 

3.   P76/2012  Banking Business (Amendment No. 8) (Jersey) Law 201-

 

4.   P79/2012  Bankruptcy (Désastre) (Amendment No. 6) (Jersey) Law 201-

 

These propositions changed the functioning of the Depositors Compensation Scheme and therefore the co-operation requirements between the JFSC and the Board.

 

The January 2013 MOU (see attached) makes the necessary changes to the October 2010 MOU in relation to these legislative changes.

 

Pursuant to Article 8A (4) of the Banking Business (Depositor Compensation) (Jersey) Regulations 2009, the Minister to currently carrying out the functions of the Board and therefore can sign the MOU on behalf of the Board.

 

Resource Implications:

 

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

 

Action required:

 

A copy of the MOU, signed by both parties, be kept by the department and a copy be returned to the JFSC.

 

Signature:

 

 

 

Senator AJH Maclean

Position:

Minister for Economic Development

 

Date Signed:               

 

 

Date of Decision:   

 

 

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