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Financial Regulation (Miscellaneous Provisions) (Jersey) Order 2014

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 28 March 2014:

Decision Reference: MD-C-2014-0057

Decision Summary Title :

Draft Financial Regulation (Miscellaneous Provisions) (Jersey) Order 201-

 

Date of Decision Summary:

 28th March 2014

Decision Summary Author:

 

Financial Services Unit

Decision Summary:

Public or Exempt?

(If 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 :

Draft Financial Regulation (Miscellaneous Provisions) (Jersey) Order 201-

Date of Written Report:

 28th March 2014

Written Report Author:

Financial Services Unit

Written Report :

Public or Exempt?

(If exempt, state clauses from Code of Practice booklet)

Public

 

Subject:  Approval of the draft Financial Regulation (Miscellaneous Provisions) (Jersey) Order 201- (the “Amending Order”).

Decision(s): The Chief Minister made the Financial Regulation (Miscellaneous Provisions) (Jersey) Order 2014.

Reason(s) for Decision:  The Amending Order contains miscellaneous amendments to the following Orders, which deal with the regulation of financial services:

 

  1. Banking Business (Appointment of Manager) (Jersey) Order 2008;
  2. The Collective Investment Funds (Appointment of Manager) (Jersey) Order 2008;
  3. The Financial Services (Appointment of Manager) (Jersey) Order 2008; and
  4. The Insurance Business (Appointment of Manager) (Jersey) Order 2008.

 

The Amending Order is intended to clarify certain aspects of each Order.  In particular, the Amending Order makes amendments to each of the Orders by widening the list of breaches of laws and codes that are to be regarded as evidence that the management of a business has been inadequate. 

 

The Amending Order also amends definitions in the Financial Services (Financial Service Business) (Jersey) Order 2009 and the Insurance Business (Solvency Margin) (Jersey) Order 1996.

 

The Amending Order shall come into force 7 days after it is made.

Recommendation from the Jersey Financial Services Commission

The Board of Commissioners have provided their recommendation to the Chief Minister that the Amending Order be made.

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

Action required:  The Chief Minister to sign, date and seal the Amending Order and for the Amending Order to be returned to the States Greffe without delay.

Signature:

 

  

 

Senator I.J. Gorst

Position:

 

 

 

Chief Minister of Jersey

Date Signed:

 

Date of Decision (If different from Date Signed):

 

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