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Limited Liability Companies: Consultation

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 9 October 2017:

MINISTERIAL DECISION REFERENCE:     MD-C-2017-0139 

DECISION SUMMARY TITLE:  Consultation on Limited Liability Companies

DECISION SUMMARY AUTHOR:

Lead Policy Adviser:  Funds, Managed Accounts & Asset Management

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?

Public

REPORT TITLE:  Consultation on Limited Liability Companies

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Lead Policy Adviser:  Funds, Managed Accounts & Asset Management

IS THE REPORT PUBLIC OR EXEMPT?

Public

DECISION AND REASON FOR THE DECISION:

The Chief Minister approved and authorised the publication of the consultation paper titled "Consultation on Limited Liability Companies" together with the draft Limited Liabilities Companies (Jersey) Law 201- (the “LLC Law”).

The Chief Minister’s Department is exploring an industry proposal to enact a draft law enabling the creation of limited liability companies in Jersey. The proposal was considered consistent with Government’s financial services policy framework and, in 2016, the Assistant Chief Minister approved and authorised the drafting of an LLC Law for public consultation (MD-C-20160120).

The LLC Law has now been drafted together with a consultation paper outlining the rationale for the LLC Law and inviting comments on both its content and the merits of enacting it generally.

RESOURCE IMPLICATIONS:

There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

The Lead Policy Adviser: Funds, Managed Accounts & Asset Management, is to take steps to issue the consultation paper on the gov.je website.

SIGNATURE:

 

 

POSITION:

 

Senator Ian Gorst

Chief Minister

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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