Draft Foundations (Continuance) (Jersey) Regulations 200- ("the Continuance Regulations") for lodging and draft Foundations (Amendment No. 1) (Jersey) Regulations 200- ("the Amendment"): approval.

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A decision made (01/06/2009) regarding: Draft Foundations (Continuance) (Jersey) Regulations 200- ("the Continuance Regulations") for lodging and draft Foundations (Amendment No. 1) (Jersey) Regulations 200- ("the Amendment"): approval.

Decision Reference: MD-E-2009-0090
Decision Summary Title :	Lodging of Foundations Continuance Regulations and Foundations Amendment to Law		Date of Decision Summary:	1 June 2009
Decision Summary Author:	Finance Industry Development Executive		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:
Written Report Title :	Lodging of Foundations Continuance Regulations and Foundations Amendment to Law		Date of Written Report:	27 May 2009
Written Report Author:	Finance Industry Development Executive		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Draft Foundations (Continuance) (Jersey) Regulations 200- (“the Continuance Regulations”) for lodging and draft Foundations (Amendment No 1) (Jersey) Regulations 200- (“the Amendment”): approval.
Decision(s): The Minister approved the Continuance Regulations and the Amendment, together with the attached reports, and requested that they be lodged au Greffe so as to allow both to be debated by the States on 14 July 2009 (subject to the Foundations (Jersey) Law 200- (“the Law”) having been registered at the Royal Court before this date).
Reason(s) for Decision: The Law, which has been adopted by the States and is awaiting the approval of Her Majesty in Council, provides for the States to make regulations for the continuance as Jersey foundations of other bodies corporate (whether or not in Jersey) and also for Jersey foundations to be permitted to seek continuance as foreign bodies corporate. The Continuance Regulations make such provision. In the process of preparing the Continuance Regulations, it became apparent that the phrase “body corporate” as it appears in the enabling provision may be ambiguous with reference to foreign bodies. The Amendment therefore inserts a definition of this phrase in the Law (under separate regulation making powers included in the Law) in order to make it clear. Industry, through Jersey Finance, have expressed a desire that these regulations be in place as soon as possible after the Law comes into force, which will be 28 days after it is registered at the Royal Court. This is to enable foreign foundations to seek continuance in Jersey at the earliest possible date. Therefore the Continuance Regulations and the Amendment are to be lodged before the approval of the Law, with the intention that they may be debated by the States at the earliest opportunity after the Law is registered.
Resource Implications: There are no measurable financial or manpower costs for the States. The Commission and the registrar will have costs associated with considering proposed continuances for approval but these costs will be passed on to those seeking continuance. Overall, the measures will be revenue positive.
Action required: To approve the Continuance Regulations and the Amendment and the attached reports and in each case to sign the declaration of compatibility with the European Convention on Human Rights and for the documents to be lodged au Greffe so as to allow the Continuance Regulations and the Amendment to be debated by the States on 14 July 2009.
Signature:		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):