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Financial Services (Jersey) Law 1998: AIF Services Business and Certified Funds: Amendment - Law drafting

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 23 February 2015:

MINISTERIAL DECISION REFERENCE:    MD–C-2015-0024

DECISION SUMMARY TITLE:  Drafting instructions in respect of an amendment to the Financial Services (Jersey) Law 1998 concerning AIF Services Business and Certified Funds

DECISION SUMMARY AUTHOR:

Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Drafting Instructions to Law Draftsman

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT?

Exempt – QE Article 35

DECISION AND REASON FOR THE DECISION:

The Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the Financial Services (Jersey) Law 1998 (FS(J)L) which excludes Certified Funds from being treated as AIF Services Business under Article 2(11) of the FS(J)L.

The requirement for a collective Investment fund to hold a certificate under the Collective Investment Funds (Jersey) Law 1988 (thereby making the fund a Certified Fund) and be registered under Article 2(11) of the FS(J)L to carry on AIF Services Business is considered, as a matter of policy, over regulation. 

Accordingly, as a matter of policy, it has been decided that such Certified Funds should be excluded from Article 2(11) of the FS(J)L on the basis that they are already regulated under the Collective Investment Funds (Jersey) Law 1988.

RESOURCE IMPLICATIONS: 

Law Drafting time will be required to draft this proposed exemption under the FS(J)L.  There are no other resource implications for the States of Jersey as a result of this decision. 

ACTION REQUIRED:

That law drafting instructions be sent by the Financial Services Unit to the Law Draftsman requesting that an amendment to the FS(J)L be drafted which exempts Certified Funds from AIF Services Business under Article 2(11) of the FS(J)L.  

SIGNATURE:

 

 

 

 

POSITION:

 

Chief Minister

 

 

 

 

DATE SIGNED

 

EFFECTIVE DATE OF THE DECISION

 

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