Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Banking Business (Amendment No. 7) (Jersey) Law 2011: Appointed Day Act: Law drafting instructions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 31 October 2022:

Decision Reference:  MD-ER-2022-696

Public

Subject: Commencement Act to bring into force the Banking Business (Amendment No. 7) (Jersey) Law 2011

 

Report Title: Commencement Act to bring into force the Banking Business (Amendment No. 7) (Jersey) Law 2011

Exempt (Article 35)

Decision(s):

The Minister approved law drafting instructions requesting the preparation of a Commencement Act, to bring into force the Banking Business (Amendment No. 7) (Jersey) Law 2011.

Reason for Decision(s):

The commencement of the Banking Business (Amendment No. 7) (Jersey) Law 2011 will provide an enabling power to create Orders under the Banking Law in relation to financial reporting and will trigger the Banking Business (Amendment No. 9) (Jersey) Law 2022 to come into force, which is part of a package of proposed legislative and regulatory changes (in particular changes to the Jersey Financial Services Commission Banking Code of Practice) concerning auditing and financial reporting requirements for banks in Jersey. Both amendments have been enacted, and thus have been subject to ordinary legislative process, but are not yet in force and awaiting commencement.

Resource Implications: There are additional financial and/or manpower implications. Further detail is included in the detail section of the report.

 

Action Required: Principal Legislative Drafter to be requested to draft legislation.

Signature:

 

 

Signed By: Minister for External Relations and Financial Services

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

Back to top
rating button