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

Approval of Exemption for Liquidators under the Financial Services (Jersey) Law.

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.

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  • 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

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A decision made (26/11/2006) regarding Approval of Exemption for Liquidators under the Financial Services (Jersey) Law.

Subject:

Approval of Exemption for Liquidators under the FS(J)L

Decision Reference:

MD-E-2006-0204

Exempt clause(s):

 

Type of Report:

(oral or written)

Written

Person Giving Report (if oral):

 

Telephone or

e-mail Meeting?

 

Report

File ref:

 

Written report – Title

Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2006

Written report – Author

(name and job title)

Paul de Gruchy, Director, Finance Industry Development

Decision(s):

To approve the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2006, with a view to the Order coming into force in accordance with its terms.

Reason(s) for decision:

Currently, there is an unlimited exemption for all liquidators from the provisions of the Financial Services (Jersey) Law.

The Order proposes changing this approach, so that while an unlimited exemption will remain for liquidators of other businesses, liquidators of financial services businesses will only have a limited exemption. Such liquidators would not be registered under the FS(J)L, but the Commission would retain investigative and enforcement powers in relation to the liquidators of FSBs. This will help to ensure that, in the event a liquidator is appointed to manage the affairs of an FSB, it performs its duties in an appropriate manner.

The amendment is considered to be uncontroversial.

Action required:

Minister to sign, date and seal the Order and the Director, Finance Industry Development to notify the Publications Editor States Greffe, the Departmental liaison officer, the Commission and the law draftsman before forwarding the Order to the Greffe for archiving.

Signature:

Senator P.F.C. Ozouf

(Minister)

Date of Decision:

26 November 2006

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