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Companies (Transfers of Shares - Exemptions) (Amendment No. 2) (Jersey) Order 2016

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.

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A decision made 31 March 2016:

Chief Ministers Office

Ministerial Decision

Decision Summary

 

 

 

Ministerial decision reference    MD-C-2016-0040

Decision summary title:  Law Drafting Instructions and the Companies (Transfers of Shares – Exemptions) (Amendment No. 2) (Jersey) Order 201-

Decision summary author

Lead Policy Adviser, Funds, managed accounts and asset management

Is the decision summary public or exempt? 

Public

Report title N/A

Report author or name of

person giving report

N/A

Is the report public or exempt?

N/A

Decision and reason for the decision.

The Assistant Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the Companies (Transfer of Shares – Exemptions) (Jersey) Order 2014 (the Exemption Order).

The Assistant Chief Minister made the Companies (Transfers of Shares – Exemptions) (Amendment No. 2) (Jersey) Order 2016 (the draft Amendment Order) (for and on behalf of the Chief Minister).

The draft Amendment Order amends the Exemption Order, to add as an approved stock exchange the Cyprus Stock Exchange (in respect only of its market known as the ‘regulated market’).  The effect of the Exemption Order, as amended by the draft Amendment Order, is that Jersey companies listed on an “approved stock exchange” (which includes Cyprus) are exempt from Article 42 of the Companies (Jersey) Law 1991 (Companies Law), which requires an instrument of transfer of shares in writing to be delivered to the company in order for the transfer to be registered, and are also exempt from Article 50(1) of the Companies Law to produce a certificate in respect of allotments or transfers of its shares within 2 months.  The exemption is provided for on the basis that a transfer of shares is made to or from an approved central securities depositary or by means of a computer system which has been approved by the competent authority that has also approved the central securities depositary.

The Jersey Financial Services Commission has been consulted in accordance with Article 219(1A) of the Companies Law and has no objections to the draft Amendment Order being made.

Resource implications   There are no resource implications save law drafting time for the States of Jersey as a result of this decision.

Action required   That the Assistant Chief Minister (for and on behalf of the Chief Minister) sign and seal the draft Amendment Order and it be returned to the States Greffe for immediate publication, and that the Greffier of the States be requested to arrange for the making of the Order to be notified to the States.

Signature

 

 

Position

Senator P F C Ozouf

Assistant Chief Minister*

 

 

Date signed

 

Effective date of the decision

 

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