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Information and public services for the Island of Jersey

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

Financial Regulation (Disclosure of Information) (Amendments) (Jersey) Regulation 201-

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 14 January 2013:

Decision Reference:  MD-E-2013-0003 

Decision Summary Title :

Financial Regulation (Disclosure of Information) (Amendments) (Jersey) Regulation 201-

 

Date of Decision Summary:

09/01/2013

Decision Summary Author:

 

Director,

Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Financial Regulation (Disclosure of Information) (Amendments) (Jersey) Regulation 201-

 

Date of Written Report:

09/01/2013

Written Report Author:

Director,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

The Financial Regulation (Disclosure of Information) (Amendments) (Jersey) Regulation 201- (the “draft Regulations”)

 

Decision(s):

 

The Minister approved the draft regulations and instructed they to be lodged au Greffe for debate by the States at the earliest opportunity.

 

Reason(s) for Decision:

 

The draft Regulations make amendments to four regulatory laws administered by the Jersey Financial Services Commission (the “JFSC”):-

  • Banking Business (Jersey) Law 1991
  • Collective Investment Funds (Jersey) Law 1988
  • Financial Services (Jersey) Law 1998
  • Insurance Business (Jersey) Law 1996

(together, “the regulatory laws”)

 

Each of the regulatory laws provides that non-public information that the JFSC obtains in the course of carrying out its functions is to be treated as ‘restricted information’ and may only be disclosed by the JFSC to third parties in certain circumstances prescribed in the regulatory laws. These circumstances are colloquially referred to as ‘information gateways’.

 

The drafts Regulations amend the regulatory laws to enhance the existing information gateways.

 

 

Resource Implications:

 

There are no financial or manpower costs for the States as a result of this decision.

 

Action required:

 

That the Regulations are lodged au greffe for debate by the States at the earliest opportunity.

 

Signature: Senator A.J.H.Maclean

 

 

Position: Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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