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Financial Services Commission (Jersey) Law 1998: Civil Financial Penalties Regime: Consultation Response Paper

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

  • 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

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 16 December 2021

MINISTERIAL DECISION REFERENCE: MD-ER-2021-0063

DECISION SUMMARY TITLE: Publication of Consultation Response Paper on proposed amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

DECISION SUMMARY AUTHOR:

Associate Director of Financial Crime Strategy

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE: Response Paper: Consultation on amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime.

 

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)

 

IS THE REPORT PUBLIC OR EXEMPT? 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations and Financial Services approved and authorised the publication of a consultation response and policy paper (the Response Paper) on draft amendments under the Financial Services Commission (Jersey) Law 1998 regarding the civil financial penalties regime. The Response Paper details the responses received to the previously published consultation and explains the policy rationale and changes required via the draft amendments to ensure an effective civil financial penalties regime.

RESOURCE IMPLICATIONS: 

There are no other resource implications for the Government of Jersey as a result of this decision.

 

ACTION REQUIRED: 

The Associate Director of Financial Crime Strategy is to arrange for the Response Paper to be published on the Government of Jersey website.  

SIGNATURE:

 

SENATOR IAN GORST

POSITION:

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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