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Depositor Compensation Scheme: Transfer to the Jersey Resolution Authority

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 6 March 2024:

Decision Reference:  MD-ER-2024-163

Public

Subject: Transfer of the Depositor Compensation Scheme to the Jersey Resolution Authority

 

Report Title: Drafting Instructions: Transfer of the Depositor Compensation Scheme to the Jersey Resolution Authority

Exempt (Article 35)

Decision(s):

The Minister decided to approve the report and authorise the Financial Services Unit of the Department for the Economy to instruct the Principal Legislative Drafter to draft legal instruments to affect the transfer of functions of the Depositor Compensation Scheme to the Jersey Resolution Authority.

Reason for Decision(s):

The Minister for External Relations has decided to approve the submission of law drafting instructions. In order to legally and operationally ensure the transfer of functions, amendments to the existing legislative framework are required.

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

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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