Financial Stability Board: Law Drafting Instructions

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 24 November 2021

MINISTERIAL DECISION REFERENCE: MD-C-2021-0104
DECISION SUMMARY TITLE: Financial Stability Board – request for legislative drafting
DECISION SUMMARY AUTHOR:	Financial Stability Board Lead	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Request for legislative drafting on the proposals to improve the effectiveness of the Financial Stability Board
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:	Financial Stability Board Lead	IS THE REPORT PUBLIC OR EXEMPT		Qualified Exempt – Article 35
DECISION AND REASON FOR THE DECISION: The Chief Minister authorised the Department for the Economy to liaise with the principal legislative drafter to request the preparation of draft legislation in respect of the proposals to provide the appropriate legal powers and duties to establish the Financial Stability Board (the FSB). The FSB provides advice to the Government of Jersey on maintaining the stability and strength of Jersey’s financial system to protect the economy and government finances from financial crises as far as possible. In its current shadow form the FSB has been hampered in the advice it can provide by the legal barriers that prevent bodies such as the Financial Services Commission from sharing relevant information with it. In order to operate effectively it needs the appropriate access to information, appropriate interaction with relevant bodies and organisations and appropriate enshrined independence - a public consultation on the proposed legal gateways and duties closed on 15 November 2021. Although a feedback report on the consultation is being prepared, it can be noted that none of the responses to the consultation disagreed with the proposals and all agreed in full or in part.
RESOURCE IMPLICATIONS: Law drafting time will be required. There are no other resource implications for the Government of Jersey.
ACTION REQUIRED: Law drafting instructions to be submitted by the Department for the Economy.
SIGNATURE: SENATOR [John le Fondre]			POSITION: CHIEF MINISTER

DATE SIGNED			EFFECTIVE IMMEDIATELY