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Companies (Transfers of Shares - Exemptions) (Jersey) Order 2014: Amendment: Law drafting instructions

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A decision made 2 February 2017:

Ministerial decision reference    MD-C-2017-0013

Decision summary title:  Law Drafting:  amendment to the Companies (Transfers of Shares – Exemptions) (Jersey) Order 2014

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 Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the Companies (Transfer of Shares – Exemptions) (Jersey) Order 2014 to add as an approved stock exchange the Stock Exchange of Mauritius (in respect only of its market known as the ‘official market’). 

The effect of this amendment, is that any Jersey company listed on an “approved stock exchange” (which will include Mauritius) will be 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 also Article 50(1) of the Companies Law which requires a company 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 amendment.

Resource implications   Law drafting time will be required to draft these amendments.  There are no other resource implications for the States of Jersey as a result of this decision.

Action required   That law drafting instructions be sent by the Financial Services Unit to the Law Draftsman requesting that the amendment be drafted.  

Signature

 

SENATOR IAN GORST

Position

CHIEF MINISTER

 

 

Date signed

 

Effective date of the decision

 

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