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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 Services (Disclosure and Provision of Information) (Jersey) Order 2020: Amendment: Law drafting instructions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 9 April 2025:

Decision Reference:  MD-ER-2025-264

Public

Subject: Instructions to amend the Financial Services (Disclosure and Provision of Information) (Jersey) Order 2020

 

Report Title: Instructions to amend the Financial Services (Disclosure and Provision of Information) (Jersey) Order 2020

Public

Decision(s):

The Minister has decided to approve the instruction of amendment to the Financial Services (Disclosure and Provision of Information) (Jersey) Order 2020 (“DPI Order”). The instructions will propose an amendment to the DPI Order to include within the definition of Beneficial Owner Information two additional fields – Nature and Extent of interest.

Reason for Decision(s):

The Jersey Financial Services Commission (the “JFSC”) collects information relating to legal persons (e.g. Companies) in accordance with the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, which it maintains within its centralised registry. This information includes beneficial owner information as defined by the DPI Order.   The definition of beneficial owner information is defined with reference to specific fields of information. It is our intention to add two additional fields of information to this list -  a. Extent of beneficial owner interest b. Nature of beneficial owner Interest  When analysing the ownership and control of a legal entity for investigative purposes, it is essential to understand both the influence an individual exerts over the entity and the value they derive from it. This underscores the importance of information on the extent of ownership for users of beneficial ownership data.

Resource Implications: There are no new financial or staffing implications.

 

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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