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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Alternative Investment Funds (Amendment) (Jersey) Regulations 201-, Financial Regulation (Miscellaneous Provisions No. 5) (Jersey) Law 201- & Financial Regulation (Miscellaneous Provisions) (Amendment of Laws) (Jersey) Regulations 201-

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

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A decision made 13 November 2018:

Decision Reference: MD – C–2018-0054

Decision Summary Title :

Alternative Investment Funds (Amendment) (Jersey) Regulations 201-

 

Financial Regulation (Miscellaneous Provisions No. 5) (Jersey) Law 201-

 

Financial Regulation (Miscellaneous Provisions) (Amendment of Laws) (Jersey) Regulations 201-

 

Date of Decision Summary:

[insert]

Decision Summary Author:

 

Lead Policy Adviser: Financial Services          

 

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Alternative Investment Funds (Amendment) (Jersey) Regulations 201-

 

Financial Regulation (Miscellaneous Provisions No. 5) (Jersey) Law 201-

 

Financial Regulation (Miscellaneous Provisions) (Amendment of Laws) (Jersey) Regulations 201-

Date of Written Report:

2 October 2018

Written Report Author:

Lead Policy Adviser: Financial Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

Alternative Investment Funds (Amendment) (Jersey) Regulations 201- (the “AIF Amendment Regulations”)

 

Financial Regulation (Miscellaneous Provisions No. 5) (Jersey) Law 201- (the “Miscellaneous Provisions Law”)

 

Financial Regulation (Miscellaneous Provisions) (Amendment of Laws) (Jersey) Regulations 201- (the “Miscellaneous Provisions Regulations”)

 

(together, the “Draft Legislation”)

Decision(s):

 

  1. The Chief Minister hereby:

         approved the AIF Amendment Regulations, the Miscellaneous Provisions Law and the Miscellaneous Provisions Regulations and the attached reports;

         signed the statement of compatibility with the European Convention on Human Rights for the Miscellaneous Provisions Law; and

         directed that the documents be lodged au Greffe for the States to debate the two sets of draft Regulations and the draft law at the earliest opportunity.

 

Reason(s) for Decision:

 

The Draft Legislation consists of a miscellany of items, the need for which has been identified over the past two or three years as a result of the use and continuous review of the regulatory processes undertaken by the Jersey Financial Services Commission (“JFSC”).

 

In summary, the Draft Legislation would:

 

  •        resolve issues in the regulatory laws that the JFSC uses, which currently prevent, or limit the circumstances in which, “restricted” (i.e. confidential) information may be disclosed by the JFSC to Lloyd’s of London, professional bodies (such as those that regulate the accountancy and legal professions) and pension supervisors;

 

  •        ensure that the “principal person” provisions in the regulatory laws consistently apply to liquidators of regulated businesses (whether appointed under a bankruptcy or otherwise) and administrators of bankrupt regulated businesses;

 

  •        bring the Banking Business and Insurance Business Laws into line with the other regulatory laws so that a registration and permit, respectively, may be revoked where a bank or insurance company has failed to pay a fee due to the JFSC;

 

  •        update the information-gathering, co-operation and restitution provisions in the Alternative Investment Fund Regulations to make them consistent with those in the Collective Investment Funds Law;

 

  •        make a number of administrative amendments to the regulatory laws, the Financial Services Commission Law and the Bankruptcy Law.

 

--- ooo ---

 

The JFSC consulted on the Draft Legislation through Consultation Paper No. 11 2017 published in November 2017. No respondents raised any concerns. In fact, the very few comments that respondents did make on specific aspects of the Draft Legislation were wholly supportive. The JFSC published in March 2018 a Feedback Paper summarising the responses received.

The JFSC has recommended that the Chief Minister lodges the AIF Amendment Regulations, the Miscellaneous Provisions Law and the Miscellaneous Provisions Regulations for debate in the States and that the Order be made.

 

Resource Implications:

 

There are no financial or manpower costs for the States.

 

Action required:

 

The Greffier of the States to be requested to arrange for the draft legislation to be lodged ‘au Greffe.’

 

Signature:

 

 

Position:

Chief Minister

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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