Financial Services (Jersey) Law 1998: Exemption of Investment Business: Law drafting instructions

Information about the publication of Ministerial Decisions

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A decision made 26 September 2014:

Decision Reference: . MD-C-2014-0164
Decision Summary Title :	Drafting instructions in respect of an exemption under the Financial Services (Jersey) Law 1998 which relates to certain managed accounts	Date of Decision Summary:	26 September 2014
Decision Summary Author:	Financial Services Unit	Decision Summary: Public or Exempt? (If 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 :	Summary of Instructions	Date of Written Report:	26 September 2014
Written Report Author:	Financial Services Unit	Written Report : Public or Exempt? (If exempt, state clauses from Code of Practice booklet)	Exempt Clause 3.2.1(a)(xiv)
Subject: Drafting Instructions for an exemption under the Financial Services (Jersey) Law 1998 (the “FS(J)L”).
Decision(s): The Chief Minister approved the instruction of the Law Draftsman to prepare an exemption under the FS(J)L from the requirement to be registered to carry on investment business in respect to certain managed accounts and where certain conditions are met.
Reason(s) for Decision: Government and the Jersey Financial Services Commission have received representations from industry concerning the dual regulation of hedge fund managers who are required to be registered under FS(J)L to carry on both fund services business in respect of the hedge funds they manage and investment business in respect of the segregated managed accounts they manage which also utilise the same or elements of the hedge fund investment strategy. A policy decision has been made to exempt those hedge fund managers from having to be registered to carry on investment business under the FS(J)L in respect of the managed accounts they manage, provided certain conditions are met.
Resource Implications: Law Drafting time will be required to draft this proposed exemption under the FS(J)L. 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 an exemption under the FS(J)L be drafted.

Signature:

Senator I.J. Gorst

Position:

Chief Minister of Jersey

Date Signed:

Date of Decision (If different from Date Signed):