Approval of Exemption for Liquidators under the Financial Services (Jersey) Law.

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A decision made (26/11/2006) regarding Approval of Exemption for Liquidators under the Financial Services (Jersey) Law.

Subject:	Approval of Exemption for Liquidators under the FS(J)L
Decision Reference:	MD-E-2006-0204		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:
Written report – Title	Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2006
Written report – Author (name and job title)	Paul de Gruchy, Director, Finance Industry Development
Decision(s): To approve the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2006, with a view to the Order coming into force in accordance with its terms.
Reason(s) for decision: Currently, there is an unlimited exemption for all liquidators from the provisions of the Financial Services (Jersey) Law. The Order proposes changing this approach, so that while an unlimited exemption will remain for liquidators of other businesses, liquidators of financial services businesses will only have a limited exemption. Such liquidators would not be registered under the FS(J)L, but the Commission would retain investigative and enforcement powers in relation to the liquidators of FSBs. This will help to ensure that, in the event a liquidator is appointed to manage the affairs of an FSB, it performs its duties in an appropriate manner. The amendment is considered to be uncontroversial.
Action required: Minister to sign, date and seal the Order and the Director, Finance Industry Development to notify the Publications Editor States Greffe, the Departmental liaison officer, the Commission and the law draftsman before forwarding the Order to the Greffe for archiving.
Signature: Senator P.F.C. Ozouf (Minister)		Date of Decision: 26 November 2006