Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

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

Introduction of Companies (Amendment No.8) (Jersey) Law - approval of related orders

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 to approve several orders related to the introduction of the Companies (Amendment No. 8) (Jersey) Law.

 

                                                                                                                         

 

 

Subject:

Introduction of Companies (Amendment No.8) (Jersey) Law – approval of related orders.

 

Decision Reference:

MD-E-2006-0008

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

Companies (Amendment No.8) (Jersey) Law 2006-01-20 Subsidiary Orders: Companies (Fees) Order 200-, Collective Investment Funds (Permit Fees) (Jersey) Order 200-, Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey)Order 200-, Insurance Business (General Provisions) (Jersey) Order 200-

 

Written report – Author

(name and job title)

Paul de Gruchy, Finance Industry Executive

 

Decision(s):

 

To approve the following Orders in accordance with their terms:

 

Companies (Fees) Order 200-

Collective Investment Funds (Permit Fees) (Jersey) Order 200-

Collective Investment Funds (Unclassified Funds) (Prospectuses) (Jersey)Order 200-

Insurance Business (General Provisions) (Jersey) Order 200-

 

 

Reason(s) for decision:

 

To ensure that a fees and regulatory structure appropriate for cell companies is in place at the time the Companies (Amendment No.8)(Jersey) Law comes into effect.

 

Action required:

 

Minister to sign, date and seal the orders and PDG to notify the States Greffe, the Departmental liaison officer and the law draftsman before forwarding the Orders to the Greffe for archiving.

 

Signature:

 

 

 

(Minister/ Assistant Minister)

 

Date of Decision:

 

23 January 2006

 

 

 

 

 

Hide report
Introduction of Companies (Amendment No.8) (Jersey) Law - approval of related orders

MINISTER FOR ECONOMIC DEVELOPMENT

 

 

Companies (Amendment No. 8) (Jersey) Law 2006 (the “Amendment”)

 

Subsidiary Orders:

Companies (Fees) Order 200-

Collective Investment Funds (Permit Fees) (Jersey) Order 200-

Collective Investment Funds (Unclassified Funds)

(Prospectuses) (Jersey)Order 200-

Insurance Business (General Provisions) (Jersey) Order 200-

(together, the “Orders”)

 

 

1.         Introduction

 

1.1              The Amendment is due to come into force on 1 February 2006 and will, among other things, permit the formation of cell companies under the Companies (Jersey) Law.

 

1.2              As a result of the introduction of cell companies, it is necessary to amend the Orders, copies of which are attached.  The Minister is asked to approve the Orders with a view to the Orders coming into force on 1 February 2006.

 

2.         Discussion

 

2.1              Cell companies are new entities under Jersey law, and it is therefore necessary to set out in subsidiary legislation the fees and charges that will be levied upon such companies. 

 

2.2              Although cell companies will be established under the Companies Law, it is likely that many cell companies will be used for regulated activities.  It is therefore necessary to amend subsidiary legislation issued under both the Collective Investment Funds (Jersey) Law and the Insurance Business (Jersey) Law.

 

2.3              In setting fees, the two guiding principles have been to attempt to ensure that fees were set at a level which would make cell companies attractive, while ensuring that the income of the Jersey Financial Service Commission (the “Commission”) arising from regulated activities was preserved at its current level.

 

2.4              The fees to be levied upon cell companies are set out fully in the Orders.  The most important aspects of the regime are that, under the Companies Law, cell companies are treated identically to ordinary companies, save that an additional annual return fee is payable in respect of each cell, and that under the Collective Investment Funds regime, cell companies are treated the same as umbrella funds and incorporated and protected cell companies are treated alike.  In addition, a conversion fee is to be charged for existing funds which convert to cell company status.  This will ensure that the Commission retains any fees lost in the event that stand alone funds were transferred into the cells of a cell company.

 

2.5              Finally, a requirement is set out in the CIF Prospectus Order to the effect that any prospectus issued in respect of a cell company carry a form of wording alerting potential investors to the nature of cell companies.

 

3.         Recommendation

 

3.1              It is recommended that the Minister approve, sign, date and seal each of the Orders, with a view to the Orders coming into effect, in accordance with their terms, at the same time as the Amendment.

 

 

PAUL DE GRUCHY

Finance Industry Executive

 

20 January 2006Attachments (to physical document only)

 

Companies (Fees) Order 200-

Collective Investment Funds (Permit Fees) (Jersey) Order 200-

Collective Investment Funds (Unclassified Funds)

(Prospectuses) (Jersey)Order 200-

Insurance Business (General Provisions) (Jersey) Order 200-

 

 

 

 

Our sites
Back to top
rating button