Alternative Investment Funds (Jersey) Regulations 2012

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 20 October 2014:

Decision Reference: MD-C-2014-0170
Decision Summary Title :	Drafting instructions in respect of an amendment to the Alternative Investment Funds (Jersey) Regulations 2012	Date of Decision Summary:	7th October 2014
Decision Summary Author:	Financial Services Unit	Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written	Person Giving Oral Report:	N/A
Written Report Title :	Amendment to the AIF definition set out in Article 3 of the Alternative Investment Funds (Jersey) Regulations 2012 -Summary of Instructions	Date of Written Report:	26th September 2014
Written Report Author:	Financial Services Unit	Written Report : Public or Exempt?	Exempt - Clause 3.2.1(a)(xiv)
Subject: Drafting Instructions in respect of an amendment to the Alternative Investment Funds (Jersey) Regulations 2012 (the AIF Regs).
Decision(s): The Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to Article 3 of the AIF Regs which sets out the definition of an alternative investment fund (an AIF).
Reason(s) for Decision: The definition of "established" in the context of an AIF under the EU’s Alternative Investment Fund Manager Directive (AIFMD) means "being authorised or registered" in a jurisdiction or, if the AIF is not so authorised or registered, "having its registered office" in a jurisdiction. The UK FCA has published guidance confirming that where a UK limited partnership (which does not have a registered office as such, but which is required to register its principal place of business) registers its principal place of business in Jersey, the FCA will regard that as the equivalent of a Jersey registered office for AIFMD purposes, such that the FCA will regard the limited partnership as being a Jersey/non-EU AIF. A policy decision has been made to broaden the definition of an "AIF" in the AIF Regs so that non-Jersey AIFs (particularly UK LPs) with a strong connection to Jersey can opt to seek authorisation by the Jersey Financial Services Commission under Jersey's AIF Regs.
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 Order be drafted amending the definition of an AIF as set out in Article 3 of the AIF Regs.

Signature:

Position:

CHIEF MINISTER

Date Signed:

Date of Decision (If different from Date Signed):