Dormant Bank Accounts (Jersey) Law 2017 (Appointed Day Act) (No.2) (Jersey) Act 201-

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A decision made on 5 November 2019

MINISTERIAL DECISION REFERENCE: MD-ER-2019-61
DECISION SUMMARY TITLE: Dormant Bank Accounts (Jersey) Law 2017 ADA (No.2): Article 20 and associated provisions
DECISION SUMMARY AUTHOR:	Lead Policy Advisor, Financial Services	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Report re Dormant Bank Accounts (Jersey) Law 2017 ADA (No.2)
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)	Lead Policy Advisor, Financial Services	IS THE REPORT PUBLIC OR EXEMPT		Public
DECISION AND REASON FOR THE DECISION: The Minister for External Relations (to whom responsibility for the Law has been transferred pursuant to R&O 040-2019) approved the draft Dormant Bank Accounts (Jersey) Law 2017 (Appointed Day) (No. 2) Act 201- (the Appointed Day Act) for lodging and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity. The Dormant Bank Accounts (Jersey) Law 2017 establishes a fund to be known as the Jersey Reclaim Fund and introduces a regime for the transfer, to the Jersey Reclaim Fund, of funds in accounts held in Jersey banks (as defined in the Law) which have been dormant for at least 15 years. Eventually moneys transferred under the regime will be used for charitable purposes and to cover the costs of the Charity Commissioner, as set out in the Law. The Dormant Bank Accounts (Jersey) Law 2017 came into force on 17 July 2017 with the exception of Article 20 (distribution of Fund money) and other provisions that rely on Article 20 being in force, namely Articles 10(1)(d) and 30(3). It is only after the initial size of the Jersey Reclaim Fund has been ascertained following transfers from the banks and a history of reclaims, albeit limited in duration at this stage, has been established, that an appropriate distribution policy, for an initial period at least, can be set out as is required by Article 20 of the Law. The Minister will also appoint an independent organisation to determine distribution recipients (with the charitable purposes set out in the Law), and make a distribution from the Fund if appropriate to do so. The effect of the Appointed Day Act is to bring into force the remaining provisions of the Dormant Bank Accounts (Jersey) Law 2017 on 16 December 2019.
RESOURCE IMPLICATIONS: There are no resource implications for the States of Jersey as a result of this decision.
ACTION REQUIRED: That the draft Dormant Bank Accounts (Jersey) Law 2017 (Appointed Day) (No. 2) Act 201- be lodged au Greffe for debate by the States at the earliest opportunity.
SIGNATURE: SENATOR IAN GORST			POSITION: MINISTER FOR EXTERNAL RELATIONS

DATE SIGNED			EFFECTIVE DATE OF THE DECISION