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Economic Development – Law Drafting Bids 2008 Legislation Programme.

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A decision made (01/02/2007) regarding: Economic Development – Law Drafting Bids 2008 Legislation Programme.

Subject:

Economic Development – Law Drafting Bids 2008 Legislation Programme

Decision Reference:

MD-E-2007-0036

Exempt clause(s):

n/a

Type of Report:

(oral or written)

Written

Person Giving Report (if oral):

n/a

Telephone or

e-mail Meeting?

n/a

Report

File ref:

 

Written report – Title

Bids for Law Drafting Resources – 2008 Programme

Written report – Author

(name and job title)

Jason Lane, Director of Regulatory Services

Decision(s):

The Minister approved the accompanying (Written Report – Summary and Legislation Request Questionnaires – Supporting Documents) bids for the Law Drafting 2008 Programme.

Reason(s) for decision:

The Department needs to indicate to the Chief minister’s Department its requirements for law drafting resources in 2008.

Action required:

Bid summaries, completed questionnaires and decision summary to be sent to the Chief Minister’s Department by 31st January 2007.

Signature:

Senator P.F.C.Ozouf

(Minister)

Date of Decision:

1 February 2007

Economic Development – Law Drafting Bids 2008 Legislation Programme.

BIDS FOR LAW DRAFTING RESOURCES – 2008 PROGRAMME

Minister : Economic Development

Minister’s

priority

Title of item

Brief explanation of why it is essential that this item is in the 2008 programme

Date of delivery of law drafting instructions in 2008

1

Amendment to Laws for regulation of Financial Services, Companies etc

Failure to deal expeditiously with matters arising from the IMF visit will adversely impact on the Island’s finance industry, which is crucial to the economic growth strategy

Dependent upon the date of the IMF visit, publication of the report and the nature of any deficiencies

2

Amendment to Collective Investments Funds (Recognised Funds) (General Provisions) (Rules) Order 2003

As above

As above

3

Amend regulation of Experienced Personal Advisers under the Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000.

To reduce the risk to the Island arising from activities of EPAs under existing widely-drawn exemptions.

Quarter 2 / 2008

4

Amendments to primary legislation for regulation of financial services to introduce the ability to recover costs of investigations and other regulatory actions

To enable a more equitable allocation of the Commission’s costs that presently are funded by licence fees

Quarter 1 / 2008

5

Amend Regulation of Experienced Personal Advisers under the Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000

To reduce the risk to the Island arising from activities of EPAs under existing widely-drawn exemptions.

Quarter 2 / 2008

6

Amendment to Insurance Business (Jersey) Law 1991 to add risk-based solvency requirements to those currently based on financial provision

Compliance with the future (amended) Core Principles of Insurance Supervision against which the IMF carries out is assessments

Dependent upon when there is international agreement on the new solvency proposals

7

To improve the definition of the exemptions in the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 applicable to persons undertaking the role of director

Clarification of statutory requirements to overcome current confusion amongst those most affected, and to improve the efficiency of supervision of this class of business

Quarter 2 / 2008

8

To make provision for amending the Financial Services (Jersey) Law 1998 and/or subordinate legislation to the extent necessary for regulation of investment business to be consistent with the MiFID Directive and associated implementing measures (where this cannot be achieved by other means)

The Island’s reputation would suffer if either regulation of investment business was found to be not consistent with EU Directives or if customers of such businesses experienced difficulties due to differing standards

Quarter 2 or 3 / 2008

9

Amendment of Financial Services (Jersey) Law & Order(s) to exempt trust company businesses from having to register

 

Quarter 3 / 2008

10

Amend Financial Services (Trust Company Business (Assets - Customer Money)) (Jersey) Order 2000 to broaden the definition of customer assets to include assets other than money

 

Quarter 4 / 2008

11

Time Share (Jersey) Law

 

 

12

Gambling (Jersey) Regulations 200*

To put in place Regulations underpinning the new Gambling (Jersey) Law 200*

Quarter 3 /2008

13

Licensing Law

States decision

Quarter 2 / 2008

14

Amendments to various Sea Fisheries (Jersey) Regulations

To ensure local legislation is in harmony with that of the UK and EU in accordance with the Fisheries Management Agreement with the UK

Will be dictated by development of regulations in UK, France and EU

15

Gambling (National Lottery) (Jersey) Regulations 200*

UK has amended its lottery bill in order for Jersey to press ahead with its plans

Quarter 2 / 2008

16

Shops (Regulation of opening and Deliveries) (Jersey) Law 200- and Shops (Regulation of Opening) (General Provisions) (Jersey) Regulations 200-

The retail industry is the third largest sector in the economy in GVA terms and the second as an employer. Better Regulation could support States strategic objectives in relation to productivity and employment opportunities.

Quarter 4 / 2007

17

Shipping (Oil Pollution Compensation - Supplementary Fund) (Amendment) (Jersey) Law 200-

To ensure the adequacy of international funds to compensate for oil pollution damage in Jersey Waters

Quarter 1 / 2008

18

Companies (Amendment) (Jersey) Law

To allow for updating of companies law to prevent current legislation becoming out of step with the market

Quarter 1 / 2008

19

Securities (Jersey) Law

To replace the current outdated legislation with a single law governing all types of securities in Jersey

Quarter 1 / 2008

20

Estate Agents (Jersey) Law

To introduce minimum operating standards for estate agents to protect the public

To be agreed with Draftsman

21

Tourism General Provisions Order

To revise the existing GPO to ensure greater flexibility for the industry and increased freedom of choice for consumers

Quarter 4 / 2007

22

Amendment of the Financial Services (Jersey) Law 1998 (possibly by Regulation) & by a new Order to provide a flexible framework for oversight of E-money providers

The provision will facilitate the diversification of the financial; services industry in an area that is currently restricted to entities registe5red under the Banking Business (Jersey) Law 1991 (and therefore ranked as in the top 500 in the world)

Quarter 3 / 2008

23

Review and amend as necessary Orders under the Financial Services (Jersey) Law 1998

To remove anomalies, inconsistencies and duplication in the generally similar provisions for different types of business

Quarter 3 / 2008

24

Shipping (Undersea Cable Protection) (Amendment) (Jersey) Law 200-

To provide for the long-term protection of undersea cables in accordance with the advice of the Attorney-General

Quarter 4 / 2007

25

Sea Fisheries (Aquatic Marine Resources) Regulations 200-

To allow for the harvesting and cropping of marine aquatic resources under licence

Quarter 2 / 2008

26

Amendment to extend the scope of the Financial Services (Jersey) Law 1998 to include the regulation of Deposit Taking and Repeal the Banking Business (Jersey) Law 1991

 

Quarter 2 / 2008

27

Sea Fisheries(Jersey) Law amendment 200-

To update the Law to allow exploitation of non-fish or shellfish resources, increase powers of fisheries Officers and provide powers for the regulation of the coastal zone management strategy

Quarter 2 / 2008

28

Shipping (Smoking in Ships) (Amendment) (Jersey) Law 200- & Shipping (Smoking in Ships) Regulations 200-

To introduce restrictions to smoking in foreign and other non-Jersey ships in Jersey waters

Quarter 2 / 2008

29

Produce a Banking Business (Advertising) (Jersey) Order 200*

To regulate advertising under the Banking Business (Jersey) Law 1991 in line with provisions currently being drafted for the Financial Services (Jersey) Law 1998.

Quarter 3 / 2008

30

Amendments to primary legislation for regulation of financial services to introduce an enabling power to levy regulatory fines on non-compliant regulated businesses.

 

Quarter 1 / 2008

 

 

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