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Information and public services for the Island of Jersey

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

Financial Services (Amendment of Law) (No. 6) (Jersey) Regulations 202-

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 30 June 2023:

Decision Reference:  MD-CM-2023-412

Public

Subject: Financial Services (Amendment of Law) (No.6) (Jersey) Regulations 202-

 

Report Title: Financial Services (Amendment of Law) (No.6) (Jersey) Regulations 202-

Public

Decision(s):

The Assistant Chief Minister with responsibility for Financial Services decided to lodge the Financial Services (Amendment of Law) (No.6) (Jersey) Regulations 202- with the States Assembly for debate at the States sitting on the 12th September 2023.

Reason for Decision(s):

The draft legislation will modernise and align Jersey’s investment business regulatory regime with international standards and regulatory regimes. Furthermore, it will provide additional consumer protections by introducing arranging as a new category of regulated investment activity.

Resource Implications: There are no new financial and/or manpower implications.

 

Action Required: Officers to request the Greffier of the States to arrange for the item(s) to be presented to the States Assembly for debate at the States sitting on the 12th September 2023.

Signature:

 

 

Signed By: Deputy Elaine Millar

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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