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Law Drafting - Recognised Funds class of Collective Investment Funds.

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A decision made (12/03/2008) regarding: Provision of Law Drafting time in 2008 to make amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.

Decision Reference    MD-E-2008-0046 

Decision Summary Title:

Amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.

Date of Decision Summary:

         March 2008

Decision Summary Author:

James Mews

Finance Industry Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Contingency Request for Law Drafting Time: Amendment to Recognized Funds Regime         

Date of Written Report:

7 March 2008

Written Report Author:

James Mews

Finance Industry Executive

Written Report :

Public or Exempt?

Public

Subject:

Provision of Law Drafting time in 2008 to make amendments to the subordinate legislation applicable to the Recognized Funds class of Collective Investment Funds.

Decision(s):

The Minister agreed to request an allocation from the 2008 Law Drafting Programme of the time needed to make the amendments and instructed officers to make the necessary arrangements.

Reason(s) for Decision:

  • Applications for law drafting time have been made in each of the past four years (including 2008) against the possibility that Jersey and the other Crown Dependencies (“CDs”) would be expected to bring its legislation into line with that of the UK. In the absence of any express requirement, each application has been deferred for consideration under contingency arrangements.
  • During 2007 the Financial Services Authority in the UK made it clear that it expects each of the CDs to update its respective legislation concurrently and in the near future.  Guernsey is well advanced and the Isle of Man is understood to have begun work.
  • The legislation affected is the basis on which Jersey has been granted “Designated Territory” status by the UK.  Failure to maintain the legislation as necessary could jeopardise that status, which would directly affect the 9 funds currently of that class and also adversely impact upon the Island’s reputation as a financial centre.

 

Resource Implications:

The changes to the legislation will not have any effect on the financial or manpower resources of the States of Jersey.

Action required:

Officers to undertake the necessary arrangements for the request to be passed to the Law Draftsman.

Signature:  Senator P.F.C.Ozouf 

Position: Minister  
 

Date Signed:  

Date of Decision:           

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