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Information and public services for the Island of Jersey

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

Banking Business (Accounts, Auditors and Reports) (Jersey) Order 2023

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 24 July 2023:

Decision Reference:  MD-CM-2023-490

Public

Subject: Banking Business (Accounts, Auditors and Reports) (Jersey) Order 2023

 

Report Title: Banking Business (Accounts, Auditors and Reports) (Jersey) Order 2023

Public

Decision(s):

The Assistant Chief Minister with responsibility for Financial Services decided to make the Banking Business (Accounts, Auditors and Reports) (Jersey) Order 2023.

Reason for Decision(s):

The Banking Business (Accounts, Auditors and Reports) (Jersey) Order 202- (the “Accounts Order”) is presented as one of 2 orders, including the Banking Business (General Provisions) (Amendment No. 5) (Jersey) Order 202- , which are being proposed as part of a package of legislative and regulatory changes, in particular, including changes to the Jersey Financial Services Commission Deposit-taking Business code of practice, concerning auditing and financial reporting requirements for banks in Jersey.  The Accounts Order will provide banks with fit for purpose requirements regarding their auditors and financial reporting, providing a consistency with requirements established under the Financial Services (Jersey) Law 1998 in respect of Investment Business, Trust Company Business and Fund Services Business.

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

 

Action Required: Department to take necessary action.

Signature:

 

 

Signed By: Deputy Elaine Millar

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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