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

Financial Services (Jersey) Law 1998: Amendment: Law drafting instructions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 22 March 2018:

MINISTERIAL DECISION REFERENCE:    MD-C-2018

DECISION SUMMARY TITLE:  Law drafting instructions:  amendment to the definition of “investments” in the Financial Services (Jersey) Law 1998

DECISION SUMMARY AUTHOR:

Lead Policy Adviser:  Funds, managed accounts & asset management

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  N/A

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

N/A

IS THE REPORT PUBLIC OR EXEMPT 

N/A

DECISION AND REASON FOR THE DECISION:

The Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the definition of “investments” in the Financial Services (Jersey) Law 1998 so that it includes “defined benefit schemes” in a limited number of cases within that Law. 

RESOURCE IMPLICATIONS:

Law Drafting time will be required to draft this proposed amendment.  There are no other resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

That law drafting instructions be sent by the Financial Services Unit to the Law Draftsman requesting that the amendment to the Financial Services (Jersey) Law 1998 be drafted.  

 

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

CHIEF MINISTER

 

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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