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Financial Regulation (Miscellaneous Provisions No. 3) (Jersey) Law 201-

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.

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A decision made 21 December 2015:

Ministerial decision reference    MD-C-2015-0144

Decision summary title   Financial Regulation (Miscellaneous Provisions No. 3) (Jersey) Law 201-

Decision summary author

Director, Finance Industry Development, Financial Services Unit

Is the decision summary public or exempt? 

Public

Report title   Financial Regulation (Miscellaneous Provisions No. 3) (Jersey) Law 201-

Report author or name of

person giving report

Director, Finance Industry Development, Financial Services Unit

Is the report public or exempt?

N/A

Decision and reason for the decision

The Assistant Chief Minister acting under delegated powers:

         approved the Financial Regulation (Miscellaneous Provisions No. 3) (Jersey) Law 201- (Draft Law) and the attached report;

         signed the statement of compatibility with the European Convention on Human Rights; and

         directed that the documents be lodged au Greffe for the States to debate the Draft Law at the earliest opportunity

The Draft Law contains a range of proposed amendments to the following legislation –

  •                  the Alternative Investment Funds (Jersey) Regulations 2012 (the “AIF Regulations”)
  •                  the Banking Business (Jersey) Law 1991 (the “BBJL”);
  •                  the Collective Investment Funds (Jersey) Law 1988 (the “CIFJL”);
  •                  the Financial Services (Jersey) Law 1998 (the “FSJL”);
  •                  the Insurance Business (Jersey) Law 1996 (the “IBJL”);
  •                  the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (the “SBJL”);

(together, the “Regulatory Laws”)

Together, the changes constitute routine maintenance of the legislation that is the basis of regulation by the Financial Services Commission (the “Commission”) of the financial services industry in Jersey and of legislation that provides the Commission with powers to supervise financial services firms, and various other businesses, for compliance with their obligations under legislation designed to counter money laundering and the financing of terrorism.

In summary the Draft Law would make the following changes to the Regulatory Laws:

  • amend the BBJL to enable a registration to be revoked at the request of the bank;
  • amend several of the Regulatory Laws to explicitly provide for the Commission to be able to withdraw a direction;
  • amend the Regulatory Laws to exclude custodians of shares from the statutory provisions that apply to significant shareholders (as “principal persons”) of regulated businesses;
  • make the AIF Regulations, the CIFJL and the IBJL consistent with the other Regulatory Laws by providing the Commission with the power to require an applicant (for a permit or certificate, as the case may be) to provide a report by an appropriate professional on such aspects of its application as the Commission specifies;
  • address gaps in, and make consistent, the provisions in the Regulatory Laws under which auditors and other reporting professionals may pass relevant information to the Commission without contravening any duty to which they may be subject (such as a contractual obligation of confidentiality).

 

Further details are given in the attached report, which will be included in the Projet when the Draft Law is lodged au Greffe.

In June 2015, the Commission issued a consultation paper on the Draft Law. Consultation closed on 25 December 2015. Two responses were received, both being supportive of the changes that the Draft Law would implement.

 

The Board of the Commission has recommended that the Chief Minister lodges the Draft Law for debate in the States.  The Law Officers Department have stated that there are no human rights issues arising from the Draft Law and that the statement of compatibility with the European Convention of Human Rights can be signed by the Minister.

 

Resource implications

There are no resource implications for the States of Jersey. 

Action required

Officers to lodge the documents au Greffe for debate by the States of Jersey at the earliest possible opportunity.

 

Signature

 

 

 

 

 

Position

 

Senator P F C Ozouf

Assistant Chief Minister

 

 

 

 

 

Date signed

Effective date of the decision

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