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Approval of the Amendment to the Collective Investment Funds (Amendment No. 4) (Jersey) Law 200- (the “Amending Amendment”).

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A decision made (19/10/2007) regarding: Approval of the Amendment to the Collective Investment Funds (Amendment No. 4) (Jersey) Law 200- (the “Amending Amendment”).

Decision Reference: MD-E-2007-0201

Decision Summary Title:

Amendment to Collective Investment Funds (Amendment No. 4) (Jersey) Law 200-

Date of Decision Summary:

19 October 2007

Decision Summary Author:

James Mews, Finance Industry Development Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Amendment to Collective Investment Funds (Amendment No. 4) (Jersey) Law 200-

Date of Written Report:

19 October 2007

Written Report Author:

James Mews, Finance Industry Development Executive

Written Report:

Public or Exempt?

Public

Subject:

Approval of the Amendment to the Collective Investment Funds (Amendment No. 4) (Jersey) Law 200- (the “Amending Amendment”)

Decision(s):

The Minister approved the amendment to the Collective Investment Funds (Amendment No. 4) (Jersey) Law 1988 together with the Report to be included with the Amending Amendment, and take such steps as are necessary to lodge the Amending Amendment to be debated on the 6th November 2007.

Reason(s) for Decision:

The changes proposed are reasonable to introduce technical changes to the standard regulatory provisions. The subject matter has been subject to shortened consultation and no objections have been received from industry or Jersey Finance Limited.

Resource Implications:

No measurable cost or manpower implications arise for the Commission, the States or industry.

Action required:

The Finance Industry Development Executive to undertake the necessary arrangements for the lodging of the Amending Amendment and accompanying Report au Greffe in order for the draft Law to be debated on 6th November 2007.

Signature: Senator P.F.C.Ozouf

Position: Minister

Date Signed:

Date of Decision:

Approval of the Amendment to the Collective Investment Funds (Amendment No. 4) (Jersey) Law 200- (the “Amending Amendment”).

MINISTER FOR ECONOMIC DEVELOPMENT

Amendment to COLLECTIVE INVESTMENT FUNDS (AMENDMENT NO. 4) (JERSEY) LAW 200- (P.139/2007)

JERSEY FINANCIAL SERVICES COMMISSION (“THE COMMISSION”)

1 THE ISSUE

  1. It is recommended that the Collective Investment Funds (Amendment No. 4) (Jersey) Law 1988 (“the CIF Amendment”) is amended (this new proposed amendment is called “the Amending Amendment”) in order –
  • To replace a definition in the CIF Amendment as a result of changes proposed to be made in the Financial Services (Amendment of Law) (No. 2) (Jersey) Regulations 200- (P.114/2007) (“the FS Regs”) which will be debated prior to the CIF Amendment by the States.
  • To make other minor changes concerning timing.

 

  1. It is recommended that the Minister for Economic Development approves the Amending Amendment, the Report attached and that the Finance Industry Development Executive takes the necessary steps for this to be lodged au Greffe, in order to be debated by the States on 6th November 2007.

 

2 BACKGROUND

  1. The proposals have been consulted on as part of the IMF consultation process.
  1. Proposals

 

  1. The proposed changes are minor technical changes brought about as a result of the FS Regs being prepared in time to be debated in the States on 6 November 2007.
  2. It is proposed that the definition of fund service provider in the CIF Amendment will be given by cross referring to the FS Regs. It is also proposed that the CIF Amendment comes into force 7 days after it is registered.
  3. No measurable cost or manpower implications arise for the Commission, the States or industry.
  1. RECOMMENDATION

 

  1. It is recommended that the Minister for Economic Development approves the Amending Amendment, the Report to be inserted in front of the Amendment by the Publications Officer, and that the Finance Industry Development Executive takes the necessary steps to be lodged au Greffe in order to be debated by the States on 6th November 2007.




 

JAMES MEWS

Finance Industry Development Executive

19 October 2007

 

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