Control of Borrowing (Amendment No.16) (Jersey) Order 2015

Information about the publication of Ministerial Decisions

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.

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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

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 24 April 2015:

Ministerial decision reference MD-C-2015-0048
Decision summary title Control of Borrowing (Amendment No. 16) (Jersey) Order 201- (“the Order”)
Decision summary author	Director, Finance Industry Development, Financial Services Unit	Is the decision summary public or exempt?		Public
Report title N/A
Report author or name of person giving report	N/A	Is the report public or exempt?		N/A
Decision and reason for the decision The Chief Minister made the Order to extend "consent free" grants of options to include civil partners. The Order which amends the Control of Borrowing (Jersey) Order 1958 (“COBO”) has been recommended by Jersey Finance and the Jersey Financial Services Commission as a result of the application of the Civil Partnership (Jersey) Law 2012. Art 6(1)(b) of COBO currently states: Grant of options to employees (1) Nothing in this Order shall require the consent of the Commission to the grant by a company, a company connected with it or a relevant trustee of options to acquire or dispose of securities of the first-mentioned company where the options are granted to or for the benefit of – (a) bona fide employees or former employees of the company or of another company with which it is connected; (b) wives, husbands, widows or widowers of such employees or former employees; or …….. The Order extends Art 6(1)(b) so that "consent free" grants of options will include civil partners.
Resource implications There are no resource implications for the States of Jersey.
Action required That the Chief Minister signs and seals the Order and that it is returned to the States Greffe for immediate publication.
Signature			Position Senator I J Gorst Chief Minister

Date signed			Effective date of the decision

Control of Borrowing (Amendment No.16) (Jersey) Order 2015

Jersey Crest

Control of Borrowing (Amendment No. 16) (Jersey) Order 2015

Explanatory Note

Article 6(1) of the Control of Borrowing (Jersey) Order 1958 provides that consent of the Jersey Financial Services Commission is not required before a company, or a company connected with it or a relevant trustee, grants options to acquire or dispose of securities of the company, where the options are granted to or for the benefit of bona fide employees or former employees of the company or of another company with which it is connected, and to the wives, husbands widows or widowers of such employees or former employees. This Order amends Article 6(1) to provide that consent of the Jersey Financial Services Commission is also not required where such options are granted to or for the benefit of civil partners or surviving civil partners of employees or former employees of such a company.

File No.55/1