Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

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

Approval of the Amendment to the Companies (Amendment No. 9) (Jersey) Law 200- .

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 (20/12/2007) regarding: Approval of the Amendment to the Companies (Amendment No. 9) (Jersey) Law 200- ("the Amendment").

Decision Reference:  MD-E-2007-0229 

Decision Summary Title :

Amendment to the proposed Amendment no 9 to the Companies (Jersey) Law 1991 (“the Law”)

Date of Decision Summary:

18 December 2007

Decision Summary Author:

James Mews

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Amendments to the Companies (Jersey) Law 1991 (“the Law”)

Date of Written Report:

18 December 2007

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Approval of the Amendment to the Companies  (Amendment No 9) (Jersey) law 200- (“the Amendment”)

Decision(s):  

The Minister approved the amendment and signed the declaration of compatibility with the European Convention on Human Rights and requested the Financial Industry Development Executive to take such steps as were necessary to lodge them au Greffe in time to be read with the existing proposed Amendment to the Law for the States to debate at the first sitting in 2008.

Reason(s) for Decision: 

The Amendment modernises aspects of the Law relating to accounts and audit requirements in accordance with international developments to introduce more flexibility and simplicity into the Law. 

The proposals have been through the normal consultation process including comprehensive discussion by a steering group, industry and the Commission neither of whom object to their adoption. 

 
Resource Implications: 

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

Action required: 

The Finance Industry Development Executive advise the Publications Editor and the Greffier of the States to lodge the Amendment au Greffe in time for the States to debate at the first sitting in 2008.

Signature:  Senator P.F.C.Ozouf  
 

Position: Minister  

Date Signed: 
 

Date of Decision (If different from Date Signed): 

Hide report
Approval of the Amendment to the Companies (Amendment No. 9) (Jersey) Law 200- .

MINISTER FOR ECONOMIC DEVELOPMENT  

AMENDMENTS TO THE COMPANIES (JERSEY) LAW 1991  

1 THE ISSUE AND RECOMMENDATION  

  1. It is proposed to amend the Companies (Amendment No 9) (Jersey) law 200- (“the Amendment”) which has been lodged and is awaiting debate on the first sitting of the States in 2008.

 

  1. It is recommended that the Minister for Economic Development approves the amendment to the Amendment (“the New Amendment”), signs the statement of Human Rights compliance and that the Finance Industry Development Executive takes the necessary steps to lodge the New Amendment au Greffe to be debated by the States at the first sitting of 2008.

 

  1. BACKGROUND

 

  1. The purpose behind the New Amendment is to amend the provisions relating to the auditing of accounts to modernise the requirements of the Law in accordance with international developments to introduce more flexibility and simplicity into the Law.

 

  1. The proposals have been through the normal consultation process.  The proposals have been subsequently comprehensively discussed with industry following a consultation paper published in 30 April 2006. The draft legislation has been considered by a steering group, industry and the Commission neither of whom object to their adoption.

 

  1. There are no financial or manpower implications arising from the proposals.

 

  1. It is believed that the New Amendment does not raise any Human Rights issues due to the subject matter and the fact that no new offences are created. 

 

  1. THE AMENDMENT TO THE LAW

 

  1. The New Amendment proposes changes to two provisions in the Law relating to accounts and audit. 

 

  1. The first change is to Article 104 to give a Jersey company the flexibility to prepare accounts in accordance with any generally accepted accounting provisions.

 

  1. The second change is to ensure that, where auditors are appointed, the directors preparing the accounts state either that the accounts show a true and fair view or alternatively are presented fairly in all material respects to ensure that auditors are able to sign off accounts.

 

  1. The amendments will further encourage the use of Jersey companies, and be beneficial to the Island.

 

  1. SUMMARY

 

  1. In summary, the changes will further encourage the use of Jersey companies, and be beneficial to the Island. 

 

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

 

  1. RECOMMENDATION

 

  1. It is recommended that the Minister for Economic Development approves the amendment to the Amendment (“the New Amendment”), signs the statement of Human Rights compliance and that the Finance Industry Development Executive takes the necessary steps to lodge the New Amendment au Greffe to be debated by the States at the first sitting of 2008.

 
 

JAMES MEWS

Finance Industry Development Executive

18 December 2007 

 

Our sites
Back to top
rating button