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Approval of the Companies Appointed Day Act for Amendment No 9 to the Companies (Jersey) Law 1991.

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A decision made (30/06/2008) regarding: Approval of the Companies Appointed Day Act for Amendment No 9 to the Companies (Jersey) Law 1991.

Decision Reference:  MD-E-2008-0128 

Decision Summary Title :

Appointed Day Act Companies (Jersey) Law 1991 (“the Act”)

Date of Decision Summary:

26 June 2008

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 :

Appointed Day Act for Amendment No 9 to the Companies (Jersey) Law 1991 (“the Law”)

Date of Written Report:

26 June 2008

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 Companies Appointed Day Act for Amendment No 9 to the Companies (Jersey) Law 1991.

Decision(s):  

The Minister approved the Act, the Report to the Act, and for the Finance Industry Development Executive to take the necessary steps to lodge the Act au Greffe to be debated by the States as soon as possible thereafter in order for the Act to come into force on 1 August 2008.

Reason(s) for Decision: 

The Amendments in the Law modernise aspects of the Law in accordance with international developments to introduce more flexibility and simplicity into the Law. 

The Companies (Amendment No 9) (Jersey) Law 1991 (“the Law”) has now been registered by the Royal Court, but certain provisions were subject to an Appointed Day Act.  This Act now requires to be made in order to bring these provisions into force. 

 

 
Resource Implications: 

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

Action required: 

The Finance Industry Development Executive to take such steps as are necessary to lodge the Act au Greffe in order for the States to debate it in order to bring it into force on 1 August 2008. 

Signature:  Senator P.F.C Ozouf  

Position:  Minister  

Date Signed: 

Date of Decision (If different from Date Signed): 

Approval of the Companies Appointed Day Act for Amendment No 9 to the Companies (Jersey) Law 1991.

MINISTER FOR ECONOMIC DEVELOPMENT  
 

APPOINTED DAY ACT FOR AMENDMENT NO 9 TO THE COMPANIES (JERSEY) LAW 1991  
 

1 THE ISSUE AND RECOMMENDATION  

  1. The Companies (Amendment No 9) (Jersey) Law 1991 (“the Law”) has now been registered by the Royal Court, but certain provisions were subject to an Appointed Day Act (“the Act”).  This Act now requires to be made in order to bring the provisions into force. 

 

  1. It is recommended that the Minister for Economic Development approves the Act, the report to the Act and that the Finance Industry Development Executive takes the necessary steps to lodge the Act au Greffe to be debated by the States as soon as possible thereafter in order to be brought into force on 1 August 2008.

 

  1. BACKGROUND

 

  1. The purpose behind the Law is to modernise aspects of the Law in accordance with international developments to introduce more flexibility and simplicity into the Law.  This Act will bring into force Articles 17 to 22 of the Law 2008 on 1st August 2008. 

 

  1. These Articles have already been approved by the States and the Privy Council.  The Articles were subject to an Appointed Day Act rather than coming directly into force after the registration of the Law due to the possibility that they may be superseded by another law - Companies (Amendment No. 10) (Jersey) Law 2008 which was nearing completion at the same time and which might have overtaken the Law in being approved by the Privy Council.  This possibility has not occurred and there is a requirement for these Articles to be brought into force.

 

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

 

  1. The Law Officers Department have indicated that the Amendments do not raise any Human Rights issues and that all tariffs for new offences created are commensurate with similar existing offences. 

 
 
 

  1. THE ACT

 

  1. The provisions mainly concern minor amendments to the accounting requirements which are mainly consequential as a result of the other provisions which have already been brought into force. 

 

  1. Article 21 and 22 also amend and reduce the requirements for the percentage of auditors and accountants to have specified relevant qualifications from 75% to 50% in order to reflect the fact that accountants and auditors in global practices have a large number of workers who have qualified with equivalent qualifications rather than the actual qualifications specified.     

 

  1. Taken together, 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. RECOMMENDATION

 

  1. It is recommended that the Minister for Economic Development approves the Act and that the Finance Industry Development Executive takes the necessary steps to lodge the Act au Greffe to be debated by the States as soon as possible thereafter in order to be brought in to force on 1 August 2008.

 
 

JAMES MEWS

Finance Industry Development Executive

27 June 2008 

 

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