Minister’s priority | Title of item | Brief explanation of why it is essential that this item is in the 2008 programme | Date of delivery of law drafting instructions in 2008 |
1 | Amendment to Laws for regulation of Financial Services, Companies etc | Failure to deal expeditiously with matters arising from the IMF visit will adversely impact on the Island’s finance industry, which is crucial to the economic growth strategy | Dependent upon the date of the IMF visit, publication of the report and the nature of any deficiencies |
2 | Amendment to Collective Investments Funds (Recognised Funds) (General Provisions) (Rules) Order 2003 | As above | As above |
3 | Amend regulation of Experienced Personal Advisers under the Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000. | To reduce the risk to the Island arising from activities of EPAs under existing widely-drawn exemptions. | Quarter 2 / 2008 |
4 | Amendments to primary legislation for regulation of financial services to introduce the ability to recover costs of investigations and other regulatory actions | To enable a more equitable allocation of the Commission’s costs that presently are funded by licence fees | Quarter 1 / 2008 |
5 | Amend Regulation of Experienced Personal Advisers under the Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order 2000 | To reduce the risk to the Island arising from activities of EPAs under existing widely-drawn exemptions. | Quarter 2 / 2008 |
6 | Amendment to Insurance Business (Jersey) Law 1991 to add risk-based solvency requirements to those currently based on financial provision | Compliance with the future (amended) Core Principles of Insurance Supervision against which the IMF carries out is assessments | Dependent upon when there is international agreement on the new solvency proposals |
7 | To improve the definition of the exemptions in the Financial Services (Trust Company Business (Exemptions)) (Jersey) Order 2000 applicable to persons undertaking the role of director | Clarification of statutory requirements to overcome current confusion amongst those most affected, and to improve the efficiency of supervision of this class of business | Quarter 2 / 2008 |
8 | To make provision for amending the Financial Services (Jersey) Law 1998 and/or subordinate legislation to the extent necessary for regulation of investment business to be consistent with the MiFID Directive and associated implementing measures (where this cannot be achieved by other means) | The Island’s reputation would suffer if either regulation of investment business was found to be not consistent with EU Directives or if customers of such businesses experienced difficulties due to differing standards | Quarter 2 or 3 / 2008 |
9 | Amendment of Financial Services (Jersey) Law & Order(s) to exempt trust company businesses from having to register | | Quarter 3 / 2008 |
10 | Amend Financial Services (Trust Company Business (Assets - Customer Money)) (Jersey) Order 2000 to broaden the definition of customer assets to include assets other than money | | Quarter 4 / 2008 |
11 | Time Share (Jersey) Law | | |
12 | Gambling (Jersey) Regulations 200* | To put in place Regulations underpinning the new Gambling (Jersey) Law 200* | Quarter 3 /2008 |
13 | Licensing Law | States decision | Quarter 2 / 2008 |
14 | Amendments to various Sea Fisheries (Jersey) Regulations | To ensure local legislation is in harmony with that of the UK and EU in accordance with the Fisheries Management Agreement with the UK | Will be dictated by development of regulations in UK, France and EU |
15 | Gambling (National Lottery) (Jersey) Regulations 200* | UK has amended its lottery bill in order for Jersey to press ahead with its plans | Quarter 2 / 2008 |
16 | Shops (Regulation of opening and Deliveries) (Jersey) Law 200- and Shops (Regulation of Opening) (General Provisions) (Jersey) Regulations 200- | The retail industry is the third largest sector in the economy in GVA terms and the second as an employer. Better Regulation could support States strategic objectives in relation to productivity and employment opportunities. | Quarter 4 / 2007 |
17 | Shipping (Oil Pollution Compensation - Supplementary Fund) (Amendment) (Jersey) Law 200- | To ensure the adequacy of international funds to compensate for oil pollution damage in Jersey Waters | Quarter 1 / 2008 |
18 | Companies (Amendment) (Jersey) Law | To allow for updating of companies law to prevent current legislation becoming out of step with the market | Quarter 1 / 2008 |
19 | Securities (Jersey) Law | To replace the current outdated legislation with a single law governing all types of securities in Jersey | Quarter 1 / 2008 |
20 | Estate Agents (Jersey) Law | To introduce minimum operating standards for estate agents to protect the public | To be agreed with Draftsman |
21 | Tourism General Provisions Order | To revise the existing GPO to ensure greater flexibility for the industry and increased freedom of choice for consumers | Quarter 4 / 2007 |
22 | Amendment of the Financial Services (Jersey) Law 1998 (possibly by Regulation) & by a new Order to provide a flexible framework for oversight of E-money providers | The provision will facilitate the diversification of the financial; services industry in an area that is currently restricted to entities registe5red under the Banking Business (Jersey) Law 1991 (and therefore ranked as in the top 500 in the world) | Quarter 3 / 2008 |
23 | Review and amend as necessary Orders under the Financial Services (Jersey) Law 1998 | To remove anomalies, inconsistencies and duplication in the generally similar provisions for different types of business | Quarter 3 / 2008 |
24 | Shipping (Undersea Cable Protection) (Amendment) (Jersey) Law 200- | To provide for the long-term protection of undersea cables in accordance with the advice of the Attorney-General | Quarter 4 / 2007 |
25 | Sea Fisheries (Aquatic Marine Resources) Regulations 200- | To allow for the harvesting and cropping of marine aquatic resources under licence | Quarter 2 / 2008 |
26 | Amendment to extend the scope of the Financial Services (Jersey) Law 1998 to include the regulation of Deposit Taking and Repeal the Banking Business (Jersey) Law 1991 | | Quarter 2 / 2008 |
27 | Sea Fisheries(Jersey) Law amendment 200- | To update the Law to allow exploitation of non-fish or shellfish resources, increase powers of fisheries Officers and provide powers for the regulation of the coastal zone management strategy | Quarter 2 / 2008 |
28 | Shipping (Smoking in Ships) (Amendment) (Jersey) Law 200- & Shipping (Smoking in Ships) Regulations 200- | To introduce restrictions to smoking in foreign and other non-Jersey ships in Jersey waters | Quarter 2 / 2008 |
29 | Produce a Banking Business (Advertising) (Jersey) Order 200* | To regulate advertising under the Banking Business (Jersey) Law 1991 in line with provisions currently being drafted for the Financial Services (Jersey) Law 1998. | Quarter 3 / 2008 |
30 | Amendments to primary legislation for regulation of financial services to introduce an enabling power to levy regulatory fines on non-compliant regulated businesses. | | Quarter 1 / 2008 |