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Information and public services for the Island of Jersey

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

Financial Services Commission (Financial Penalties) (Jersey) Order 2015

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there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 16 June 2015 [This Decision has now been rescinded by MD-C-2015-0074]

MINISTERIAL DECISION REFERENCE: MD-C-2015-0073

DECISION SUMMARY TITLE: Financial Services Commission (Order) (Jersey) Law 201-

DECISION SUMMARY AUTHOR:

Director, Finance Industry Development, Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Financial Services Commission (Order) (Jersey) Law 201-

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Director, Finance Industry Development, Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT 

Qualified Exemption: Article 35

DECISION AND REASON FOR THE DECISION:

The Chief Minister approved the Financial Services Commission (Order) (Jersey) Law 201- (the “Draft Order”).

 

The decision to have a fixed monetary cap of £4 million on the maximum amount of civil financial penalties that can be levied under bands 2 and 3 is in line with the sterling equivalent of the requirements under Markets in Financial Instruments Directive (Directive 2014/65/EC).  The fixed monetary cap of up to £10,000 in Band 1 follows the consultation draft.

RESOURCE IMPLICATIONS:

There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

The Chief Minister is requested to sign, date and seal the draft Order and to request the Greffier of the States to arrange for the making of the Order to be notified to the States.

SIGNATURE:

 

 

 

POSITION:

 

SENATOR IAN JOSEPH GORST

CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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