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Amendment to draft Foundations (Jersey) Law 200-.

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A decision made (02/10/2008) regarding: Amendment to draft Foundations (Jersey) Law 200-.

Decision Reference:  MD-E-2008-0190 

Decision Summary Title :

Amendment to the draft Foundations (Jersey) Law 200- (“the Draft Law”)

Date of Decision Summary:

2 October 2008

Decision Summary Author:

James Mews

Finance Industry Development

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Amendment to the draft Foundations (Jersey) Law 200- (“the Draft Law”)

Date of Written Report:

2 October 2008

Written Report Author:

James Mews 

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Approval of the Amendment to the draft Foundations (Jersey) Law 200- (“the Amendment”)

Decision(s):  

The Minister approved the Amendment and the attached report and has signed the declaration of compatibility with the European Convention on Human Rights and for the Financial Industry Development Executive to take such steps as are necessary to lodge them au Greffe in time to amend the existing proposed Amendment to the Law for the States to debate together on 21 October 2008.

Reason(s) for Decision: 

The Amendment allows regulations to provide for cross-border mergers, and for mergers and continuances to include other bodies corporate as well as foundations.  This is a response to a late industry request.  It will permit the law to be sufficiently flexible to deal with all possibilities.

 
Resource Implications: 

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

Action required: 

The Finance Industry Development Executive to arrange for the matter to be referred to the States Greffe Publications Editor to arrange for the Amendment to be lodged ‘au Greffe’ in time for the States debate on 21st October 2008.

Signature:  Senator P.F.C.Ozouf  

Position:  Minister  

Date Signed: 

Date of Decision (If different from Date Signed): 

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