Nomination of Commissioners to Jersey Financial Services Commission.

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A decision made (01/05/2007) regarding: Nomination of Commissioners to Jersey Financial Services Commission.

Subject:	Nomination of Commissioners to Jersey Financial Services Commission
Decision Reference:	MD-E-2007-0094		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:
Written report – Title	Jersey Financial Services Commission – Nomination for Commissioners
Written report – Author (name and job title)	Paul de Gruchy, Director, Finance Industry Development
Decision(s): To bring a proposition to the States at the earliest opportunity seeking the reappointment of Colin Powell, Frederick Musch and Jacqueline Richomme as Commissioners and seeking to have the nomination debated in camera at the earliest opportunity, in accordance with Article 3(2) of the Financial Services Commission (Jersey) Law.
Reason(s) for decision: The three Commissioners have reached the expiry of their 3 year term of appointment and all have expressed a willingness to remain as Commissioners. Their service and expertise has been highly valued and their reappointment would be in the best interests of both the Island and the Commission. It should be noted that in the case of Mr Powell, his appointment would cease on 17 September 2009, when he would reach the statuary maximum age for a Commissioner of 72.
Action required: PDG to take necessary steps to lodge the proposition and report for discussion by the States at the earliest opportunity.
Signature: Senator P.F.C.Ozouf (Minister)		Date of Decision: 1 May 2007

Nomination of Commissioners to Jersey Financial Services Commission.

MINISTER FOR ECONOMIC DEVELOPMENT

JERSEY FINANCIAL SERVICES COMMISSION

RE-APPOINTMENT OF COMMISSIONERS

1 THE ISSUE

1.1 The Jersey Financial Services Commission (the “Commission”) has proposed that three persons be reappointed as a Commissioner. In order for the reappointments to take place, these persons must be nominated by the Minister and approved by the States.

1.2 The purpose of this Paper is to introduce the background to this matter and to recommend that the Minister lodge a proposition nominating Colin Powell, Frederick Musch and Jacqueline Richomme to be appointed a Commissioner for debate at the earliest opportunity.

2 BACKGROUND

2.1 The Background to this proposal, including a draft report and proposition, is set out in the annex this paper, which was prepared by Colin Powell, Chairman of the Commission.

2.2 In summary, it is proposed that Frederick Musch and Jacqueline Richomme be reappointed as Commissioner of the Commission for a period of three years, and that Colin Powell be reappointed until 17 September 2009, when he will reach the statutory retirement age for Commissioners.

3 ISSUE AND RECOMMENDATION

3.1 It is recommended that the Minister accepts the proposal of the Commission and bring a proposition to the States at the earliest opportunity nominating the three reappointments and seeking to have the nominations debated in camera at the earliest opportunity, in accordance with Article 3(2) of the Financial Services Commission (Jersey) Law, with a view to the reappointments taking effect, if approved, from 1st 2007.

PAUL DE GRUCHY

Director, Finance Industry Development

30 April 2007