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Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 27 September 2013:

Decision Reference: MD-C-2013-0109

Decision Summary Title :

Draft Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013

Date of Decision Summary:

26 September 2013

Decision Summary Author:

Officer,

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:

Written Report

Title :

Report to the draft Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013

Date of Written Report:

26 September 2013

Written Report Author:

Officer,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

Making of the draft Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013 (“the draft Order”)

Decision(s):

The Minister made the Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013 which will come into force on 1 October 2013.

Reason(s) for Decision:

Pursuant to Article 60(2) and Article 79 of the Security Interests (Jersey) Law (“the Law”) a register of Security Interests has been established and will be hosted by the Companies Registry at the Jersey Financial Services Commission.

The Law, as amended, is due to come into force in two phases, with registration provisions for existing assignments of receivables coming into force on 1 October 2013 and the remainder of the Law coming into force on 2 January 2014. The Law deals with matters relevant to registration in Part 8.

The draft Order, made pursuant to Articles 4A, 60(2)(b), 62(1) and 92 of the Law, supplements the procedures and requirements as to registration of financing statements and financing change statements that are contained in Part 8 of the Law.The Order will come into force at the same time as the first phase of the Law on 1 October 2013.

Resource Implications:

There are no resource implications as a result of this decision.

Action required:

That the Minister sign and seal the Order and arrange for it be returned to the States Greffe for immediate publication and to ask the Greffier of the States to arrange for the making of the Order to be notified to the States.

Signature:

Senator I. J. Gorst

Position:

Chief Minister of Jersey

Date Signed:

Date of Decision (If different from Date Signed):

Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013

CHIEF MINISTER

Written Report to the Draft Security Interests (Registration and Miscellaneous Provisions) (Jersey) Order 2013 (“the draft Order”)

Background

The Security Interests (Jersey) Law 2012 (“the Law”), which replaces the existing law governing security interests in intangible movable property, was adopted by the States under P88/2011 on 19 July 2011 and received Royal Assent on 10 July 2012. The Law was registered in the Royal Court on 27 July 2012.

The Security Interests (Amendment of Law) (Jersey) Regulations 2013, which amend the Law, were adopted by the States under P61/2013 on 16 July 2013. The Security Interests (Amendment of Law) (No.2) (Jersey) Regulations 2013, which further amend the Law, were adopted by the States under P96/2013 on 25 September 2013. The Law, as amended, is due to come into force in a two stage process on 1 October 2013 and 2 January 2014.

The Register and the draft Order

Pursuant to Article 60(2) and Article 79 of the Law a register of Security Interests has been established and will be hosted by the Companies Registry at the Jersey Financial Services Commission (“the JFSC”).

The register is a public register, accessible online from the JFSC website. It contains financing statements, financing change statements and such other matter as is required by the Law to be entered or registered pursuant to Article 62.

Whilst the Register is, in the main, wholly automated, there are various processes and procedures which are permitted by the Law to be prescribed by Order. The Order deals with:

Application of the Law in certain circumstances
Processes for registration in certain circumstances
Data entry requirements, fees and notices on the SIR system
Searching the register and search criteria
Access to the system
Powers and procedures of the registrar
Services of notices between parties under the Law
Services of notices by the registrar under the Law

It is important to note that the Register will also have a significant set of guidance notes which deal with data entry requirements which are permitted under the Law to be determined by the registrar. Pursuant to Article 6(1)(b) of the draft Order, these data entry requirements must be placed in a prominent position on the Register system so that they are easily accessible by those using the register.

It is important that the Order is made to allow it to come into force at the same time as the various registration provisions of the Law coming into force on 1 October 2013. This will permit for the register to operate as intended from the time it commences its operation.

When signed, the Order will come into force at the same time as the first phase of the Law on 1 October 2013.

Development and Consultation

The Order has been developed and consulted upon with a working group of local banking lawyers who worked on the Law and the Government’s adviser on this project, Professor Sir Roy Goode QC.

Financial and Manpower Implications

There are no direct financial or manpower implications for the States of Jersey from the making of this Order.

Recommendation

It is recommended that the Minister make the Order so that it can come into force on 1 October 2013.

Officer, Finance Industry Development

25 September 2013

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