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

Security Interests (Jersey) Law 2012: Extension to Tangible Movables: Law drafting instructions

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A decision made 19 September 2014:

Decision Reference: MD-C-2014-

Decision Summary Title :

Approval of Law Drafting to amend the Security Interests (Jersey) Law 2012  - extension to tangible movables (“SIL2”)

 

Date of Decision Summary:

17 September 2014

Decision Summary Author:

 

Officer, Financial Services

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 :

Written Report – Security Interests (Jersey) Law 2012 – extension to tangible movables (“SIL2”)

Date of Written Report:

17 September 2014

Written Report Author:

Officer, Financial Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Exempt – 3.2.1 (a) (xiv)

Subject:

Approval of Law Drafting to amend the Security Interests (Jersey) Law 2012 – extension to tangible movables (“SIL2”

 

Decision(s):

The Chief Minister approved that Law Drafting should commence to amend the Security Interests (Jersey) Law 2012 to extend the regime to cover tangible movables (“SIL2”)

Reason(s) for Decision:  

When the Minister for Economic Development took the draft Security Interests (Jersey) Law 201- (“SIL1”) to the States Assembly on 19 July 2011 he stated that in due course, SIL1 would be extended by SIL2. This will permit the Law to be used for lending on tangible movable property such as motor cars, plant machinery, white goods, crops and livestock. This move will allow perspective lenders to secure loans against a wider variety of security and it is anticipated that this will provide a valuable boost to the economy.

 

SIL1 has been fully in force since 2 January 2014 and the Financial Service Unit is now in a position to progress with the preparation of SIL2. A timetable has been formulated stating that development of SIL2 will occur in late 2014 and early 2015, with consultation with industry and development of an updated Security Interests Register (“SIR”) to deal with tangible movables in 2015. It is anticipated that the Law will be ready to be brought into force, as amended in early 2016.

 

Resource Implications:

Law Drafting time will be required to draft these amendments. There are also resource implications in respect of the engagement of an external expert to advise the Department on the amending Law. The cost of resource implications for the external expert is accounted for in the Financial Services Unit budget for 2014 and 2015.

 

Action required:

That Law Drafting Instructions for the amendments be sent to the Law Draftsman’s Office for action in line with the timetable outlined in the written report.

 

Signature:

 

 

 

Senator I. J. Gorst

Position:

 

 

 

Chief Minister

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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