Designation of Recognized Entities.

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 (17/07/2009) regarding: Designation of Recognized Entities.

Decision Reference: MD-E-2009-0124
Decision Summary Title :	Designation of Recognized Entities		Date of Decision Summary:	16 July 2009
Decision Summary Author:	Finance Industry Development Executive		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 :	Designation of Recognized Entities		Date of Written Report:	16 July 2009
Written Report Author:	Finance Industry Development Executive		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Designation of Recognized Entities under Regulation 2 of the Foundations (Continuance) (Jersey) Regulations 2009 (“the Regulations”).
Decision(s): The Minister approved the designation of Recognized Entities as per the attached Notice, and for the Notice to be published on the Economic Development web-site and in the Jersey Evening Post, Jersey Gazette.
Reason(s) for Decision: The Regulations provide for recognized entities, as designated by the Minister for Economic Development, to continue as Jersey foundations and for Jersey foundations to continue overseas as recognized entities. The bodies listed in the Schedule are considered to be similar in nature to Jersey foundations and therefore appropriate vehicles for continuance. This list has been subject to consultation with industry through Jersey Finance Limited, who support the designation.
Resource Implications: There are no measurable financial or manpower costs for the States. The Commission and the registrar will have costs associated with considering proposed continuances for approval but these costs will be passed on to those seeking continuance. Overall, the measures will be revenue positive.
Action required: To designate Recognized Entities as per the attached Notice, and for the Notice to be published on the Economic Development web-site.
Signature: Senator A.J.H.Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):

Designation of Recognized Entities.

DESIGNATION OF RECOGNIZED ENTITIES

1 THE ISSUE AND RECOMMENDATION

It is recommended that the Minister for Economic Development (“the Minister”) should designate recognized entities under Regulation 2 of the Foundations (Continuance) (Jersey) Regulations 2009 (“the Regulations”) as per the attached Notice and that the Notice should be published on the Economic Development web-site.

FOUNDATION CONTINUANCES

The Regulations were passed by the States on 15 July 2009 under the Foundations (Jersey) Law 2009. Both the Law and the Regulations will come into force on 17 July 2009. The Regulations allow for foundations to continue both into and out of Jersey, i.e. for foundations to migrate between Jersey and other jurisdictions. (The Regulations also provide for Jersey companies to continue as foundations, but that is not relevant to the current designation.)
The concept of “recognized entities” is used in the Regulations to specify which overseas entities are within the scope of the Regulations, i.e. a Jersey foundation may continue as a recognized entity and a recognized entity may continue as a foundation. Regulation 2 provides for the Minister to designate these entities. The bodies listed in the Notice are considered to be similar in nature to Jersey foundations and therefore appropriate vehicles for continuance.
This list has been subject to consultation with industry through Jersey Finance Limited, who support the designation.
Regulation 2(2) states that the Minister should make the designation by publication of a notice in a manner likely to bring it to the attention of those likely to be affected. It is considered that publication on the Economic Development web-site will achieve this aim.

RECOMMENDATION

3.1 It is recommended that the Minister should designate recognized entities under Regulation 2 of the Regulations as per the attached Notice and that the Notice should be published on the Economic Development web-site.

Finance Industry Development Executive

16 July 2009