Control of Borrowing (Jersey) Order 1958: Amendment: Law drafting instructions

Information about the publication of Ministerial Decisions

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A decision made 13 March 2015:

Ministerial decision reference MD-C-2015-0036
Decision summary title Law Drafting amendment to Control of Borrowing (Jersey) Order 1958 (“COBO”)
Decision summary author	Director, Finance Industry Development, Financial Services Unit	Is the decision summary public or exempt?		Public
Report title N/A
Report author or name of person giving report	N/A	Is the report public or exempt?		N/A
Decision and reason for the decision An amendment is recommended by Jersey Finance as a result of the application of the Civil Partnership (Jersey) Law 2012 to the COBO. Art 6(1)(b) of COBO states: Grant of options to employees (1) Nothing in this Order shall require the consent of the Commission to the grant by a company, a company connected with it or a relevant trustee of options to acquire or dispose of securities of the first-mentioned company where the options are granted to or for the benefit of – (a) bona fide employees or former employees of the company or of another company with which it is connected; (b) wives, husbands, widows or widowers of such employees or former employees; or …….. It is recommended that "consent free" grants of options are extended from schemes involving wives and husbands to include civil partners and that the change is drafted by the Law Draftsman. The Chief Minister approved the commencement of Law Drafting for amendments to COBO.
Resource implications There are no resource implications for the States of Jersey as a result of this decision, other than the time to progress the amendment.
Action required That officers in the Financial Services Unit instruct the Law Draftsman accordingly.
Signature			Position Senator I J Gorst Chief Minister

Date signed			Effective date of the decision