Financial Services (Jersey) Law 1998 and Alternative Investment Funds (Jersey) Regulations 2012: Amendments: Law drafting instructions

Information about the publication of Ministerial Decisions

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A decision made 14 July 2015:

Ministerial decision reference MD-C-2015-0084
Decision summary title Instruction of the Law Draftsman in respect of an amendment to the Financial Services (Jersey) Law 1998 and an amendment to the Alternative Investment Funds (Jersey) Regulations 2012 which relates to Jersey’s Alternative Investment Fund Manager regime.
Decision summary author	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 The Assistant Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the Financial Services (Jersey) Law 1998 (FS(J)L) which would modify the definition of “principal person” to exclude those listed in para (b)(i) of that definition in the context of private self-managed Alternative Investment Funds (AIFs) that hold a certificate pursuant to the Alternative Investment Funds (Jersey) Regulations 2012 (the AIF Regs). The Assistant Chief Minister approved the instruction of the Law Draftsman to prepare an amendment to the AIF Regs which would modify the definition of “service provider” to ensure that the reference to “in relation to an AIF” within that definition and throughout the AIF Regs is a reference to an EU AIF rather than an AIF as defined in Regulation 3 of the AIF Regs.
Resource implications Law Drafting time will be required to draft the proposed amendments to the FS(J)L and the AIF Regs. There are no other resource implications for the States of Jersey as a result of this decision.
Action required That law drafting instructions be sent by the Financial Services Unit to the Law Draftsman requesting: that an amendment to the FS(J)L be drafted which amends the definition of “principle person”; and that an amendment to the AIF Regs be drafted which amends the definition of “service provider”.
Signature Senator Philip Francis Cyril Ozouf			Position Assistant Chief Minister of Jersey

Date signed			Effective date of the decision