Control of Borrowing (Amendment No. 15) – States of Jersey –
5 Sep 2012
Article 2 of the 1947 Law provides that the Minister for Economic Development may, on the recommendation of the Jersey Financial Services Commission (the “Commission”), make Orders for regulating various transactions and acts.
The Control of Borrowing (Jersey) Order 1958 (the “CoB Order”) was made in pursuance of Article 2 of the 1947 Law. Inter alia, it provides that the prior consent of the Commission must be obtained for any of a range of activities including the issue by a body corporate of shares in, or securities of that body corporate; the issue of units in a unit trust; the creation of interests in certain types of partnership; the raising of money in the Island; and the circulation of prospectuses.
Article 2(2) of the 1947 Law states that an Order made under Article 2 may make provision requiring the payment of fees published by the Commission in accordance with Article 15(5) of the Financial Services Commission (Jersey) Law 1998.
To date, the CoB Order has not made any provision for fees to be paid. The Amending Order will allow the Commission to require the payment of fees with an application for the grant of any of the various consents, with details of the amounts of such fees, and the particular applications with which they are to be paid, being published by the Commission.
Article 15 of the Financial Services Commission (Jersey) Law 1998 requires that before publishing a fee, the Commission must first publish a report, for at least 28 days, that sets out the details of the proposed fee and the duty or power in respect of which the fee is to be determined. The Article also sets out the arrangements for resolution of any disagreement arising from such consultation.
The Commission has recommended that the Minister makes the Amending Order. The Deputy Chief Minister is making this decision under delegated authority as per MD-C-2012-0081.
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