Financial Services
Commission (Amendment of Law) (Jersey) Regulations 2011
Made 13th July 2011
Coming into force 13th
July 2011
THE STATES, in pursuance of Articles 4(3) and 22 of the Financial Services
Commission (Jersey) Law 1998[1], have made the following
Regulations –
1 Schedule 1 to the Financial Services
Commission (Jersey) Law 1998 amended
In paragraph 1 of Part 2 of Schedule 1 to the
Financial Services Commission (Jersey) Law 1998[2] –
(a) in
sub-paragraph (1) for the words “Subject to Article 3(1)(a) and
sub-paragraphs (2) to (6) of this paragraph,” there shall be
substituted the words “Subject to sub-paragraphs (2) to (4), (5) and
(6),”;
(b) in
sub-paragraph (2) for the words “3 years” there shall be
substituted the words “5 years”;
(c) after
sub-paragraph (2) there shall be inserted the following
sub-paragraphs –
“(2A) Where a Commissioner has been appointed, or
reappointed, for a period of less than 5 years, the States may extend his
or her period of appointment, provided that the period, as extended, does not
exceed 5 years.
(2B) A debate on whether to extend a period of appointment
shall be held in camera.”;
(d) in
sub-paragraph (4) for the words “it may terminate” there shall
be substituted the words “the Minister may terminate”;
(e) after
sub-paragraph (4) there shall be inserted the following
sub-paragraph –
“(4A) If the Minister terminates the appointment of a
Commissioner the Minister shall –
(a) give the person whose appointment is
terminated notice, in writing, of the termination and of the reasons for it;
and
(b) present a report to the States informing the
States of the termination and specifying upon which of the grounds in
sub-paragraph (4) the appointment has been terminated.”.
2 Citation
and commencement
These Regulations may be cited as the Financial Services Commission
(Amendment of Law) (Jersey) Regulations 2011 and shall come into force on
the day that they are made.
A.H. harris
Deputy Greffier of the States