Social Security
(Investment Managers) (Jersey) Order 1996
Official
Consolidated Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
Showing the law
from 1 January 2019 to Current
Social Security
(Investment Managers) (Jersey) Order 1996[1]
1
In this Order –
“Law” means the Social Security (Jersey) Law 1974;
“Minister” means the Minister for Treasury and Resources;
“proper advice” means the advice of a person or persons
reasonably believed by the Minister to be qualified by the person’s
ability in and practical experience of financial matters to give such advice.
2
No person shall be appointed an investment manager pursuant to Article 30(5A)
of the Law unless –
(a) such person is suitably
qualified by ability in and practical experience of financial matters to make
investment decisions on behalf of the Minister;
(b) the Minister has
considered the value of the fund monies to be managed by such investment manager
and is satisfied that such value will not be excessive, having regard
to –
(i) proper
advice,
(ii) the
desirability of securing diversification of management of the fund from which
those assets are derived, and
(iii) the
value of the assets of that fund.
3
The terms of appointment of an investment manager shall –
(a) provide for its
termination without notice;
(b) require the investment
manager to provide the Minister, at least once every 3 months, with a report
setting out the action taken by the investment manager under the appointment;
(c) require the investment
manager to comply with such instructions as the Minister may give;
(d) require the investment
manager to have regard to the need for diversification of investment of fund
assets and to the suitability of investments of any description.
4
The investments made by an investment manager shall, at least once
every 3 months, be reviewed by the Minister who shall, having regard
to –
(a) the need for
diversification of investment of fund monies;
(b) the suitability of
investments of any description made; and
(c) proper advice,
consider the desirability of continuing or terminating the
investment manager’s appointment.
5
An investment manager may be given power pursuant to the investment
manager’s appointment under Article 30(5A) of the Law to delegate
such powers, authorities or discretions as are given by the investment
manager’s appointment to such other persons as the investment manager
considers necessary.
6
This Order may be cited as the Social Security (Investment Managers)
(Jersey) Order 1996.