Jersey Financial Services Commission - appointment of Commissioner

STATES OF JERSEY

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JERSEY FINANCIAL SERVICES COMMISSION: APPOINTMENT OF COMMISSIONER

Lodged au Greffe on 3rd July 2007

by the Minister for Economic Development

STATES GREFFE

PROPOSITION

THE STATES are asked to decide whether they are of opinion

in p u rsuance of Article 3 of the Financial Services Commission (Jersey) Law 1998 to appoint Sir Nigel

Wicks as a Commissioner of the Jersey Financial Services Commission for a period of 3 years.

MINISTER FOR ECONOMIC DEVELOPMENT

REPORT

The appointment of Commissioners to the Jersey Financial Services Commission is dealt with in Articles 3 and 4 of the Financial Services Commission (Jersey) Law 1998 (the "Law").

"(1)  The Commission shall consist of –

1. a Chairman;and
2. n ot less than 6 other Commissioners."

Paragraph (2) reads as follows –

"(2)  The States shall appoint –

1. t heCommissioners from persons nominatedbytheMinister;and
2. a Commissionernominatedbythe Minister to beChairmanof the Commission,

and the appointments shall be debated in camera."

Paragraph (3) states –

"(3)  The Commissioners shall include –

1. p ersons with experienceof the type of financial servicessupervisedby the Commission;
2. r egularuserson their own account oronbehalfof others, or representatives of those users, of financial servicesof any kind supervised bytheCommission;and
3. i ndividuals representing the public interest,

and the composition of the Commission shall be such as to secure a proper balance between the interests of persons carrying on the business of financial services, the users of such services and the interests of the public at large."

Pursuant to paragraph  (2) of Article  4, the term of appointment of a Commissioner is prescribed by Part  2 o Schedule 1 to the Law, paragraph  1(2) of which reads as follows–

"(2)  A Commissioner shall be appointed by instrument in writing for a period not exceeding 3 years and

upon expiry of such period shall be eligible for reappointment."

By virtue of Article 4(1) all Commissioners are required to take oath before the Royal Court in the form set out in Part  1 of Schedule  1 to the Law before they begin to act in execution of the Law.

The Minister for Economic Development wishes to nominate the following person  for appointment by the States –

Sir Nigel Wicks

Sir Nigel Wicks is currently the Chairman of Euroclear, having been appointed on 1st January 2007. Previously, he was non-executive Deputy Chairman of Euroclear plc. and Euroclear SA/NV from September 2002.

He previously served as non-executive Chairman of CRESTCo, the settlement system for UK and Irish securities, from 2001 until its merger with Euroclear in 2002. He also served, on appointment by the UK Prime Minister, as Chair of the Committee on Standards in Public Life between March 2001 and April 2004.

Before joining CRESTCo as non-executive Chairman, Sir Nigel Wicks was a member of the British Civil Service for 32  years. From 1989 to 2000, he was Second Permanent Secretary and Director of International Finance at HM Treasury. Before this, he spent periods as Principal Private Secretary to Prime Minister Margaret Thatcher, Economic Advisor at the British Embassy in Washington DC, UK Executive Director at the World Bank and the IMF, and as Private Secretary to Prime Ministers James Callaghan and Harold Wilson . Sir Nigel Wicks was a member of the EU Committee of Wise Men' on European Securities Regulation (the Lamfalussy Group) from 2000 to 2001.

Other Commissioners have been appointed until the following dates –

30th November 2008

John Averty

Advocate Michael Clapham Scott Dobbie, CBE

30th June 2009

John Boothman

28th February 2010

John Harris

17th September 2009

Geoffrey Colin Powell, CBE (Chairman)

31st May 2010

Jacqueline Richomme Dr. Frederik Musch

There are no financial or manpower implications arising for the States from this proposition.