Economic Affairs - Approved Panel Minutes - 3 October 2012

Present

Deputy S.G. Luce , Chairman Connétable S.W. Pallett, Vice-Chairman Connétable M.J. Paddock

Absent

In attendance

Director Strategic Development, Economic Development (Item 3) Intellectual Property Adviser, Economic Development (Item 3)

Strategy Manager Economic Development (Item 5)

Performance and Operations Manager Economic Development (Item 5)

Performance and Operations Manager Economic Development (Item 6) Director of Financial Industry Development Chief Minister's Department (Item 6)

Advocate  G.  Pearmain,  Consultant  to  Director  of  Financial  Industry Development (Item 6)

Deputy Director, Jersey Financial Services Commission (Item6)

Senior Manager, EU Policy, Jersey Financial Services Commission (Item 6)

Mr T. Oldham , Scrutiny Officer (Items 1-4) Mrs F. Scott , Scrutiny Officer (Items 4-7)

Ref Back

Agenda matter

Action

19/09/12 Item 5

515/3(16)

1. Harbours and Airport Incorporation

The Panel considered its draft Comments on P.70/2012 Incorporation of Ports of Jersey, and agreed amendments accordingly. It noted that the Comments would need to be presented to the States ahead of the debate scheduled for 10th October 2102, and agreed that the revised draft would be circulated to the Panel for final approval on Friday 7th October.

19/09/12 Item 3

515/25

2. Intellectual Property Unregistered Rights (IPURL)

The Panel noted the progress of its adviser's work in undertaking a legal sense check' of the draft subordinate IPURL legislation. The draft legislation  had  been forwarded  to  the adviser following  the  Panel's briefing from the Economic Development Department at its previous meeting, who had subsequently confirmed that he had begun work on his report to the Panel.

05/09/12 Item 6

513/35

3. Medium Term Financial Plan  

The Panel approved its report to be submitted to the Medium Term Financial Plan Sub-Panel.

515/26

4. Jersey Innovation Fund

The Panel noted that a Proposition to establish the Jersey Innovation

Fund,  that  formed  a  key  part  of  the  Economic  Growth  and Diversification Strategy, was due to be lodged for States debate before the end of the year. The Panel discussed the recently received draft Proposition and accompanying report, and considered undertaking a Review of the Fund. It agreed that the proposals fully merited a Review to be carried out, and agreed that final scoping would be undertaken at its  next  meeting.  It  would  request  an  update  on  the  Executive's timetable and up to date drafts of the Proposition and report prior to that meeting.

19/09/12 Item 4

515/24

5. Financial Ombudsman Scheme

The  Panel  welcomed  the  Strategy  Manager  and  Performance  and Operations  Manager,  Economic  Development  Department,  who provided a briefing regarding ongoing delays to the development of Financial Ombudsman Scheme legislation. It was agreed that a detailed timeline of the legislation drafting process from this point until January 2014 would be provided to the Panel, once it had been signed off by the Minister for Economic Development in the coming weeks.

The Panel agreed that once the timeline had been forwarded, it was minded to write to the Minister for Economic Development and the Chief Minister to request assurances that the project would not be delayed further, as should it be the Panel would begin its Review into why the legislation had been continuously delayed over recent months.

TO

Panel

515/3(18)

6. European Union (EU) Funds Directive

The  Panel  welcomed  the  Performance  and  Operations  Manager Economic  Development  Department,  Director  of  Financial  Industry Development  Chief  Minister's  Department,  Advocate  G.  Pearmain, Consultant  to  Director  of  Financial  Industry  Development,   Deputy Director  Jersey  Financial  Services  Commission  and  the  Senior Manager,  EU  Policy,  Jersey  Financial  Services  Commission,  who provided  a  briefing  on  changes  to  the  EU  Funds  Directive  and associated legislative changes.

The Panel was informed that the Department intended to lodge related legislation imminently, as any lengthy lodging or delay could cause Jersey to lose a competitive advantage over other jurisdictions. States Members would be offered a briefing on the Directive very shortly. The Panel was also offered access to a draft report outlining the changes before it was made public, if required.

7. Future Meetings

The Panel noted that its next meeting was scheduled to take place at 9.30am on 17th October, Blampied Room States Building. It agreed that due to other commitments, this meeting would be re-scheduled to take place on 18th October.