The States are asked to decide:-
Whether they are of the opinion to approve the draft Ordinance entitled "The Financial Services Commission (Bailiwick of Guernsey) Law (Amendment) Ordinance, 2016", and to direct that the same shall have effect as an Ordinance of the States.
This proposition has been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.
EXPLANATORY MEMORANDUM
This Amendment Ordinance implements all the elements of the States Resolution relating to the policy letter entitled 'Amendment of the Financial Services Commission (Bailiwick of Guernsey), Law, 1987' (see Billet d'État XX of 2015) which can be implemented by Ordinance.
The remaining elements of the extant States Resolution will be implemented by Projet de Loi alongside other amendments to the Financial Services Commission (Bailiwick of Guernsey) Law, 1987 ("the 1987 Law") which are the subject of a separate extant States Resolution.
This Ordinance amends Schedule 1 to the 1987 Law, by;
- Abolishing the statutory maximum of Commissioners;
- Allowing the term of office (from commencement to termination) of a Commissioner to be specified by the States with a maximum term of 3 years from the date of commencement. This will allow a replacement Commissioner to serve up to 3 years, rather than the current arrangement of filling the unexpired term of a departing Commissioner. This will increase the flexibility of appointments and, over time, allow for more even appointment patterns, enabling better transition between incoming and outgoing Commissioners;
- Increasing the statutory maximum age limit for a Commissioner from 72 to 75 to assist in succession planning; and
- Amending the term of office of the Chairman so that it is identical with the term of his or her appointment as a Commissioner and, where an existing Commissioner is appointed to fill a casual vacancy in the office of Chairman, to provide for the possibility of extending that person's term of office as a Commissioner, so that both terms are the same.