Click on the title of a consultation to view further information.
|Designated Businesses (Registration and Oversight) Bill 2014||F.S.C||Consultation regarding the draft secondary legislation for the Designated Businesses (Registration and Oversight) Bill 2014|
The Financial Supervision Commission has issued a consultation on the draft secondary legislation for the Designated Business (Registration and Oversight) Bill 2014. The Bill, which has now been forwarded to the Ministry of Justice to seek Royal Assent, places responsibility on the Commission for the oversight of the adherence of certain businesses and professions to the Island’s AML/CFT legislation. The consultation seeks views on the following draft legislation necessary to bring the Bill into effect in —
• Designated Businesses (Registration and Oversight) (Amendment) Order 2015
• Designated Businesses (Fees) Order 2015
• Designated Businesses (Civil Penalties) Order 2015.
The consultation will be of interest to: advocates and other lawyers; accountants and tax advisers; payroll agents; estate agents; persons undertaking lending or leasing business; non-profit organisations; traders in high-value goods; businesses associated with virtual currencies; and their advisers.
|1 May 2015 - 12 June 2015|
|Crowdfunding||F.S.C||Consultation on a potential new regulated activity encompassing both equity and loan crowdfunding|
The Financial Supervision Commission (“the Commission”) has today issued a consultation document on a potential new regulated activity which will encompass both equity and loan crowdfunding.
|16 April 2015 - 12 June 2015|
|CP15-01 Consultation on the unit growth rate assumptions and valuation rates of interest in the valuation of long term liabilities of insurers||I.P.A||CP15-01 Draft Insurance (Amendment) (Valuation of Liabilities Rates of Interest) Regulations 2015|
The Insurance and Pensions Authority has drafted the Insurance (Amendment) (Valuation of Liabilities Rates of Interest) Regulations 2015 (the “draft Regulations”) which clarify the expectations of the Authority in respect of the unit growth rates assumptions used by insurers in the valuation of unit-linked long term insurance liabilities.
In addition, the draft Regulations introduce a new permitted approach to the derivation of the valuation rate of interest for non linked contracts which are not cancellable by the policyholder, where the cash flows of the liabilities are predictable and can be determined with reasonable certainty and where the cash flows of assets and liabilities are, and will remain, closely matched.
A copy of the consultation paper and draft Regulations are attached below and comments are invited from interested parties.
|16 April 2015 - 28 May 2015|
|Isle of Man Government Unified Scheme (Amendment) Scheme 2015||Human Resources||Isle of Man Government Unified Scheme (Amendment) Scheme 2015|
The Public Sector Pensions Authority is consulting on a proposal to make the Isle of Man Government Unified Scheme (Amendment) Scheme 2015.
The PSPA would like to take the opportunity to confirm that these amendments are administrative or clarifying in nature and NOT in any way linked to any of the proposed changes or recommendations set out in the Public Sector Pensions Joint Working Group’s Report - “Fairness and Sustainability”.
Many of the amendments are as a consequence of the Scheme being a relatively new Scheme in pension terms and therefore requiring changes to be made as the administration processes are put into practice.
A copy of the draft Scheme and further information about it can be found at the following web address: www.iomunifiedscheme.im/news/Pages/News
|16 April 2015 - 16 July 2015|
|Public Sector Pensions||Human Resources||Public Sector Injury Benefit Scheme 2014|
The Public Sector Pensions Authority is consulting on a proposal to make the Public Sector Injury Benefit Scheme 2014.
Following the implementation of the Unified Scheme (GUS), which sought to harmonise pension benefits across the majority of the Isle of Man Public Service, the Council of Ministers determined that a review should be carried out into Injury Benefits, with a view to putting in place new arrangements that will deliver an equity of treatment across the majority of the public service whilst maintaining a good level of benefits.
It is proposed that the Public Sector Injury Benefit Scheme 2014 will replace the Interim Injury Benefit Scheme 2012 and will provide injury benefits to those employees who are eligible to be members of the Unified Scheme.
A copy of the draft Scheme and further information can be found by using the hyperlink above and viewing the full consultation and its relevant link to the Unified Scheme website.
|16 April 2014 - 16 July 2015|