Licensing Procedure
Consultation with Officers of the Commission
Prospective applicants are strongly encouraged to contact officers of the Commission at an early stage to discuss their proposals for establishing and operating a licensable business in the Isle of Man. These discussions enable the Commission’s officers to give applicants any appropriate guidance where it is sought and to identify any foreseeable difficulties connected with the proposed operation. It also enables the Commission to assess the category of licence which the applicant will require and to advise on any other matters which may be relevant.
Internal Processing
On receipt of the application the Chief Executive and his staff will process the application. This will include a review of the business plan, discussion, if appropriate, with other international regulatory bodies, and the seeking of references from previous employers of and police checks in relation to relevant staff. On completion of enquiries the Chief Executive will make a recommendation to the Board of Commissioners (“the Board”) as to whether a licence should be granted and detailing any conditions that it may be appropriate to place on the licence.
The Chief Executive’s recommendation is copied to the licence applicant before the hearing by the Board of Commissioners. It is accompanied by an explanation of the reasons for the recommendation and is despatched in advance, to allow the applicant an opportunity to make representations to the Board.
The Chief Executive's recommendation is no more than this. The decision on whether or not to grant a licence is made by the Board, who may accept or reject the recommendation of the Chief Executive. Please note that for this purpose the Chief Executive of the Commission is part of the executive staff, and does not take his place as a member of the Board.
The Hearing by the Board of Commissioners
On the date of the hearing the Board will hear the submissions of the Chief Executive in support of his recommendation, together with any representations that may have been made by the applicant. If the Chief Executive recommends that the licence be refused, the applicant will be invited to attend the hearing and may bring legal representation.
The Board members will then withdraw to consider their decision.
The decision of the Board will be notified to the applicant subsequently in writing by the Secretary to the Commission.
If the Board decides to refuse an application, reasons will be provided and the right of appeal to the Council of Ministers Review Committee will be explained to the applicant.
Appeals Process
If an applicant is aggrieved by a decision of the Commission not to issue a licence or to attach conditions to a licence, it may seek a review by the Council of Ministers' Review Committee, in accordance with the Financial Services Review Regulations.
This committee is set up on an ad hoc basis, and is made up of individuals who are independent of both the Commission and applicant.
Further details of the procedures of this committee can be requested from the Chief Secretary's Office.
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