Do I Need to be Regulated?

If you are in business, you will need a licence if your activities are licensable. To establish whether your business activities or intended business activities are licensable please refer to the relevant legislation which can be found below.

Banking:

Appendix A1 - Banking Act 1998

Collective Investment Schemes:

Appendix A1 - Financial Supervision Act 1988

Appendix A2 - Investment Business Act 1991

Appendix A3 - Investment Business Order 2004

Corporate Service Providers and Trust Service Providers:

Corporate Service Providers Act 2000 (as amended)

Investment Business:

Appendix A - Investment Business Act 1991

Appendix B - Investment Business Order 2004

You do not need a licence unless you are carrying out licensable activities by way of business. Things you do for charity, friends and family, for example, if you agree to act as a trustee of a charity, will not need a licence unless you do this as part of your business. If you are in any doubt as to whether what you are doing is by way of business, please contact us or seek legal advice.

Some activities, which would otherwise be licensable, are exempt from the requirement to hold a licence. The exemptions are also set out in the relevant legislation.

Banking:

Please note there are no exemptions for Banking.

Collective Investment Schemes:

Please refer to the Commission’s Handbook.

Corporate Service Providers:

Please refer to Part 1 of Schedule 2

Trust Service Providers:

Please refer to Part 1A of Schedule 2

Investment Business:

Please refer to Schedule 1, Article 2, Part II of the Investment Business Order 2004 and Section 2(3) of the Investment Business Acts 1991 – 1993

Please note: -

You will require a licence unless all of your business activity is exempt.

If you are considering conducting Investment Business, you should take into account that under the Investment Business Act 1991, some activity is not exempt from the requirement to obtain a licence but excluded, meaning that is deemed not to constitute investment business at all.

Please refer to Part II of Schedule 1 of the Investment Business Order 2004

The staff of the Commission are available to assist and guide you with the preparation of an application for a licence. However the Commission does not give legal advice and, in cases of doubt or difficulty, applicants should seek appropriate legal advice from a firm of Isle of Man Advocates. A list of Advocates is available from the Isle of Man Law Society at www.iomlawsociety.co.im

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Do I Need to be Regulated?