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You are here: www.gov.im - FSC - Being Regulated - POST - 1 August 2008 Licenceholders only - Class 1 - Deposit Taking

Class 1 - Deposit Taking

Deposit-takers licensed POST-1.8.08 only

PLEASE NOTE THAT (UNTIL 1ST JANUARY 2009) THIS PAGE DOES NOT APPLY TO ANY BUSINESS WHICH WAS A LICENCEHOLDER ON 31ST JULY 2008.

Deposit-taking

A licence to carry on the Class 1 regulated activity of Deposit Taking permits a business operating in or from the Isle of Man (with certain specified exclusions) to accept deposits of money, where —

(a) the money received by way of deposit is lent to others; or

(b) any other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on the money received by way of deposit.

Full details of regulated activities, exclusions and exemptions from licensing may be found in the Deposit taking handbook. A licenceholder is obliged to comply with any licence conditions that have been imposed by the Commission and which are shown on the licence.

The Deposit taking handbook also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book 2008 which contains the detailed rules to be complied with by all licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.

All deposit-takers must be members of the Depositors' Compensation Scheme except for certain banks that may be exempted if they do not take retail deposits.

The Commission’s General Licensing Policy provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Commission’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and solvency.

Licenceholders should also note the requirements of anti money laundering legislation and handbook.

Please also see the list of licenceholders.

Unless otherwise agreed with the Commission, all businesses which either held banking licences and accepted deposits, or held building society authorisations until 31st July 2008, will be expected to hold licences to conduct Class1 Deposit-taking with effect from 1st January 2009. Banks and building societies that additionally conducted investment business until 31st July 2008, will also be expected to hold licences to conduct Class 2 Investment Business with effect from 1st January 2009. Banks that managed another bank or building society until 31st July 2008 will be expected to hold licences to conduct Class 7 Management or Administration Services with effect from 1st January 2009.

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