Investment Business Handbook
Class 2 – Investment Businesses Handbook - Link to Register of licenceholders
Contents
1. Introduction
The Investment Business handbook is produced to provide licenceholders (those who are licensed by the Financial Supervision Commission to conduct investment business in or from the Isle of Man), potential licenceholders and other interested parties with easy assess to the legislation and guidance relating to investment business activities in or from the Isle of Man.
The handbook is only produced in an on-line format. However, copies of all statutory documents (original, un-amended, legislation) may be obtained from the Tynwald Library, by quoting the SD number shown at the top of each document.
Please find links below to the Financial Services Act 2008, secondary legislation and relevant pieces of guidance.
Guidance (and where applicable other legislation) relating to other Classes of Regulated Activities may be found in handbooks relating to other licensable activities: Deposit taking, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, Money transmission, and Management and Administration services.
In case of any query, please contact the Funds & Investment Services team at the Commission, on +44 (0)1624 689329.
2. Legislation
2.1 The Primary legislation governing investment business activities in or from the Isle of Man is the Financial Services Act 2008.
The following secondary legislation is made under powers contained in the Financial Services Act 2008. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown:
- Financial Services Act 2008 (Appointed Day) Order 2008
- Regulated Activities Order 2011
- Financial Services (Exemption) Regulations 2011
- Financial Services Rule Book 2011
- Financial Services (Civil Penalties) Regulations 2011
- Financial Services (Fees) Order 2013
- Financial Services (Not fit and Proper) Regulations 2008
- Financial Services (Register of Permitted Persons) Regulations 2011
- Financial Services (Appointment of a Manager) Order 2008
2.2 Other legislation which may affect investment businesses but which is not made under the Financial Services Act 2008:
3. Guidance applicable to investment business activities
3.1 Guidance and forms which relate to investment business activities:
- Application form for a Financial Services Licence
- Interim Financial Returns Form
- Licenceholder contact sheet
- Forms and Reporting Page
- Conduct of Business – “step by step” guidance
- Pension Guidance Note
3.2 Guidance for investment business licenceholders dealing in OTC Derivatives and Structured Products
3.3 Disaster recovery/business continuity
The use of facilities on the Island by regulated businesses from other jurisdictions for temporary business continuity purposes is addressed by Schedule 2 of the Financial Services (Exemption) Regulations 2009.
4. Guidance applicable to all licensable sectors/activities
Guidance on matters generic to all FSC-licensable activities/ categories of business:
- Anti Money Laundering
- Business Plan - rule 8.9 guidance
- Corporate Governance
- Licensing Policy
- Materiality of rule breaches – rule 8.14 guidance
- Outsourcing/Delegation of function
- Vetting forms
- Responsibilities and Duties of Directors under the laws of the Isle of Man
- Rule Book consent and notification summary table
- Rule Book obligations to keep registers
- Rule Book obligations to maintain policies
- Proforma subordinated loan agreement (N.B. This proforma agreement has been prepared specifically for use by applicants for and holders of a financial services licence under the Financial Services Act 2008. If you are not an applicant or licenceholder, you should not copy, circulate or in any other way use or rely on the wording contained in the agreement. Applicants and licenceholders may copy the proforma but must not rely on the wording of the proforma and should take their own legal advice as to the appropriateness of the wording and the document in their own circumstances.)
- Supervisory approach,
- Training & Competence.
