Fiduciary Service Providers – superseded legislation and guidance (CORPORATE AND TRUST SERVICE PROVIDERS)
Fiduciary Service Providers licensed PRE-1.8.08 only
The Fiduciary Services Act 2000 and 2005 ("the Acts") are the statutory basis for regulating fiduciaries (corporate and trust service providers).
The Corporate Service Providers Act 2000 as amended by the Fiduciary Services Act 2005 ("the amended Act") (see Appendix B) is the primary legislation relating to the regulation by the Commission of the activities of fiduciaries and the two Acts together are collectively known as the Fiduciary Services Acts 2000 and 2005.
Under section 2 of the amended Act it is an offence for, "any person who, in or from the Island, acts or holds himself out to be a fiduciary" unless he is either the holder of a fiduciary licence granted under the Act or is exempt from the requirement to hold a licence. The requirement to hold a fiduciary licence also applies to an Isle of Man incorporated company that conducts fiduciary business outside the Island.
THE GENERAL STRATEGY FOR LICENSING AND REGULATING FIDUCIARIES
The General Licensing Policy applies to applicants for fiduciary licences, which are required to meet the "fit and proper" criteria, and, on an on-going basis, to licenceholders which must continue to be "fit and proper".
The Fiduciary Services Act 2005 extends the provisions of the Corporate Service Providers Act 2000 to require trust service providers ("TSPs") as well as corporate service providers ("CSPs") to hold the relevant class and category of fiduciary licence.
Regulated activities and Categories of CSP licences
A fiduciary licence is designated by the class of activity to which it refers, which may be either CSP or TSP. The classes are further sub-divided into categories as follows:
- Category 1 CSP licence
- Category 2 CSP licence
- Trust Corporation licence
- Category 1 TSP licence
- Category 2 TSP licence
A summary of the regulated activities and licence categories as defined in the Acts can be found under Licence Categories.
A business may hold either a CSP or a TSP licence or both. However a Trust Corporation licence is restricted to companies (bodies corporate) and Category 2 licences are restricted to individuals.
The Commission’s licensing policy for Fiduciaries
The Commission’s General Licensing Policy provides guidance for fiduciary 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 properness in the key areas of integrity, competence and solvency.
Until 31st December 2008, corporate and/or trust service provider licenceholders are required to comply with the legislation as detailed in the Fiduciary Services Handbook.
Please see Being Regulated for further information and for links to relevant legislation and guidance.
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