Not Fit and Proper Directions
The powers with respect to "not fit and proper" directions are contained within primary legislation as follows:
Section 10 Investment Business Act 1991
Section 9 Corporate Service Providers Act 2000
Section 16 Banking Act 1998
The Commission's Licensing Policy details the Commission's "Fit and Proper" person criteria. The fit and proper criteria apply to all licence applicants and licenceholders. The criteria also apply to individuals acting or seeking to act as director, manager, controller, company secretary, compliance officer, money laundering reporting officer ("MLRO") and key persons. The fit and proper criteria cover integrity, competence and solvency on initial licence application or vetting and on a continuous basis.
The Commission may issue a direction to prevent a licence applicant or licenceholder from allowing an individual to become or continue as a director, manager, controller, company secretary, compliance officer, MLRO or key person, if it has reasonable grounds for believing that the individual is not a fit and proper person.
Decisions to issue "Not Fit and Proper" directions against individuals who are not fit and proper are taken internally by the Commission. Unlike actions under Section 26 Companies Act 1992, they are not decided by the Courts.
Search register for existing "Not Fit and Proper" Directions
Search register for revoked "Not Fit and Proper" Directions
| DisabledGo Information |  | Terms & Conditions | ©2008 Isle of Man Government |