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Superseded Fiduciaries Handbook

THIS HANDBOOK NO LONGER APPLIES. IT IS RETAINED ON THE WEBSITE FOR INFORMATION PURPOSES ONLY. Until 31st December 2008 this handbook applied to businesses licensed before 1st August 2008 only.

Contents

section 1

THE REGULATORY STRUCTURE FOR FIDUCIARIES

1.1The General Strategy for Licensing and Regulating Fiduciaries
1.2Legislative Framework
1.3Categories of Fiduciary Licence
1.4Illegal to operate without a licence and transitional arrangements
1.5Definition - Fiduciary
1.6Fiduciary Services Regulatory Codes
1.7Definition – Regulated Activities
1.8Definition – Exemptions
1.9Definition – Enforcement Action
1.10Exemption for Disaster Recovery Operations
section 3

ONGOING REGULATORY REQUIREMENTS FOR FIDUCIARY BUSINESSES

3.1Classes and categories of licence
3.2Licence Conditions
3.3Definition - Regulatory Codes
3.4Application of the Codes to the Business of Fiduciaries
3.5The General Requirements Code
3.6The Clients' Money Code
section 5

GUIDANCE NOTE ON THE RESPONSIBILITIES AND DUTIES OF DIRECTORS UNDER THE LAWS OF THE ISLE OF MAN

5.1Introduction
5.2Who is a Director? How a Director is appointed to office and how he ceases to be a Director.
5.3Duties of Directors
5.4Powers of Directors
5.5 Knowledge of the Legal Framework
5.6Liabilities - Criminal and Civil
5.7Administration and Accounts
5.8Board Meetings
5.9Good Corporate Governance
section 7

Fees

71Application Fee
72Annual Fees

Appendicies

Appendix A

Fitness and propriety criteria

A1General Licensing Policy for those seeking a Banking, Investment Business or Fiduciary Licence
A2Corporate Service Providers ("Not fit and proper") Regulations 2005
Appendix B

Fiduciary Services Acts 2000 and 2005

B1Corporate Service Providers Act 2000 (as amended)
B2Fiduciary Services Act 2005
Appendix D

Fiduciary Services Acts 2000 and 2005 - Exemptions Regulations

D1Corporate Service Providers (Exemptions) Regulations 2001
D2Corporate Service Providers (Exemptions) Regulations 2002
D3Fiduciary Services (Exemption) (Temporary Business Continuity Operations) Regulations 2006
D4Fiduciary Services (Exemptions) Regulations 2005
D5Fiduciary Services (Exemptions) Regulations 2006
Appendix E

Fiduciary Services Regulatory Codes

E1Fiduciary Services (General Requirements) Regulatory Code 2005
E2Fiduciary Services (Clients’ Money and Trust Money) Regulatory Code 2005
E3Fiduciary Services (Civil Penalties) Regulations 2006
E4Guidance Notes for Corporate Service Providers re Services provided to companies registered under the Companies Act 2006
E5Financial Services Review Regulations
Appendix F

Fiduciary Services (Fees) Regulations

F1Fiduciary Services (Fees) Regulations 2007
Appendix G

Fiduciary Services (Register) Regulations

G1Fiduciary Services (Register) Regulations 2005