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Fiduciaries (Corporate and Trust Service Providers) On-line Handbook

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 2

GENERAL LICENSING POLICY FOR THOSE SEEKING A FIDUCIARY LICENCE

Guidance Notes on Licensing Policy for Fiduciaries

2.1Fit and Proper
2.2General Licensing Policy and Specific Requirements for Fiduciary Licenceholders
2.3Review Process
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 4

APPLICATION FOR AND RENEWAL OF A FIDUCIARY (CSP OR TSP) LICENCE

4.1Licence Applications
4.2Renewal of CSP and TSP Licences and Payment of Licence Fees
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 6

E-COMMERCE AND REGULATION IN THE FINANCE SECTOR

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 C

Fiduciary Services Act 2000 and 2005 - Appointed Day Orders

C1Corporate Service Providers Act 2000 (Appointed Day) (No 1) Order 2000
C2Corporate Service Providers Act 2000 (Appointed Day) (No2) Order 2001
C3Fiduciary Services Act 2005 (Appointed Day) Order 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
Appendix H

Application Forms, Personal Questionnaire and Banking Questionnaire

H1Application Form for a Corporate or Trust Service Providers Licence (form for Corporate Bodies)
H2Application Form for a Corporate or Trust Service Providers Licence (form for Category 2 CSP or TSP only)
H3Personal Questionnaire
H4 Bankers’ Questionnaire
H5Personal Declaration
H6 Annual Compliance Return - Form for Category 1 Licenceholders
H7 Annual Compliance Return - Form for Category 2 Licenceholders
H8Licenceholder Contact details form
Appendix I

Guidance To Licenceholders and Potential Licenceholders Regarding Internet / E-Business Developments

I1Guidance To Licenceholders and Potential Licenceholders Regarding Internet / E-Business Developments
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