Future Developments
The role of Policy & Legal Division in developing proposals for the future
The main objective of the Policy & Legal Division is to develop proposals which take account of international standards, secure an appropriate degree of protection for customers of financial services businesses and, at the same time, support the Island’s economy and its development as an international financial centre
The Policy & Legal Division is therefore required to monitor international developments in regulation and best practice, and to identify any areas for regulatory change. In this way the Division assists in sustaining the Island’s reputation as a well-regulated and premier jurisdiction in or from which to do business.
In developing proposals the Division involves the finance industry as well as other interested parties, and undertakes consultation with such bodies in order to produce workable and considered proposals. Additionally, the Division is responsible for drafting any necessary secondary legislation, or instructing the legislative drafters for primary legislation, when this is necessary.
Details of current consultations can be found by clicking here.
Some on-going and forthcoming projects and consultations are as follows:
- Auditor oversight – The EU Statutory Audit Directive requires that auditors of companies admitted to trade on EU regulated markets become subject to a local auditor registration and oversight regime. As the Isle of Man is not a member state of the EU, the Directive is not directly applicable to it. However, auditors of Manx companies that are admitted to trade on EU regulated markets must either submit to a local auditor oversight regime, which is deemed equivalent by the EU, or the auditors must register in every EU jurisdiction in which the company being audited is admitted to trade. Auditor oversight legislation in the Island will come into effect in April 2010, alongside similar regimes becoming effective in Jersey and Guernsey.
- Regulatory legislation made under Financial Services Act 2008 – Some secondary legislation made under the Financial Services Act 2008 (including the Financial Services Rulebook and Regulated Activities Order) was revised with effect from 1st January 2010. To ensure this legislation remains up to date, it is planned that future amendments will be made annually, if necessary. Users are requested to notify any issues to the Commission on fsc@gov.im.
- Global financial crisis - A watching brief is maintained on international developments. Any matters that need to be addressed and that are within the remit of the Commission are being considered.
- SEPA – The Council of Ministers has set up a working group to prepare a draft submission to the European Payments Council for the Island to be admitted to SEPA – the Single European Payments Area. Division staff are part of this working group.
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