Review of Financial Services Legislation

Draft Financial Services Rule Book 2009

Draft Regulated Activities Order 2009

Draft Financial Services (Exemptions) Regulations 2009

The Financial Supervision Commission (“the Commission”) has today published the comments received on its proposed amendments to the Financial Services Rule Book 2008 (“the Rule Book”), Regulated Activities Order 2008 (“the RAO”) and Financial Services (Exemptions) Regulations 2008 (“the ERegs”), together with its response.

In addition, although the legislation has not yet been made, in order that licenceholders and other stakeholders can see the effects of the consultation, the latest drafts of the Rule Book, RAO and ERegs (in tracked changes for ease of review) can be found on the Commission’s website at:-

http://www.fsc.gov.im/doclibrary/condocs.xml.

In addition, the changes to the RAO which split e-money providers from money transmission services necessitated an amendment to the Financial Services (Fees) Order 2009 to split the fees to be paid. The draft Financial Services (Fees) (No. 2) Order 2009 is also available at the above web address.

Other Legislation

The Commission has also taken the opportunity to make some minor amendments to the Financial Services (“Not Fit and Proper”) Regulations 2009 and the Financial Services (Civil Penalties) Regulations 2009. The amending versions are also available at the above web address.

Also available, are three pieces of legislation which revoke all out of date, secondary legislation under the Investment Business Acts 1991-93; Banking Act 1998 and Fiduciary Services Acts 2000 and 2005.

In order that the above legislation will come into effect on 1st January 2010, the Commission intend to submit all of the above to the November Tynwald.

Enquiries or comments: