29th April 2013
Consultation regarding the draft Designated Businesses (Registration and Oversight) Bill 2013
The Financial Supervision Commission (“the Commission”) has today issued a consultation document on the draft Designated Businesses (Registration and Oversight) Bill 2013 (“the Bill”). The Bill places responsibility on the Commission for the oversight of the adherence of certain businesses and professions (“Designated Businesses”) to the Island’s anti-money laundering and countering of terrorist financing legislation.
The Bill does not seek to make persons affected by its provisions licenceholders of the Commission. The Commission’s role in licensing and supervising financial services licenceholders is distinct and entirely separate from its future role under the Bill. Designated businesses will not become ‘regulated’ by the Commission – and they will retain their current status with the various bodies (if any) responsible for their wider business, competence or other matters, such as the Isle of Man Law Society, the Department of Home Affairs, the Office of Fair Trading etc.
It was the need to distinguish between the two roles of the Commission that required the introduction of a separate and specific Bill. The Bill aims to provide the Commission with the necessary powers and duties for its distinct new role.
The closing date for comments is 21 June 2013. Please send your views in writing and preferably by e-mail to:
Mrs Shirley Corlett
Deputy Director – Policy & Legal Division