IoM Reviews Financial Services Legislation

Monday, July 12, 2010

The Isle of Man government has released details of proposed amendments to the island’s financial services legislation, for comment until August 31, 2010.

The government said that the consultation would be of particular relevance to all licenceholders and exempt and excluded persons and businesses conducting payment services.

Three pieces of legislation will be affected by the review:

• the Financial Services Rule Book 2009, which prescribes requirements for licensees;
• the Regulated Activities Order 2009, which governs what constitutes “regulated activities," and sets out “exclusions”, ie. activities which are not regulated activities; and
• the Financial Services (Exemptions) Regulations 2009, which codifies exemptions for certain persons carrying out business under the Financial Services Act 2008 from the need to hold a licence.