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
Three pieces of legislation will be affected by the review:
- the Financial Services Rule Book 2009, which prescribes requirements for
- 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.