Wednesday, July 18, 2018
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Licensing of Trust Service Providers 22 July 2005

    On 18 July 2005 the Commission announced the anticipated timetable for the licensing of trust service providers (“TSPs”) following enactment of the relevant legislation. A copy of the Commission’s Press Statement is set out on its website

    In its statement the Commission said that it would shortly be issuing guidance on how formally to apply for a licence, together with the relevant forms. This Press Statement is to announce the publication of these documents which can also be found on the Commission’s website with immediate effect.

    The main features are as follows.

    The Authorisations section has been expanded to provide additional information on the licensing process in general (and TSP licensing in particular) and links to relevant documents.

    The application forms for Fiduciaries have been released. These are dual-purpose forms that can be used to apply for a TSP licence or a CSP licence or both.

    The Personal Questionnaire, Bankers' Questionnaire and Personal Declaration ("PQ, BQ and PD") have been updated to the July 2005 edition. Although the old forms will be still accepted until the end of August 2005, we would prefer if individuals connected to TSP applicants could start to use the new forms with immediate effect.

    Please note the application forms, PQ, PD and BQ can be downloaded from our website in PDF format only at the moment. They will shortly be available in Microsoft Word format, with boxes that will expand to fit the text.

    The CSP Handbook will be updated shortly to include TSPs.

    In addition to the Q&A material in the last press release, the Commission has received the following question, which could be relevant to a number of licenceholders, particularly larger businesses:

    QDo staff, who work on CSP business only, need to be vetted in a situation where a CSP licenceholder applies for a TSP licence?
    ANo, the Commission would not expect to update the vetting of people who work only on CSP activities. We would vet or update our vetting of controllers, directors and key persons who are relevant to the TSP activity (as well as those who are directly involved with trust administration, this would include, for example, the Compliance Officer).
    QCan a person who needs to be vetted for more than one application submit a single PQ or PD?
    AYes. Just attach a list of the applications, the responsibilities of each position and approximately how much time each post involves.

    22nd July 2005

    More stories >>>  

    Other Guides by Maxima Systems Ltd: Disney World