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Licensing of Trust Service Providers 18 July 2005

    The Financial Supervision Commission is pleased to advise trust service provider (“TSP”) licence applicants of developments following the seminar held on 24 May 2005. For those who were unable to attend the Seminar or if you would like a record of the issues discussed, the slides of all the presentations are also on the website.

    The Regulatory Codes have been finalised taking account of issues raised at the Seminar and the following notes summarise the Commission’s responses to questions raised in the Question and Answer sessions and provide further information, where appropriate.

    Anticipated timetable for licence applications

    The Fiduciary Services Act 2005 completed its legislative passage on 13 July 2005.

    Immediately after Royal Assent, all the provisions of the Act were brought into operation by the “making” and laying before Tynwald of the Fiduciary Services Act 2005 (Appointed Day) Order 2005 .The Appointed Day Order includes transitional arrangements to allow existing TSPs to continue in business until their TSP licence application has been decided, provided they apply for a licence in the application period.

    The Commission is inviting applications for TSP licences from 1st August 2005 to 31st October 2005 (“the application period”), and from 1st November 2005 it will be illegal to operate as a TSP without a licence unless an application has been submitted. (See further Question 1 below.)

    The Fiduciary Services (Fees) Regulations 2005 , the Fiduciary Services (General Requirements) Regulatory Code 2005 and the Fiduciary Services (Clients’ Money and Trust Money) Regulatory Code 2005 have also now been made and approved by Tynwald.

    The Fees Regulations and Regulatory Codes come into operation on 1st August 2005. However, existing TSPs who are subject to the transitional arrangements will not have to comply with the Regulatory Codes until 1st November 2005. This means that although, as stated in the Consolidated Licensing Policy for those seeking a Banking, Investment Business or Fiduciary Services Licence , licence applicants should be able to demonstrate to the Commission that, at the time of making their licence application, they can comply with the Act and Regulatory Codes, the requirement to submit returns will only come into force for due dates falling after 1st November 2005 (for example, the submission of the quarterly liquidity declaration to the Commission).

    Guidance on How to apply for a licence together with the Application form, Personal Questionnaire/Personal Declaration and Bankers Questionnaire, together with the new Application Forms will be available on the Commission’s website www.fsc.gov.im by 25 July 2005 to enable applicants to start preparing their licence applications.

    If you have any queries or would like to discuss your particular circumstances with the Commission, please do not hesitate to contact the Authorisations Team.

    18th July 2005

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