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Financial Services Legislation to be modernised 6 March 2006

    The Financial Supervision Commission has issued a consultative paper on the planned modernisation of the financial services regulatory legislation under which it operates. This exercise aims to make the legislation easier to use by consolidating and streamlining the regulatory requirements relating to banking, investment business (including collective investment schemes) and fiduciaries under one Financial Services Act. It is hoped that this will assist those who are regulated and further enhance the Island’s reputation as a modern international finance centre.

    After discussion with Treasury, it is proposed that the legislation will also –

    · introduce new mechanisms and procedures to ensure that the Commission is fully accountable and that its performance can be measured against its objectives,

    · enhance the transparency under which the Commission operates, and

    · give the industry a clear stake in the setting of regulatory strategy.

    In addition, the opportunity will be taken to embrace developments in the finance sector and introduce a regulatory regime for e-money providers.

    The Commission has established, and intends to work closely with, a Legislative Liaison Group made up of representatives from the relevant industry bodies, advocates, accountants and other professionals in taking forward its proposals for this modernisation.

    Commenting on the launch of this consultation, the Chief Executive, John Aspden, said:

    The Commission has assembled a strong and experienced team to take forward the consolidation and review of the financial services legislation. Co-operation in developing regulatory legislation that is both meaningful and workable is key, and we look forward to working closely with the Legislative Liaison Group as well as inviting our usual open consultation with all those affected. As the project is rolled out over the next two years, we will be phasing the consultation on different aspects of the project to give the industry time to consider across-the-board and sector-specific issues.

    Mr Aspden went on to say that:

    The document contains very important proposals on how, working with Treasury, a regulatory body can be put onto a more accountable and transparent footing, with a direct involvement of industry in the setting of regulatory strategy.

    The consultative paper is on the Commission’s website http://www.fsc.gov.im/doclibrary/condocs.xml “A Consultative Paper on the Review and Consolidation of the Financial Services Regulatory Legislation” dated 3rd March 2006.

    A briefing session will be held for licenceholders to introduce the consolidation project on Tuesday 21 March 2006 at 1.30 pm in the Manx Museum.

    Enquiries should be addressed to:

    Jane D N Bates

    Head, Policy & Legal Unit

    Financial Supervision Commission

    P O Box 58

    Finch Hill House

    Bucks Road

    Douglas

    IM99 1DT

    Direct line: 01624 689334

    Email: jane.bates@fsc.gov.im

    6th March 2006

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