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Modernisation of Financial Services Legislation (“CAROL”) - Proposals for Regulated Activities, Exclusions and Exemptions 1 June 2006

The Financial Supervision Commission has now completed its consideration of the responses to the first consultative paper on the CAROL project (Consolidation and Review of Financial Services Legislation). A copy of the responses can be found at http://www.fsc.gov.im/doclibrary/previous_consult.xml

The Commission has today issued a second consultative paper outlining the initial proposals for regulated activities, exclusions and exemptions which will be issued under the proposed new financial services regulatory legislation.

The draft Regulated Activities Order (“the Order”) consolidates the activities currently encompassed by the Banking Act 1998, the Investment Business Acts 1991 – 93, the Corporate Service Providers Acts 2000 - 2005 and the Building Societies Act 1986, as amended, as well as incorporating certain aspects of the Financial Services Act 1988 relating to the managers and trustees of collective investment schemes. In addition, the Order includes a number of exclusions (activities which fall outside the scope of the legislation) and definitions of specific terms used within the Order.

The draft Financial Services (Exemption) Regulations (“the Regulations”) consolidate the existing exemptions granted under the Banking Act 1998 and Investment Business Acts 1991 – 93, with certain outdated exemptions being removed.

To assist licenceholders and other interested parties in reviewing this draft secondary legislation, the Commission has prepared a RoadMap showing the destination of current provisions in the draft new legislation, detailing any changes which are proposed and providing a brief rationale for the change, and the impact to industry that is anticipated as a result of such change.

This consultation provides an opportunity to embrace developments in the finance sector and to ensure that its needs are met. Suggestions for the modernisation of the existing provisions or proposed new activities will be welcomed from industry to ensure that a meaningful and workable framework is developed.

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

This consultation primarily consolidates the provisions contained in existing legislation. However, the Commission anticipates that licenceholders and their advisers, who have first-hand knowledge of the changes occurring in their sphere of expertise, may identify areas where further amendment would benefit the industry and we look forward to developing proposals for such areas through the consultative process and in dialogue the Legislative Liaison Group.

The second consultative paper and related documents are on the Commission’s website: http://www.fsc.gov.im/doclibrary/carol.xml

Enquiries should be addressed to:

Shirley E Corlett

Senior Adviser - Policy & Legal Unit

Financial Supervision Commission

P O Box 58 Finch Hill House Bucks Road

Douglas IM99 1DT

Direct line: 01624 689323

Email: shirley.corlett@fsc.gov.im

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