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Modernisation of Financial Services Legislation (“CAROL”) - Consultation on the Regulated Activities Order 14 July 2006

On 1st June 2006, the Commission 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 deadline for responses to this consultation was 31st July 2006.

However, following feedback from the Legislative Liaison Group (which consists of representatives of the professional bodies and was formed specifically to liaise with the Commission on the CAROL project), it has been identified that additional time is needed to review this important draft secondary legislation. It is therefore proposed to extend the deadline of this consultation process to 30th September 2006.

The Commission has offered to meet with representatives of professional bodies, if required, in order to assist with the review and those wishing to take up this offer, should contact Shirley Corlett.

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
PO Box 58
Finch Hill House
Bucks Road
Douglas IM99 1DT
Direct line: 01624 689323

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