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2006 Civil Penalties regulations for the Late Submission of Licenceholder’s Returns 23 October 2006

Notification of the introduction of Civil Penalties

The Financial Supervision Commission was given power to impose penalties by Tynwald in the Fiduciary Services Act 2005. This Act added powers to the Banking Act 1998, Building Societies Act 1986, Corporate Service Providers (“CSP”) Act 2000 and the Investment Business Act 1991, allowing the Financial Supervision Commission to make regulations to impose such penalties on its licenceholders as it deemed appropriate subject to Tynwald’s approval.

The Banking / Building Society / Fiduciary Services / Investment Business (Civil Penalties) Regulations 2006 have been approved by Tynwald and come into operation on 1st November 2006. From that date regulatory “returns” (as defined within individual regulations) for all licenceholders will be covered by the Civil Penalties regulations.

To ensure that all sectors regulated by the Financial Supervision Commission are treated equally, Civil Penalties for banks, building societies, fiduciaries (including those CSPs and TSPs which are subject to the transitional arrangements) and investment businesses, will be subject to the same procedures.

It is the licenceholder’s responsibility to ensure their regulatory returns are submitted and received by the Financial Supervision Commission before the end of the submission period. Submission dates for the regulatory returns are detailed in the individual regulations.

For ease of reference a table detailing the reporting requirements for each regulated area has been posted on the Financial Supervision Commission’s website and can be accessed through ‘Supervision & Policy’ from the main menu or following the links below.

Banks

Building Societies

Collective Investment Schemes

Fiduciary Services

Investment Business

Stockbrokers

Head of Supervision

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