Saturday, October 21, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Financial Services Bill Consultation 22 December 2006

Following support from the financial services industry for its preliminary consultation on proposals to consolidate and review all the regulatory legislation under which it operates, the Financial Supervision Commission has issued a draft Financial Services Bill for comment.

The Bill, which incorporates new provisions governing the structure and remit of the Commission, seeks to consolidate and modernise the relevant regulatory legislation into a convenient and easily accessible framework. The Bill also strengthens the mechanisms for ensuring that the Commission is accountable for its actions by setting out its functions and objectives clearly and laying down principles it must take into account in carrying these out. The Bill also formalises existing accountability mechanisms, such as the publication of an Annual Report and adds new ones, including an obligation for the Commission to act in furtherance of policies and strategies set by Treasury.

The consultative paper outlines the contents of the Bill and highlights the significant proposed changes. It can be found on the Commission’s website at http://www.gov.im/lib/docs/fsc/Consultative/aconsultativepaperonthefinancia.pdf and the Bill (Appendix A to the paper) can be found at http://www.gov.im/lib/docs/fsc/Consultative/appendixafinancialservicesbill.pdf.

To assist readers to locate the new equivalents to current provisions in the Financial Supervision, Investment Business, Banking and Fiduciary Services Acts, a RoadMap indicating the effect of any changes and the location of the replacement provision in the new Bill (Appendix B to the paper) can be found at http://www.gov.im/lib/docs/fsc/Consultative/appendixbroadmapofchangestoe.pdf.

The Commission also hopes that interested persons and organisations will take the opportunity to review, in the context of the Bill, the revised draft Regulated Activities Order and Exemptions Regulations, which have been updated to reflect comments made in previous consultation. These documents, and a RoadMap to assist in navigating the proposed changes, (Appendices C1 , C2 and C3 to the paper) can be found at:

http://www.gov.im/lib/docs/fsc/Consultative/appendixc1proposedregulatedact.pdf

http://www.gov.im/lib/docs/fsc/Consultative/appendixc2proposedfinancialser.pdf

http://www.gov.im/lib/docs/fsc/Consultative/appendixc3roadmapforregulated.pdf

The Commission welcomes responses on any aspect of this consultation and would be grateful if comments could be submitted before 12th February 2007.

Jane D N Bates
Head of Policy and Legal
Financial Supervision Commission

More stories >>>  


Other Guides by Maxima Systems Ltd: Disney World