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Consolidation and Review of Legislation Briefing and Implementation Timetable 14 January 2008

Commission staff gave a briefing for licenceholders at the Manx Museum on 14 January 2008. Slides are available on the Commission’s website: http://www.gov.im/lib/docs/fsc//080114manxmuseumpresentation.pdf

The briefing emphasised that the project is primarily a matter of consolidation and aims to produce legislation and rules that are more consistent and easier to use. The main substantive change proposed is the introduction of formal capital requirements for trust and corporate service providers.

The Financial Services Bill 2007 is before Tynwald. The following are the projected dates for completion of the project, subject to Tynwald’s consent:

• The Commission is consulting on a new rule book and expects the rule book to be ready in June 2008.

• The new rule book will include Anti Money Laundering rules. These will reflect the Criminal Justice (Money Laundering) Code 2007 and will come into effect during the Summer of 2008.

• The Commission plans to bring the remainder of the new rule book into effect for existing licenceholders on 1 January 2009, thus allowing them some six months to adjust to the new rules. We plan to run briefing sessions for licenceholders during the Summer of 2008.

• Start-up businesses, which are licensed for the first time in Autumn 2008, will be subject to the new rules before 1 January 2009. This will avoid them having to follow the old rules for a short period before switching to the new rules.

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