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CAROL Project – Secondary legislation under the Financial Services Act 2008 28 April 2008

Financial Services (“Not Fit and Proper”) Regulations 2008
Financial Services (Civil Penalties) Regulations 2008
Authorised Collective Investment Schemes (Compensation) Regulations 2008
Financial Services Act 2008 (Appointed Day) Order 2008
Financial Services (Fees) Order 2008

There are several pieces of secondary legislation under the Banking Act 1998, the Investment Business Acts 1991 to 1993 and the Fiduciary Services Acts 2000 and 2005 (“the legacy acts”) that need to be replicated under the Financial Services Act 2008 -

  • the Financial Services (“Not Fit and Proper”) Regulations 2008;
  • Financial Services (Civil Penalties) Regulations 2008; and
  • the Authorised Collective Investment Schemes (Compensation) Regulations 2008.

The new Regulations simply replicate the existing pieces of legislation under the legacy acts. There has been no change to policy in relation to these pieces of secondary legislation: existing provisions have been replicated with only minor amendments to terminology to bring them in to line with the Financial Services Bill and Regulated Activities Order.

The current Banking Business (Compensation of Depositors) Regulations 1991 will continue under transitional arrangements contained in the Financial Services Act 2008 (Appointed Day) Order 2008.

In addition, a new Financial Services (Fees) Order 2008 has been drafted to replicate the existing fees paid by licenceholders. The only new fees included in this Order relate to new regulated activity, such as Money Transmission Business.

Drafts of all of the above mentioned Regulations, which may be subject to drafting amendments, can be found on the Commission’s website at:- http://www.fsc.gov.im/doclibrary/condocs.xml.

Enquiries:

Miss Nicola Barfoot
Policy Officer
Policy & Legal Division
Financial Supervision Commission
P O Box 58
Finch Hill House
Bucks Road
Isle of Man
IM99 1DT

Direct Line: 01624 689379

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