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General Licensing Policy Update 8 July 2008

The Financial Supervision Commission wishes to advise that its General Licensing Policy has been reviewed to make it consistent with the Financial Services Act 2008 (the Act) and the Regulated Activities Order and Rule Book issued thereunder.

In order to make the policy as user friendly as possible, a table of application has been added to the beginning of the policy as well as a glossary of terms.

The policy has been restructured to make it clearer and easier to follow. The main content of the policy has not changed but it now takes account of the revised fit and proper test in the Act. This has focused the main part of the document on the three core requirements of integrity, competence and financial standing, with other general themes such as transparency of ownership fitting under the relevant core requirement.

Some specific considerations for collective investment schemes (which historically were dealt with in separate addenda) have now been fully incorporated into Part VII of the policy. The application of these policies has been updated to make it more general where appropriate.

The General Licensing Policy is applicable to all licenceholders including those providing the new regulated activity of money transmission services.

Enquiries to:

Claire Whitelegg or Nicola Barfoot
Policy & Legal Division
Financial Supervision Commission
(01624) 689332 or (01624) 689379

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