Saturday, October 21, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
The Financial Services Act 2008 and the Collective Investment Schemes Act 2008 31 July 2008

The Financial Supervision Commission is pleased to announce that the Financial Services Act 2008 and the Collective Investment Schemes Act 2008 (“the Acts”) come into effect tomorrow – 1 August 2008.

For any new licenceholders the full Financial Services regime will be implemented immediately. For existing licenceholders only the Money Laundering and Financing of Terrorism provisions at Part 9 of the Financial Services Rule Book 2008 (“the Rule Book”) will apply. The current regulatory codes will remain in use by existing licenceholders for a further 5 months to give time to adjust and for new licences to be issued. The Rule Book will be fully operational for all licenceholders from 1st January 2009.

The Commission has also prepared an Anti-Money Laundering and Countering the Financing of Terrorism Handbook (“AML/CFT Handbook”) to provide guidance for licenceholders on the requirements of the Criminal Justice (Money Laundering) Code 2007 and on Part 9 of the Rule Book. This new AML/CFT Handbook will also come into effect on 1 August 2008 and will replace the Money Laundering and Prevention of Terrorism Guidance Notes (April 2003) as amended on that date.

The “Being Regulated” menu on the Commission’s website has been split so that it can separately address existing and new licenceholders from 1 August. These have been called PRE-1.8.08 and POST-1.8.08 licenceholders. The Acts and the Rule Book can be found under the relevant POST-1.8.08 licenceholder handbook. The AML/CFT Handbook can be found in the anti-money laundering section under the “Being Regulated” menu on the website.

The Commission’s register of licenceholders under the Financial Services Act 2008 can be found under the Publications section of the website. The Commission wishes to advise that the format of this is a temporary measure and will be revised in the autumn. The list of PRE-1.8.08 licenceholders can still be accessed on the Home page of the Commission’s website.

The Commission has also published a frequently asked questions document to help licenceholders with the most common situations that they may face during the transition to the Financial Services regime.

Enquiries to:

Shirley E Corlett, Senior Adviser on (01624) 689323 or
Claire Whitelegg, Senior Adviser on (01624) 689332

Policy & Legal Division
Financial Supervision Commission

More stories >>>  


Other Guides by Maxima Systems Ltd: Disney World