Monday, December 18, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Regulation of Trust Providers 24 June 2004

Treasury is promoting new legislation which will enable the Financial Supervision Commission to regulate persons providing services in relation to trusts.

The Fiduciary Services Bill 2004 has been produced after extensive consultation with the trust service industry, including an external review of the proposals by the London law firm, Stikeman Elliott, whose particular areas of expertise are trust and regulatory law.

The Bill amends the Corporate Service Providers Act 2000 so that corporate service providers (CSPs) and trust service providers (TSPs) will collectively be known as ‘fiduciaries’ and any person providing CSP and/or TSP services will be required to hold the relevant class of fiduciary licence.

Licensing of fiduciaries is already established in other jurisdictions, including Jersey, Guernsey and Bermuda, and the Stikeman Elliott review confirmed that the regime contained in the Bill compares well with the legislation in place in these jurisdictions. The intention to introduce such regulation in the Isle of Man has been known for a number of years.

The Manx Government confirmed to the International Monetary Fund, during its review of the Island’s financial sector regulation and supervision, that proposals for TSP licensing would be progressed by extending to TSPs the licensing, regulatory and supervisory regime currently applied to CSPs under the Corporate Service Providers Act 2000. In doing so, the Bill will bring the Island into line with internationally accepted regulatory standards.

More stories >>>  

Related News Articles
Government acts to protect local economy and jobs 19 April 2013
GOVERNMENT is backing the financial restructuring of a prominent Island business group to help protect the local economy, Chief Minister Allan Bell MHK announced today (Friday April 19, 2013). [More]
DED outlines plans to develop and diversify the economy 28 February 2013
'Agenda for Change – Our Economy’ document publishedThe Department of Economic Development has outlined Government’s strategy to further develop and diversify the Isle of Man’s economy over the coming year. [More]
DCCL continues efforts to meet budget targets 19 February 2013
SummaryA total of 12 managerial and admin posts have been removed saving £350,000 a year. [More]
Budget lays ‘Firm Foundations’ for the future 19 February 2013
GOVERNMENT is on course to rebalance its finances while working to develop the Island’s economy and protect the vulnerable. [More]
DED focuses on job creation and income generation in 2013 19 February 2013
SummaryReal terms economic growth of 3% in 2012/13 and 4% forecast for 2013/14. [More]

Other Guides by Maxima Systems Ltd: Disney World