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Fiduciary Services Bill 2004 29 June 2004

Further to Treasuryís recent announcement that it is promoting the Fiduciary Services Bill 2004 , those who participated in the Financial Supervision Commissionís consultation may be interested to know that the Bill is scheduled to have its First Reading in the House of Keys on 29th June 2004.

The Bill follows the Manx Governmentís confirmation to the International Monetary Fund during its review of the Islandís financial sector regulation and supervision, that proposals for trust service provider (TSP) licensing would be progressed by extending to TSPs the licensing, regulatory and supervisory regime currently applied to corporate service providers (CSPs) under the Corporate Service Providers Act 2000. In doing so, it will bring the Island into line with internationally accepted regulatory standards.

The Bill amends the Corporate Service Providers Act 2000 so that CSPs and TSPs will be known collectively as Ďfiduciariesí and any person providing CSP and/or TSP services will be required to hold the relevant class of fiduciary licence.

Jane Bates, Head of Authorisations & Companies at the Financial Supervision Commission, commented:

"The intention to introduce such regulation in the Isle of Man has been known for a number of years and the Bill reflects extensive consultation with the trust services sector. The Commission is grateful to the representatives of STEP, the IOM Law Society, the IOM Society of Chartered Accountants and the Association of Corporate Service Providers for their assistance with the external review of the TSP licensing. Licensing of fiduciaries is already established in a number of other jurisdictions, including Jersey, Guernsey and Bermuda, and the review confirmed that the regime contained in the Bill compares well with the legislation in place in these jurisdictions."

The Bill is expected to resume its progress through the Keys and Legislative Council after the Summer Recess. Provided the Bill successfully passes through all its stages in the latter part of this year, the Commission anticipates that it will be inviting applications for TSP licences in the first quarter of 2005.

Copies of the green Bill together with the Explanatory Notes prepared for the Members of Keys are available on the Financial Supervision Commissionís website www.fsc.gov.im or from the Isle of Man Government, Central Reference Library, 3rd Floor Government Office, Bucks Road, Douglas, Isle of Man IM1 3PG (tel: +44 1624 685520).

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