Wednesday, July 18, 2018
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
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 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).

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