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Fiduciary Services Bill 2004 29 June 2004 Further to Treasury’s recent announcement that it is promoting the Fiduciary
Services Bill 2004 , those who participated in the Financial Supervision
Commission’s 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 Government’s
confirmation to the International Monetary Fund during its review of the
Island’s 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 ‘fiduciaries’ 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 Commission’s 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). More stories >>>
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