The Isle of Man's Financial Services Commission has issued a second consultation paper outlining initial proposals for regulated activities, exclusions and exemptions which will come into force under the proposed new financial services regulatory legislation.
According to John Aspden, Chief Executive of the IoM FSC, the consultation will give the jurisdiction's financial services community the opportunity to identify areas where further legislative amendments are necessary to improve the current framework.
“This consultation primarily consolidates the provisions contained in existing legislation," Mr Aspden explained.
"However, the Commission anticipates that licenceholders and their advisers, who have first-hand knowledge of the changes occurring in their sphere of expertise, may identify areas where further amendment would benefit the industry," he added.
The draft Regulated Activities Order consolidates the activities currently encompassed by the Banking Act 1998, Investment Business Acts 1991 – 93, Fiduciary Services Acts 2000 and 2005 and Building Societies Act 1986, as amended, as well as incorporating certain aspects of the Financial Services Act 1988 relating to the managers and trustees of collective investment schemes.
In addition, the Order includes a number of exclusions (activities which fall outside the scope of the legislation) and definitions of specific terms used within the Order.
The draft Financial Services (Exemption) Regulations consolidate the existing exemptions granted under the Banking Act 1998, Investment Business Acts 1991 – 93 and Fiduciary Services Acts 2000 and 2005, with certain outdated exemptions being removed.
To assist licenceholders and other interested parties in reviewing this draft secondary legislation, the Commission has prepared a RoadMap showing the destination of current provisions in the draft new legislation, detailing any changes which are proposed and providing a brief rationale for the change, and the impact to industry that is anticipated as a result of such change.
"This consultation provides an opportunity to embrace developments in the finance sector and to ensure that its needs are met," the FSC stated.
"Suggestions for the modernisation of the existing provisions or proposed new activities will be welcomed from industry to ensure that a meaningful and workable framework is developed," the regulator added.
Mr Aspden said that the proposals will be developed both through the consultative process, and in dialogue with the Legislative Liaison Group.
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