Remaining Provisions Of Financial Services Act Come Into Force In Isle Of Man

by Jason Gorringe, Tax-News.com, London

31 December 2008

The Isle of Man's Financial Supervision Commission on Monday issued a reminder regarding the entry into force of certain aspects of the Financial Services Act 2008.

In a statement, the FSC confirmed that:

"The Financial Services Act 2008 subordinate legislation (including the Rule Book) applies to all licenceholders with effect from January 1, 2009."

"The Commission has issued a briefing document and additional guidance for the Financial Services Rule Book."

The Financial Services Act 2008 and the Collective Investment Schemes Act 2008 were signed in the Tynwald (parliament) on June 17, 2008, and for the most part came into operation that August.

In a briefing document published in June 2008 on the implementation of the new legislation, the FSC explained that:

"The Financial Services Act 2008 has now completed its passage through Tynwald and is awaiting Royal Assent. Following Royal Assent, secondary legislation will be laid before Tynwald to bring the new Act into effect from August 1, 2008."

"The Financial Services Act 2008 (Appointed Day) Order 2008 will bring the Act and all secondary legislation, including the Rule Book, into effect for new licenceholders from August 1, 2008."

"Under transitional arrangements, existing licenceholders will continue to carry on regulated activities under their current licences and in accordance with the Regulatory Codes until January 1, 2009. Additionally the anti-money laundering part of the new Rule Book will also apply to existing licenceholders from August 1, 2008."

"From January 1, 2009 existing licenceholders will receive their new licences and at that time the new Rule Book will apply in full. This is in line with the proposals outlined at the Manx Museum in January 2008."

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