The Isle of Man's Financial Supervision Commission recently announced that Royal Assent has been granted for two important new pieces of primary legislation.
The Financial Services Act 2008 and the Collective Investment Schemes Act 2008 were signed in Tynwald on 17th June 2008, and will come into operation on 1st August 2008.
Copies of final draft subordinate legislation, including the Regulated Activities Order, Financial Services (Exemption) Regulations and Financial Services Rule Book, may be found in the consultations section of the Commission’s website.
Subject to Tynwald approval in July 2008, this subordinate legislation will also come into operation on 1st August 2008.
The FSC concluded by announcing that:
"Existing licenceholders are reminded that Part 9 of the Rule Book (Money laundering and financing of terrorism) should be complied with from 1st August 2008 and the remaining parts from 1st January 2009."
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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