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IoM Regulator Plans Response To New Basel Principles

by Jason Gorringe, Tax-News.com, London

16 August 2012


The Isle of Man Financial Services Commission has launched a consultation on amendments to the Financial Services Act 2008 (FSA 2008) and the Collective Investment Schemes Act 2008 aimed at ensuring the territory achieves adherence with revised Basel Core Principles for Effective Banking Supervision, against which it will be assessed from September.

The amendments, contained in The Financial Services (Miscellaneous Amendments) Bill, would amend the definition of 'controller' in section 48 of the FSA 2008, to extend the Commission's current powers over individuals that control licenceholders to include also companies that control licenseholders.

The change is aimed in particular at achieving adherence with Principles 1 and 12, which require the supervision of banking groups and holding companies. Presently, the Commission's powers do not extend to 'banking groups' or non-regulated holding companies of any regulated entities. The Commission explained that the change would enable enhanced oversight of other regulated sectors, rather than just of deposit-taking licenceholders.

This revised definition would be in line with the definition of 'controller' already found in the Isle of Man’s Insurance Act 2008 and in financial services legislation in Jersey and Guernsey, where “controller” is not limited to individuals.

The Bill has already received its first reading in the House of Keys and will be considered further in the next session of the Isle of Man's parliament, the Tynwald, in autumn 2012.

TAGS: individuals | Isle of Man | investment | law | banking | investment funds | international financial centres (IFC) | Guernsey | Jersey | offshore | legislation | offshore banking | legislation amendments | services

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