IoM Proposes Three Class 1 Licenses
by Jason Gorringe, Lowtax.net, London
06 April, 2016
The Isle of Man Financial Services Authority (FSA) has issued a consultation paper on proposals to create three types of Class 1 (deposit taking) licenses.
The FSA has proposed to introduce a non-retail deposit-taking regime to supplement the current retail deposit-taking license. The third type of license would be for representative offices of foreign banks.
This consultation follows a discussion paper that was issued by the Authority in January 2016. That said the Government aims to create "a non-retail banking regime for high net worth individuals (HNWIs) and corporate clients" and "to provide flexibility to emerging business models."
The Authority says that the new regime will be of particular interest to existing holders of financial services licenses that are authorized to undertake Class 1 regulated activity, as well as foreign banks interested in establishing a presence in the Isle of Man and their advisers.
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