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IoM Consults On Draft New Financial Services Rule Book

by Amanda Banks, Lowtax.net, London
29 April, 2016

The Isle of Man Financial Services Authority has issued a public consultation paper on the draft Financial Services Rule Book 2016, which will replace the current Rule Book on January 1, 2017.

The Authority in its consultation paper said: "With the exception of a few areas, there is negligible difference to the legislative effect in the majority of the draft 2016 Rule Book from the current Rule Book."

The changes include a new tabular format in place of the existing narrative format, and the inclusion of rules relating to nominee bank accounts in Part 3.

Changes to the rules relating to audit have been made that will require an Auditor's Independent Factual Findings Report, instead of the existing requirement to submit an auditor's letter confirming that the licence holder has complied with the general or specific requirements of Parts 3 and 4.

Two new rules relating to limited and restricted investment advice have been included. These clarify that the scope of the service being provided by the advisor, and any restrictions on that scope, must be confirmed to the potential investor in writing prior to any investment business being conducted.

A new rule requiring licence holders to have a policy on whistleblowing has been included, and the Authority has invited auditors' views on whether the four-month limit for submission of the annual financial return, as required by rule 2.9, is considered appropriate.

Comments on the draft Financial Services Rule Book 2016 are welcome until June 19, 2016.

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