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New Manx Rules For Systemically Important Banks

by Jason Gorringe, Lowtax.net, London
19 February, 2016

The Isle of Man Financial Services Authority on February 18 issued a public consultation on proposals to establish and implement a regulatory and supervisory framework for banks considered systemically important at a domestic level in the Isle of Man.

The overarching objective of the proposed framework is to identify banks whose impact, in the event of distress or failure, could cause significant disruption to the financial system and economic activity locally. To address the negative externalities posed by such banks, regulatory and supervisory measures are being proposed to reduce the probability of failure, and to reduce the impact of any failure.

Comments on the consultation paper should submitted by March 31, 2016.

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