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Financial Services (Amendments) Bill – Discussion Paper
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This discussion paper seeks views on amendments proposed to primary legislation via a Financial Services (Amendments) Bill.
FSA Consultations issued since 1 January 2017 are listed below. Pre-2017 consultations can be viewed in our archive.
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This discussion paper seeks views on amendments proposed to primary legislation via a Financial Services (Amendments) Bill.
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The consultation concerns the Authority’s proposals to update the capital framework for non-life insurers.
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The consultation concerns the Authority’s proposals to amend the criteria by which an insurer might qualify for a reduced or simplified level of regulation under class 12 authorisation.
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A proposal to make an Order that will permit credit unions to issue deferred shares.
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This consultation sets out the proposed Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code.
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The consultation sets out the proposed changes to the Island’s AML/CFT framework. The documents being consulted on are:
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This discussion paper looks at the prospective development of a regulatory framework in the Isle of Man for the disclosure of information about Isle of Man insurers to support their stakeholders (for example policyholders, lenders and creditors) in making relevant decisions about those insurers.
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This consultation sets out proposed requirements for insurance groups for which the Authority anticipates acting as Group Supervisor.
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This consultation sets out proposed new requirements in the area of corporate governance for general insurance intermediaries.
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The Isle of Man Financial Services Authority has issued Consultation CP18-09/T14 on proposed changes to fees payable to the Authority from 1 April 2019.
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The Isle of Man Financial Services Authority has today issued Consultation Paper CP18-06/T03 on the new regulatory regime for credit unions and amendment to the existing loan interest rate.
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The Isle of Man Financial Services Authority has issued a consultation paper CP18-05/T17. This paper is seeking views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017, and invites interested parties to consider the draft Regulations set out within the paper.
The proposals may be of interest to relevant persons under the Act, especially nominated officers and the Authority welcomes feedback from interested parties.
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The Isle of Man Financial Service Authority (“Authority”) has today issued a consultation paper, CP18-03/T04, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires Isle of Man non-life insurers and reinsurers to test in the fifth Quantitative Impact Study (QIS5).
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The Isle of Man Financial Services Authority has issued a consultation paper CP18-04/T16. This paper is seeking views on the possible expansion of Class 6 Regulated Activity (crowdfunding platforms) to include limited secondary trading facilities. The proposals may be of interest to all regulated entities, potential crowdfunders, professional advisors as well as the general public, being potential consumers of investment-based crowdfunding platforms. The Authority welcomes feedback from interested parties.
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Consultation Paper CP18-02/T08 sets out the Financial Services Authority’s proposals in relation to the current exemptions from registration as an insurance intermediary on the Isle of Man (‘IOM’) and the allowances for insurance intermediaries providing services on a cross border basis into the IOM from another jurisdiction.
In particular, it sets out the Authority’s proposals in relation to the exemption for insurance sold alongside other goods or services by a business that is not a registered as an insurance intermediary and in relation to overseas intermediaries providing services on a cross border basis.
It builds on the previous discussion paper (DP16-07) issued in October 2016 and the survey for businesses selling insurance alongside other goods and services which was carried out earlier this year.
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The Isle of Man Financial Services Authority has today issued a Discussion Paper DP18-02/T15. This paper is seeking views on proposals to enhance the regulatory framework for pension schemes and pension providers.
This Discussion Paper will be of particular interest to persons who act by way of business as a trustee and/or an administrator of retirement benefits schemes registered under the Retirement Benefits Schemes Act 2000. The Authority welcomes feedback from all interested parties.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP18-01/T12. This paper is seeking views on changes to the process for the assessment of individuals’ fitness and propriety in respect of all regulated entities. The paper also includes a formal consultation on resulting amendments to the Financial Services Rule Book 2016. The proposals are applicable to all regulated entities and the Authority welcomes feedback from interested parties.
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This survey is for businesses that are not registered with the Financial Services Authority (FSA).
Many businesses sell insurance alongside their principal goods or services (ancillary insurance). This activity is not currently regulated by the FSA because there is an exemption in legislation.
The FSA is reviewing this exemption to consider whether it remains current and consistent with international standards. If this exemption was removed, those businesses arranging ancillary insurance alongside their principal business activity would be required to register with the FSA.
The discussion paper below sets out additional background information in relation to ancillary insurance and on the FSA's project to update the IOM's regulatory framework for insurance business.
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Consultation paper CP17-14/T15 concerns new Insurance Regulations which will apply to all authorised insurers and permit holders. The Insurance Regulations 2018 will replace the Insurance Regulations 1986 and the Insurance (Supplementary Information) Regulations 2016.
The main purpose of the new regulations is to set out new and updated regulatory reporting requirements for all insurers authorised to carry on long-term insurance business in or from the Island, and regulatory reporting forms comprising the Regulatory Electronic Returns are therefore also attached to the consultation paper.
In addition, a number of incidental changes have been made where necessary to reflect developments since the Insurance Regulations 1986 were made.
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Consultation paper CP17-15/T12 sets out new valuation and solvency regulations for insurers authorised to carry on long-term insurance business. The Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 will replace the Insurance (Valuation of Long Term Liabilities) Regulations 2007.
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CP17-11/T01 sets out the Authority’s views on developing the Island’s existing regulatory framework to enhance the fair treatment of policyholders in relation to non-long term insurers through the issue of the draft Insurance (Conduct of Business) (Non-long Term Insurance) Code 2017 (“the Code”).
The Code brings together the Authority’s work in this area and places conduct of business requirements on authorised insurers effecting non-long term contracts of insurance with third parties.
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The Isle of Man Financial Services Authority has today published a Consultation Response (CR18-01/T14) following its recent consultation on proposed changes to regulatory fees from 1 April 2018. The response document provides a summary of responses to the consultation and outlines changes made and next steps. Subject to Treasury concurrence and consideration by Tynwald, the following legislation will commence on 1 April 2018:
The consultation response is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for those permissions or their advisers.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP17-12/T13 in respect of proposed group supervision requirements for life insurance companies which belong to groups of which the Authority anticipates being the Group Supervisor. Although the paper is directly applicable to those companies, it may also be of general interest to all insurance companies which belong to groups and feedback is welcomed from any interested parties.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP17-10/T11 in respect of the corporate governance of insurance companies. The paper sets out the Authority’s proposals to update its existing Corporate Governance Code of Practice for Regulated Insurance Entities (“CGC”) which was issued in 2010. The proposed updates are applicable to all insurers and the Authority welcomes feedback from interested parties.
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The Isle of Man Financial Services Authority (“Authority”) has today issued a consultation paper, CP17-08/T09, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires the Isle of Man’s non-life insurers and reinsurers to test in the fourth Quantitative Impact Study (QIS4).
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The Isle of Man Financial Services Authority has today issued a consultation paper, CP17-07/T08, in respect of general insurance intermediation business. The paper builds on the feedback received in response to the Authority’s initial discussion paper on the work stream established to review developments in the supervision of general insurance intermediaries ('DP16-07'), and sets out in more detail proposals for changes to the Authority’s regulatory framework for general insurance intermediaries, including draft binding guidance and draft Regulations for further consideration.
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The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP17-09/T10) to obtain views in relation to draft amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011.
This consultation paper will be of particular interest to —
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To obtain views in relation to three draft orders which amend the exceptions from restrictions on disclosure of information under:
The proposed changes to the Insurance Act 2008 will also apply to the Retirement Benefits Schemes Act 2000 by virtue of section 43 of the latter Act.
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The Authority has prepared a draft Guidance Note entitled ‘Governance of Collective Investment Schemes’ (‘Draft Guidance Note’), to assist members of governing bodies in performing their duties responsibly and within the laws of the Isle of Man. The Draft Guidance Note has been developed with reference to guidance issued by other jurisdictions and the Authority’s experience in supervising the Isle of Man’s funds sector. A copy of the Draft Guidance Note is attached to this Discussion Paper in Appendix B.
By way of example, IOSCO defines collective investment schemes governance as a “framework for the organisation and operation of a CIS that seeks to ensure that CIS are organised and operated efficiently and exclusively in the interest of their investors”. This illustrates that the govering body of a CIS therefore plays a key role in ensuring the interests of investors are upheld. The principles and recommendations detailed within the Draft Guidance Note are intended to promote strong and effective governance amongst those who act or intend to act as members of a governing body to CISs.
The Draft Guidance Note is neither exhaustive, nor prescriptive. It is the responsibility of the governing body to identify the most appropriate governance framework for the scheme.
Guidance is, by its nature, not law, however it is persuasive. Where a person follows guidance this would tend to indicate compliance with legislative provisions.
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This paper sets out the timescales for the fourth Quantitative Impact Study (“QIS4”) exercise for life insurers and reinsurers, describes changes to the Standard Formula being tested in QIS4 compared with that for QIS3, and provides additional guidance on some aspects of the calculation in order to promote consistency of approach across respondents.
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CP17-05/T06 provides for consultation on the Draft Insurance (Conduct of Business) (Long Term Business) Code 2017 (“the Code”).
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Closed-ended investment companies and other matters
This consultation is relevant to persons providing services to collective investment schemes, as well as to corporate service providers that provide services to closed-ended investment companies.
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In early 2015 a high level consultation was issued that outlined proposals to address perceived deficiencies in the Credit Unions Act 1993 (‘CUA’) and to develop a framework for regulating credit unions. Responses to the consultation evidenced considerable support for changes to the CUA that would facilitate credit unions in the IoM and so research began for drafting a Credit Unions (Amendment) Bill (‘Bill’). Simultaneously, work was under way to establish the IoM’s first credit union and this was incorporated in August 2016.
The point has now been reached where the Authority can consult on the Bill, which is at Appendix B to this paper. A Keeling Schedule (which shows the CUA as it would be following the changes proposed by the Bill) forms Appendix C to this paper (in a separate document).
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In June 2013 the Insurance and Pensions Authority ('IPA') published its Roadmap for updating the Isle of Man’s regulatory framework for insurance business ('the Roadmap') and through that document set out the objective to establish a project to enhance the Island’s regulatory framework to ensure that it remains up to date, proportionate and, where appropriate, consistent with the updated and revised Insurance Core Principles ('ICPs') issued by the International Association of Insurance Supervisors ('IAIS'). Since its issue the Roadmap has been updated annually to reflect progress made across the various work streams established under the project.
A key element of the developments proposed within the Roadmap is the enhancement of requirements in matters related to conduct of business. This consultation builds on the feedback received in response to DP14-052 in relation to the Authority’s proposals to enhance existing conduct of business requirements for non-life insurers. Proposals to enhance existing conduct of business requirements for long-term insurers have been consulted upon in CP15-02 and CP16-03.