Alternative Banking Regime in operation

The Isle of Man Financial Services Authority is pleased to announce that the Alternative Banking Regime came into operation today, 1 August 2016. The regime creates three separate types of Class 1 (deposit taking) licence – Class 1(1): retail / non-restricted deposit-takers; Class 1(2): non-retail / restricted deposit takers; and Class 1(3): representative offices of foreign banks.

Details of this regime may be found in the feedback on consultation document, which indicates the legislation that has been revised, as well as the non-legislative changes.