Consultation Response on Draft Amendments to the Regulated Activities Order and Exemptions Regulations

The Isle of Man Financial Services Authority has today published a Consultation Response (CR17-05/T10) in respect of its Consultation Paper (CP17-09/T10) on Draft Amendments to the Regulated Activities Order 2011 and Financial Services (Exemptions) Regulations 2011 under the Financial Services Act 2008. The Consultation Response provides a summary of responses to the consultation paper, details of subsequent changes to the amending legislation and next steps.

Subject to Treasury approval, the Regulated Activities (Amendment) Order 2017 and Financial Services (Exemptions) (Miscellaneous Amendments) Regulations 2017 are due to be made and then laid before Tynwald for approval at the December 2017 sitting in order to come into effect on 1 January 2018.

The above documents are relevant to —

  • Class 1 deposit takers participating in SEPA schemes;
  • Class 2 (investment business) licenceholders advising on pension transfers, and pension providers transferring or receiving pension benefits;
  • Class 2 licenceholders which operate nominee companies;
  • Persons providing services to one exempt or exempt-type collective investment scheme;
  • Persons taking advantage of the Class 4 domestic services exemption (exemption 4.7 of the Financial Services (Exemptions) Regulations 2011);
  • Persons taking advantage of some exemptions under Class 8 (payment services); and
  • Class 8 licenceholders undertaking payment services activity.