Changes to the Regulated Activities Order 2011 and Financial Services (Exemptions) Regulations 2011

The Regulated Activities (Amendment) Order 2017 and Financial Services (Exemptions) (Miscellaneous Amendments) Regulations 2017 were approved by Tynwald on 12 December 2017 and commenced on 1 January 2018. This legislation made a number of changes to the Regulated Activities Order 2011 and Financial Services (Exemptions) Regulations 2011, details of which were covered in the recent consultation on “Draft Amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011”, which can be accessed on the Isle of Man Government’s Consultation Hub.

The amendments 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)
  • Class 8 licenceholders undertaking payment services activity.

The following links show the amended legislation —

This includes changes that were made to the Financial Services (Exemptions) Regulations 2011 on 1 November 2017 following an earlier consultation: “Collective Investment Schemes - CEICs and Other Matters: Consultation on Draft Legislation”.

The amended legislation can also be found under “Financial Services Act 2008 - Legislation” on the Legislation & Guidance webpage of the Authority’s website.