Updated Licensing Policy for Regulated Activities under the Financial Services Act 2008
The Isle of Man Financial Services Authority (‘the Authority’) has updated its Licensing Policy for Regulated Activities under the Financial Services Act 2008 with effect from 1 February 2021.
The main change to the document, which applies to existing licenceholders as well as applicants, is within part (iv) of the Introduction section, on page 11.
This makes it clear that if a licenceholder ceases to undertake a class of regulated activity for which it holds a licence, or ceases to employ persons competent to undertake that activity, the Authority expects the licenceholder to surrender that element of its licence permission. If the cessation is temporary, and expected to be for a maximum of 12 months, the Authority may suspend the permission, and the temporary suspension may be lifted if the circumstances change and the activity can be undertaken appropriately.
Other changes include updating references to legislation and guidance which has been amended or revoked, reflecting improvements to the procedure for applying for a licence and providing further detail to what is meant by ‘real presence’.