Feedback Statement on Funding Financial Regulation and Designated Business Oversight
The Isle of Man Financial Services Authority has today published a Feedback Statement (FS21-01) to the earlier Discussion Paper (DP20-01/T14) on Funding Financial Regulation and Designated Business Oversight.
The Feedback Statement provides a summary of responses received, highlights the key themes raised, other comments made and questions posed. Responses are being considered and will be addressed as part of the next steps of the engagement process. The Feedback Statement also sets out the next phase for the PIFM development and the future plans for further engagement with stakeholders to help shape the PIFM and determine the most appropriate course for implementation.
Following the plans outlined in the Discussion Paper, the Authority has recently procured independent third party assistance for key areas of the project. Ian Tower and Nadege Genetay, both of whom have relevant experience in financial regulation and financing arrangements, will be assisting the Authority in the next stages of the project. Key focus areas are likely to include:
- PIFM scope;
- Jurisdictional comparison; and
- Fee calculation methodology.
Whilst the timeframe to reach a PIFM is unknown, the new model is expected to be developed for agreement in Q3 2022 ready for phased transition to begin from 1 April 2023.
The Authority’s enhanced engagement process for the project envisages further discussion and/or consultation papers. The Authority will also be engaging with industry focus groups to consider and refine initial proposals ready for wider consultation.