Draft legislation updated to reflect consultation responses
Legislation to implement the Isle of Man Financial Services Authority’s proposed new fee structure will be laid before Tynwald in March.
The Fees Orders and Regulations 2023 have been updated to reflect feedback to a public consultation that took place in October and November 2022.
The Authority invited views on the draft secondary legislation as part of plans to move to a predominantly industry-funded model from 1 April 2023.
Documents have been published online to provide a summary of the consultation responses and changes to the original proposals.
No major issues were highlighted during the consultation. The majority of respondents sought clarification around the application of fees for their particular businesses, including how fees will be calculated for firms engaged in multiple regulated activities.
The Authority has commented on each of the consultation responses and set out the corresponding amendments to the legislation.
Subject to Tynwald approval, the Fees Orders and Regulations 2023 will be implemented from 1 April 2023. The legislation will support the introduction of a new funding model and fee structure for the regulation and oversight of the Island’s finance industry.
Following an announcement made in the 2020-21 Budget to reduce the level of taxpayer funding it receives, the Authority is seeking to put in place a more sustainable approach that aligns with international best practice, while being mindful of the Island’s competitive position.
The intention is to introduce the changes on a phased basis in order to allow time for fee payers to adjust to the new funding model.