Notification and breaches form updates

Following feedback from Industry, the Isle of Man Financial Services Authority has published a new notification and breaches form to support firms and simplify the notification process. The form must be used when submitting notifications and breaches to the Authority under the following legislation:
• Financial Services Act 2008 (“FSA08”);
• Insurance Act 2008;
• Designated Businesses (Registration and Oversight) Act 2015;
• Beneficial Ownership Act 2017; and
• Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.

In addition, the form must be used for notifiable matters under any associated regulations and guidance, and any direction, condition, or requirement applied to the licence, authorisation or registration of a firm.

Please note that this form replaces the previous notification form used by class 1 firms for notification under the FSA08.

Exceptions to the use of this form:
- Notifications submitted via the DNFBP Portal and Portal used for Funds notifications
- Notifications / breaches where there is an existing template and form – non exhaustive examples include:
o F&P notifications – the relevant F&P forms should be used
o Surrender notifications – the external surrender guidance and appendices should be followed
o Outsourcing form (currently used only by Banking – this will be reviewed in due course).

The new form can be found on the ‘Returns/Forms’ webpages of the Authority’s website and the ‘Oversight Obligations’ webpage for Designated Businesses only.