A licence to carry on the Class 9 regulated activity of Operation of a Credit Union permits an entity that is incorporated as a credit union under the Credit Unions Act 1993 to operate a credit union in the Isle of Man. There are no exclusions from the requirement for a licence for Class 9 activities.
Holders of licences to conduct Class 9 regulated activity are exempt from the requirement to hold a licence for Class 8(2) regulated activity, so that they may make payments on behalf of their members as part of the regular course of the business of operating a credit union. Please refer to the Regulated Activities Order for further information. It is not envisaged that any entity would hold a licence for Class 9 activity as well as any other licence permissions.
Holders of licences to conduct Class 9 regulated activity are not currently subject to the Financial Services Rule Book but are instead subject to standard licence conditions. A licenceholder must comply with any licence conditions that have been imposed by the Authority and which are shown on the licence.
The Licensing Policy for Regulated Activities under the Financial Services Act 2008 (“licensing policy”) provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Authority’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and financial standing.
Licenceholders should also note the requirements of the anti-money laundering and countering the financing of terrorism legislation and handbook.
Registers of other regulated entities that are supervised by the Isle of Man Financial Services Authority may be found via this link.
Please click here for a register of Credit Unions.