Credit Unions Handbook

Class 9 – Credit Unions Handbook - Link to Register of licenceholders

Contents

1. Introduction

The Credit Unions Handbook is produced to provide licenceholders holding a Class 9 Permission under the Financial Services Act 2008 (those who are licensed by the Isle of Man Financial Services Authority (“the Authority”) to operate a credit union), such potential licenceholders and other interested parties with easy access to the legislation and guidance relating to the regulated activity of operating a credit union in or from the Isle of Man.

The handbook is produced in an on-line format only. However, copies of all statutory documents (original, un-amended, legislation) may be obtained from the website http://www.tynwald.org.im/links/tls/SD/Pages/default.aspx or from the Tynwald Library, by quoting the SD number shown at the top of each document.

In case of any query, please contact the Banking team at the Authority, on 689369.

2. Legislation

2.1 The Primary legislation governing Credit Unions in the Isle of Man is the Financial Services Act 2008 and the Credit Unions Act 1993.

A credit union must be incorporated under the Credit Unions Act 1993 before it can be licensed under the Financial Services Act 2008. A credit union may not commence trading, nor advertise its business until it has been licensed by the Authority.

The Secondary legislation is made under powers contained in the Financial Services Act 2008. It can be found on a central table here. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown.

2.2 Regulatory requirements for Class 9 activity (Operation of a credit union) will be applied by licence conditions initially. This allows the requirements to be ‘tested’ in practice before they become secondary legislation in the Rule Book. Licence conditions may vary between entities and the conditions applicable to any particular licenceholder are shown on its licence. A list of licenceholders can be viewed here and each licenceholder’s name provides a link to its licence conditions. In a future update to the Rule Book, the standard licence conditions will become rules applicable to Class 9 regulated activity (Operation of a credit union).

Here is a list of the standard licence conditions for Class 9.

3. Guidance applicable to credit unions

3.1 Guidance and forms which relate to the operation of a credit union:

4. Guidance applicable to all licensable sectors/activities under the Financial Services Act 2008

Guidance on matters generic to all licensable activities/ categories of business can be found here.