Deposit Taking Handbook

Class 1 - Deposit takers Handbook - Link to Register of licenceholders

Contents
1. Introduction

The Deposit takers handbook is produced to provide licenceholders (those who are licensed by the Isle of Man Financial Services Authority (“the Authority”) to conduct deposit taking business in or from the Isle of Man), potential licenceholders and other interested parties with easy access to the legislation and guidance relating to deposit taking activities in or from the Isle of Man.

The handbook is only produced in an on-line format. However, copies of all statutory documents (original, un-amended, legislation) may be obtained from the Tynwald Library, by quoting the SD number shown at the top of each document.

Please find links below to the Financial Services Act 2008, secondary legislation and relevant pieces of guidance.

Guidance (and where applicable other legislation) relating to other Classes of Regulated Activities may be found in handbooks relating to other licensable activities: Investment Businesses, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, Money Transmission, and Management and Administration Services.

In case of any query, please contact the Banking Supervision team at the Authority, on +44 (0)1624 689320.

2. Legislation

2.1 The Primary legislation governing deposit taking activities in or from the Isle of Man is the Financial Services Act 2008.

The following secondary legislation is made under powers contained in the Financial Services Act 2008. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown:

3. Guidance applicable to deposit taking activities

3.1 The Authority has issued detailed guidance notes relating to deposit takers. These cover the following matters:

3.2 Guidance and forms (not included above) which relate to deposit taking activities:

3.3 Disaster recovery/ business continuity

The use of facilities on the Island by regulated businesses from other jurisdictions for temporary business continuity purposes is addressed by Schedule 2 of the Financial Services (Exemptions) Regulations.

4. Guidance applicable to all licensable sectors/activities

Guidance on matters generic to all the Authority's icensable activities/ categories of business:

5. Sundry web links and other matters

5.1 The Bank for International Settlements web site is http://www.bis.org/.

The Basel Committee on Banking Supervision has issued the Core Principles for Effective Banking Supervision" ("The Core Principles"). The Authority endorses the Core Principles. The Core Principles Methodology can be viewed at http://www.bis.org/publ/bcbs230.htm.

The Basel Committee has also issued various papers on matters such as corporate governance, risk management, which are endorsed by the Authority.