Trust and Corporate Service Providers (“TCSP”) Handbook

Class 4 - Corporate Services and Class 5 - Trust Services Handbook - Link to Register of licenceholders

Contents 
1.  Introduction

The TCSP handbook is produced by the Isle of Man Financial Services Authority (“the Authority”). It provides easy access to the legislation and guidance relating to trust and corporate service provider activities in or from the Isle of Man, for use by licenceholders (those who are licensed to conduct business in or from the Isle of Man), potential licenceholders and other interested parties.

The handbook is only produced in an online format. Isle of Man legislation is also available online at https://www.legislation.gov.im/cms/. Paper copies of 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.

Material relating to other Classes of Regulated Activities may be found in handbooks relating to other licensable activities.

In case of any query, please contact the Fiduciaries Supervision team at the Authority

2. Legislation

2.1 The primary legislation governing TCSP 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 this secondary legislation has been amended, the “as amended” version is shown:

3. Guidance applicable to TCSP activities

3.1 Guidance and forms which relate to applying for a TCSP licence

The Authority provides guidance on “Becoming a Regulated Entity”. This covers when a licence may be needed and how to apply, with links to all relevant documents.

The assessment process for licence applicants involves a thorough evaluation to ensure the Authority’s fitness and propriety criteria, including integrity, competence and solvency, are met. This evaluation will be carried out in accordance with the Authority's Licensing Policy for Regulated Activities under the Financial Services Act 2008 (“licensing policy”), under the Authority’s Licensing Procedure. The licensing policy is supported by the Training and Competency Framework. Persons that must be vetted will need to submit the appropriate vetting forms. Details of which form is required may be found in the Vetting Guidance section of the website. The vetting forms are available on the Key Person forms page.

The Licensing Policy and related documents apply to licenceholders on an ongoing basis.

3.2 Policy and guidance applicable to all licensable sectors/activities

The following policy and guidance is on matters generic to all the Authority's licensable activities under the Financial Services Act 2008.

Fitness and Propriety

Key person forms must be completed where an individual is being proposed for a “key role” or where an existing key person changes role within an organisation. Please click here for guidance in relation to what constitutes a “key role” and for general information on the vetting of key persons.

Guidance relevant to the Rule Book

The following documents form part of the Rule Book guidance:

Forms and Reporting

The following pages help licenceholders meet their responsibility to report to the Authority.

3.3 Policy and guidance specific to TCSPs

The following policy and guidance is on matters specific to TCSPs’ regulated activities.

4. AML/CFT Code and Handbook

The AML/CFT Handbook, and associated sector specific documents, provides guidance for Financial Services Act 2008 licenceholders on how the Authority would expect these persons to fulfil their responsibilities under the AML/CFT legislation.

5. Sundry web links and other matters