Becoming a Regulated Entity

The Financial Supervision Commission is responsible under the Financial Services Act 2008 for the licensing, regulation and supervision of persons undertaking regulated activities i.e. deposit-taking, investment business, services to collective investment schemes, fiduciary (corporate & trust) services and money transmission services, in or from the Isle of Man.

Please see the Regulated Activities Order 2009 for details of which activities are regulated and which are excluded. In addition please see the Financial Services (Exemptions) Regulations 2009 for specified exemptions from the requirement to hold a licence in certain circumstances. Anybody undertaking regulated activity who is not covered by an exclusion or exemption must apply for a financial services licence. Please see "Applying for a Financial Services Licence" for further details.

Companies that are licensed by the Commission under the Financial Services Act 2008 should note that the requirements of this Act are separate from and additional to any requirements under the Companies Acts.

The assessment process for licence applicants involves a thorough evaluation to ensure the Commission’s fitness and propriety criteria, including integrity, competence and solvency, are met. This evaluation will be carried out in accordance with the General Licensing Policy under the Commission’s licensing procedure. The General Licensing Policy is supported by the Training and Competency framework. Forms to be submitted by individuals who need to be vetted include the “Personal Questionnaire” and “Bankers Questionnaire” which may be found on the “PQs & BQs” page.

The Commission’s Authorisations division is responsible on a day-to-day basis for:

• the processing of licence applications for all regulated activities; and;
• the vetting of individuals who need to satisfy the Commission they are fit and proper for their proposed roles. This includes all controllers, directors and "key persons" of a business which is carrying on a regulated activity.

Businesses wishing to commence regulated activities in or from the Isle of Man will need to satisfy the licensing policy and should contact the Authorisations division as soon as possible in advance of the desired date for commencing business bearing in mind no such business may be undertaken without a licence.

For further information

• Please see the additional pages in the “Becoming a Regulated Entity” section of the website.
• Authorisations division may be contacted on 01624-689310 or 01624- 689380.
• Supervision division is responsible for the on-going supervision of regulated entities and may contacted on the following numbers:
  • Deposit-takers: 01624-689320;
  • Fiduciary (corporate and trust) service providers: 01624-689341;
  • Investment businesses and businesses providing services to collective investment schemes: 01624-689329.
• The “Being Regulated” pages, including Handbooks for the various regulated sectors, which provide further information about on-going regulatory requirements.

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