Class 7 - Management and Administration
Management or Administration Services
Management and Administration Service Providers
A licence to carry on the Class 7 regulated activity of Management or Administration Services permits a business operating in or from the Isle of Man (within certain criteria and with specified exclusions) to provide management or administration services in respect of a regulated activity (other than one falling within Class 3) to a person licensed to carry on that activity.
Full details of regulated activities, exclusions and exemptions from licensing may be found in the Management and Administration Services handbook. A licenceholder is obliged to comply with any licence conditions that have been imposed by the Commission and which are shown on the licence.
The Management and Administration Services handbook [link] also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book 2008 which contains the detailed rules to be complied with by all licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.
The Commission’s General Licensing Policy applies to all licence applicants and licenceholders. Paragraph 3.3.5 of the General Licensing Policy includes that “A licence applicant who wishes to conduct management or administration services for another licenceholder must also be authorised to carry on regulated activities falling within the relevant class…” More generally, a licenceholder and its key staff are required to be fit and proper persons. The Commission’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and solvency.
Licenceholders should also note the requirements of anti money laundering legislation and handbook.
Please also see the list of licenceholders.
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