Investment Business Handbook
Investment Businesses licensed POST-1.8.08 only
PLEASE NOTE THAT (UNTIL 1ST JANUARY 2009) THIS PAGE DOES NOT APPLY TO ANY BUSINESS WHICH WAS A LICENCEHOLDER ON 31ST JULY 2008.
Class 2 – Investment Businesses Handbook
Contents
1. Introduction
The Investment Business handbook is produced to provide licenceholders (those who are licensed by the Financial Supervision Commission to conduct investment business in or from the Isle of Man), potential licenceholders and other interested parties with easy assess to the legislation and guidance relating to investment business 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: Deposit taking, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, Money transmission, and Management and Administration services.
In case of any query, please contact the Funds & Investment Services team at the Commission, on +44 (0)1624 689329.
2. Legislation
2.1 The Primary legislation governing investment business 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:
- Financial Services Act 2008 (Appointed Day) Order 2008,
- Regulated Activities Order 2008,
- Financial Services (Exemption) Regulations 2008,
- Financial Services Rule Book 2008,
- Financial Services (Civil Penalties) Regulations 2008,
- Financial Services (Fees) Order 2008,
- Financial Services (Not fit and Proper) Regulations 2008
- Financial Services (Register of Permitted Persons) Regulations 2008
2.2 Other legislation which may affect investment businesses but which is not made under the Financial Services Act 2008:
3. Guidance applicable to investment business activities
All businesses which held investment business licences until 31st July 2008, will be expected to hold licences to conduct Class 2 Investment business with effect from 1st January 2009. Banks and building societies that conducted investment business until 31st July 2008, will also be expected to hold licences to conduct Class 2 Investment Business with effect from 1st January 2009.
Businesses that provide services to Collective Investment Schemes will need to hold a Class 3 licence. Please see Class 3 – Collective Investment Schemes/Funds.
3.1 Guidance and forms which relate to investment business activities:
4. Guidance applicable to all licensable sectors/activities
Guidance on matters generic to all FSC-licensable activities/ categories of business:
- Anti Money Laundering,
- Corporate Governance,
- Disaster recovery/ business continuity,
- Licensing Policy,
- Outsourcing/Delegation of function,
- PQs, BQ & PDs (Personal Questionnaire, Bankers Questionnaire and Personal Declarations),
- Responsibilities and Duties of Directors under the laws of the Isle of Man,
- Rule book consent and notification summary table
- Rule book obligations to keep registers
- Rule book obligations to maintain policies
- Supervisory approach,
- Training & Competence.
5. Sundry web links and other matters
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