Mgmt Services Handbook

Management or Administration Service providers 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 7 - Management and Administration Services Handbook

Contents

1. Introduction

The Management and Administration Services handbook is produced to provide licenceholders (those who are licensed by the Financial Supervision Commission to conduct management or administration services in or from the Isle of Man), potential licenceholders and other interested parties with easy assess to the legislation and guidance relating to management or administration services 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, Investment Businesses, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, and Money Transmission services.

In case of any query, please contact the Supervision team at the Commission, on +44 (0)1624 689337.

2. Legislation

2.1 The Primary legislation governing management or administration services 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:

2.2 Other legislation which may affect management or administration service providers but which is not made under the Financial Services Act 2008:

Financial Services Review Regulations 2001

3. Guidance applicable to management or administration activities

There are no application, licence or annual fees for Class 7 licenceholders.

3.1 The Commission has not issued detailed guidance notes which are specific to the conduct of management or administration services under a Class 7 licence. However, the following policy statements are particularly relevant for any person seeking to conduct such activities:

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.
Outsourcing/Delegation of function

3.2 Other guidance and forms (not included above) which relate to management or administration services:

4. Guidance applicable to all licensable sectors/activities

Guidance on matters generic to all FSC-licensable activities/ categories of business: