TSP Handbook

Trust 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 5 - Trust Service Providers Handbook

Contents

1. Introduction

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

In case of any query, please contact the Fiduciaries Supervision team at the Commission, on +44 (0)1624 689338.

2. Legislation

2.1 The Primary legislation governing trust service provider 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:

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

Financial Services Review Regulations 2001

3. Guidance applicable to trust service provider activities

All businesses which held trust service provider licences until 31st July 2008, will be expected to hold licences to conduct Class 5 Trust Services with effect from 1st January 2009.

3.1 Guidance and forms which relate to trust service provider activities:

4. Guidance applicable to all licensable sectors/activities

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