Banking On-line Handbook
Banks licensed PRE-1.8.08 only
PLEASE NOTE THAT THIS HANDBOOK WILL NOT APPLY AFTER 31ST DECEMBER 2008 and IT DOES NOT APPLY TO ANY BUSINESS WHICH BECOMES A LICENCEHOLDER AFTER 1ST AUGUST 2008.
1. Introduction
The Banking handbook is produced to provide licenceholders (those who are licensed by the Financial Supervision Commission to conduct banking business in or from the Isle of Man), potential licenceholders and other interested parties with easy assess to the legislation and guidance relating to banking 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 Banking Act, secondary legislation (regulations and regulatory codes) and relevant pieces of guidance.
Other legislation may be found in handbooks relating to other licensable activities: Building Societies, Fiduciaries (Corporate Service Providers and Trust Service Providers), Investment Businesses (including Stockbrokers), Collective Investment Schemes.
In case of any query, please contact the Banking Supervision team at the Commission, on +44 (0)1624 689320.
2. Legislation
2.1 The Primary legislation governing banking activities in or from the Isle of Man is the Banking Act 1998.
The following secondary legislation is made under powers contained in the Banking Act. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown:
- Banking (Exemption) Regulations 1999
- Banking (Exemption) (Temporary Business Continuity Operations) Regulations 2006
- Banking (Fees) Regulations 2007
- Banking (General Practice) Regulatory Code 2005
- Banking ("Not fit and proper") Regulations 2005
- Banking (Civil Penalties) Regulations 2006
- Financial Services Review Regulations
2.2 Banks which conduct investment business activities are also subject to investment business legislation. Please see Investment Business Handbook for relevant legislation and guidance.
2.3 Other legislation which may affect banks but which is not made under the Banking Act:
3. Guidance applicable to banking activities
3.1 The Commission has issued detailed guidance notes relating to banking activities. These cover the following matters:
- General Guidance 1.2
- Banking Returns - Basel II BGN 2
- Banking returns BGN 2.3
- Credit Risk, arrears and provisions management BGN 3.0
- Large Exposures BGN 4.2
- Liquidity risk management BGN 5.0
- Foreign Exchange risk management BGN 6.0
- Interest rate risk management BGN 7.0
- OTC derivatives and structured products BGN 8.0
- Fiduciary Deposits BGN 9.0
3.2 Other guidance and forms (not included above) which relate to banking 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 for banking institutions
- Disaster recovery/ business continuity
- Licensing
- 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
- Supervisory approach
- Training & Competence
5. Sundry web links and other matters
5.1 The Bank for International Settlements web site is http://www.bis.org/.
The Basel Committee on Banking Supervision has issued the Core Principles for Effective Banking Supervision" ("The Core Principles"). The Commission endorses the Core Principles. The Core Principles Methodology can be viewed at http://www.bis.org/publ/bcbs61.htm (document No.61).
The Basel Committee has also issued various papers on matters suce as corporate governance, risk management, which are endorsed by the Commission.
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