It proposes legislation under the Companies Acts of 1982 and 2006 to require predecessor auditors to share audit working papers with successor auditors.
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Further to the related news release (Feedback sought on fees legislation) on 18 October 2022 , the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper on the Fees Orders and Regulations for 2023 (CP22-05).
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The purpose of the consultation is to obtain views and evidence in relation to the making of regulations in respect of discretionary civil penalties on entities regulated under the Insurance Act 2008.
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Further to the related Press Release (Feedback sought on proposed new funding model) on 12 May 2022 , the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper on the proposed new funding model from 1 April 2023 (CP22-04).
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The Authority is currently considering the issue of innovation linked to crypto-assets, which is outside of the regulatory remit at this time, and what this means for various stakeholders including the Isle of Man Government, regulators, businesses and consumers.
The purpose of this...More
The purpose of the consultation is to obtain views on a proposed levy to fund the operational costs of the Resolution Authority. The consultation is particularly relevant to banks operating in the Island (other than Class 1(3) licence-holders, which are outside the scope).
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The Authority intends to broaden the scope of contraventions and offences for which a civil penalty can be considered, including those where currently only criminal sanctions are available.
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The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP21-07) on proposed amendments to the exceptions from restrictions on disclosure of information to the Assessor of Income Tax.
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The purpose of the consultation is to obtain views on a proposed change to the Financial Services Tribunal Rules 2015 (‘the FST Rules’). The consultation is particularly relevant to persons that may appeal against decisions of the Isle of Man Financial Services Authority under the FST...More
This Consultation Paper is about the recovery by the Financial Services Authority, of its operational expenses for bank resolution activities, by means of an annual levy on the banking industry.
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The consultation is to obtain views in relation to proposed amendments to the Insurance (Long-Term Business Valuation and Solvency) Regulations 2021. The amendments update the Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 in light of the UK’s withdrawal from the EU...More
Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Discussion Paper on Funding Financial Regulation and Designated Business Oversight (DP20-01/T14).
The Discussion Paper can be accessed below...More
The purpose of the consultation is to obtain views in relation to the proposed replacement of the Insurance (Conduct of Business)(Long-Term Business) Code 2018 with the Insurance (Conduct of Business)(Long-Term Business) Code 2021 which includes amendments to the exemptions within the code. ...More
The consultation is to obtain views in relation to proposed changes to the Insurance Regulations 2018. Notably, the changes include updated requirements for non-long term insurers in respect of regulatory reporting and a revised definition of class 12 insurance business. For all insurers the...More
Further to the related Press Release on 15 October 2020 , the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper (CP20-03/T14) on proposed changes to fees payable to the Authority from 1 April 2021 and 1 April 2022.
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The consultation is to obtain views in relation to proposed minimum capital requirements for PCCs and ICCs under the new valuation and solvency regime for non long-term business.
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The purpose of the consultation is to obtain views and evidence in relation to proposed changes to the current Corporate Governance Code of Practice for Commercial Insurers (which came into operation on 1 January 2019), including extending the proposed amended code on a proportionate basis to...More
The Isle of Man Financial Services Authority has today issued Consultation Paper CP19-07/T14 on proposed changes to fees payable to the Authority from 1 April 2020.
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There is currently a disparity in regulation between the insurance authorisation application processes of conventional companies as compared to Protected Cell Companies (PCCs) and Limited Partnerships (LPs). The disparity being that as a result of previous updates to legislation conventional...More
The consultation concerns the Authority’s proposals to amend the criteria by which an insurer might qualify for a reduced or simplified level of regulation under class 12 authorisation.
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This consultation sets out the proposed Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code.
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The consultation sets out the proposed changes to the Island’s AML/CFT framework. The documents being consulted on are:
the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019;
section 157 of the Proceeds of Crime Act 2008 and section 68 of...More
This discussion paper looks at the prospective development of a regulatory framework in the Isle of Man for the disclosure of information about Isle of Man insurers to support their stakeholders (for example policyholders, lenders and creditors) in making relevant decisions about those...More