Draft Amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011

Closed 6 Oct 2017

Opened 25 Aug 2017

Contact

Andrew Kniveton

(Policy Adviser – Policy and Authorisations Division)

Isle of Man Financial Services Authority

+44 1624 689304

Andrew.Kniveton@iomfsa.im

Feedback updated 15 Oct 2019

We asked

We asked for views on proposed amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011.

You said

We received five responses. Those who commented on each of the proposals were supportive.

We did

We amended the wording of the proposed ‘real property’ definition to provide greater clarity, however no other changes were made to the proposals. The amendment legislation came into effect on 1 January 2018.

Results updated 17 Jan 2018

The purpose of the consultation was to obtain information, views and evidence regarding proposed amendments to the RAO11 and the ERegs11 in relation to:

  • (a) advising on pensions;
  • (b) acting as manager, administrator, trustee, fiduciary custodian or custodian to an exempt or exempt-type scheme to no more than one exempt or exempt-type scheme;
  • (c) payment services exclusions; and
  • (d) other miscellaneous amendments relating to the Class 2 nominee exemption and Class 4 domestic services exemption.

The Authority received 5 responses to the consultation from entities licensed under the FSA08. The responses are summarised below in order of the 5 proposals detailed in the Consultation Paper.

Files:

Overview

The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP17-09/T10) to obtain views in relation to draft amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011.

This consultation paper will be of particular interest to —

  • Class 1 deposit takers participating in SEPA schemes;
  • Class 2 (investment business) licenceholders advising on pension transfers, and pension providers transferring or receiving pension benefits;
  • Class 2 licenceholders which operate nominee companies;
  • Persons providing services to one exempt or exempt-type collective investment scheme;
  • Persons taking advantage of the Class 4 domestic services exemption (exemption 4.7 of the Financial Services (Exemptions) Regulations 2011);
  • Persons taking advantage of some exemptions under Class 8 (payment services); and
  • Class 8 licenceholders undertaking payment services activity.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Employees
  • Older people
  • Self-employed
  • Retired
  • Civil and public servants
  • Other non-resident - business interests

Interests

  • Pensions
  • Finance
  • Business