We asked for views on the draft secondary legislation to implement the Authority’s new fee structure as part of plans to move to a predominantly industry-funded model from 1 April 2023.
We received 12 responses to the Consultation Paper. Overall, no major issues with the draft secondary legislation were raised. The majority of responses sought clarification around the application of fees for their particular businesses. Some responses queried certain aspects of the fee structure.
We prepared a Consultation Response, which provides a summary of responses and corresponding changes to the fee structure along with changes to the draft Fees Orders and Regulations 2023 and the Funding Model document.
We plan to finalise the revised draft secondary legislation ready for laying before Tynwald for approval in the first quarter of 2023 for commencement on 1 April 2023.
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).
The consultation is relevant to all of the Authority’s stakeholders and fee payers.
Following closure of the consultation period, the Authority will review the responses received and publish a Consultation Response document on the Authority’s website and the Isle of Man Government’s Consultation Hub.
Subject to any changes to the proposals that may be made as a result of responses received, it is intended that the draft legislation will be finalised for laying before Tynwald for approval in the first quarter of 2023 for commencement on 1 April 2023.
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