IoM brings financial services laws into force
18-Aug-2008The Financial Services Act 2008 and the Collective Investment Schemes Act 2008 were signed in Tynwald on 17 June 2008 and came into operation on 1 August 2008.
The main purpose of the Financial Services Act is to consolidate and update existing legislation covering banking, fiduciaries and investment business. The Act also clarifies the Financial Supervision Commission's remit and contains important new provisions to enhance its transparency and accountability.
As part of the arrangements under the new legislation, the Commission will operate under a Memorandum of Understanding with the Treasury, which was formally signed when the Financial Services Act received Royal Assent.
The Collective Investment Schemes Act also consolidates and updates existing schemes legislation.
Both acts form part of the Consolidation and Review of Financial Services Legislation, called the CAROL project.
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