Regulatory Alerts2024-01-01
Bank (Recovery and Resolution) Administrative Levy Order 2024
The Isle of Man Financial Services Authority issued this Order under the Bank (Recovery and Resolution) Act 2020 to impose an administrative levy on licensed banks. Each applicable bank must pay £9,464.56 to cover the Authority's operational costs for the year ending 31 March 2024. The payment is due by 31 October 2024, and this Order revokes the corresponding levy orders from 2022 and 2023.
Bank (Recovery and Resolution) Administrative Levy Order 2024 Article 1 c SD No. 2024/0124 Page 1 Statutory Document No. 2024/0124 Bank (Recovery and Resolution) Act 2020 c BANK (RECOVERY AND RESOLUTION) ADMINISTRATIVE LEVY ORDER 20241 Approved by Tynwald: 19 June 2024 Coming into Operation: 31 July 2024 The Isle of Man Financial Services Authority makes the following Order under section 12 of the Bank (Recovery and Resolution) Act 2020. 1 Title This Order is the Bank (Recovery and Resolution) Administrative Levy Order 2024. 2 Commencement If approved by Tynwald, this Order comes into operation on 31 July 20241 . 3 Application This Order applies to all banks whose licence under the Financial Services Act 2008 is in force on 31 March 2024. 4 Levy payable (1) Each bank must pay a levy to the Authority in respect of the administrative operations of the Authority for the year 1 April 2023 to 31 March 2024. (2) The amount of the levy payable by each bank is £9,464.56. (3) The levy must be paid to the account specified by the Authority. (4) The levy must be paid before 31 October 2024. 1 Tynwald procedure - affirmative
Article 5 Bank (Recovery and Resolution) Administrative Levy Order 2024 Page 2 SD No. 2024/0124 c 5 Revocation The Bank (Recovery and Resolution) Administrative Levy Order 20222 and Bank (Recovery and Resolution) Administrative Levy Order 20233 are revoked. MADE 8 MAY 2024 2 SD 2022/0178 3 SD 2023/0163
Bank (Recovery and Resolution) Administrative Levy Order 2024 Endnotes c SD No. 2024/0124 Page 3 ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.