Regulatory Alerts2018-08-23
Guidance on Rule 7.13 Staff Disciplinary Action
The Isle of Man Financial Services Authority issued this guidance to clarify Rule 7.13 requirements for licensees to notify the regulator of serious staff disciplinary actions within 10 business days. The document specifies that names of individuals in controlled functions must be disclosed immediately, while other staff names are reported only after investigations conclude if serious action is taken. It further outlines how the Authority uses this information for fit and proper person assessments and regulatory action under the Financial Services Act 2008.
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