Regulatory Alerts2020-01-01
Bank (Recovery and Resolution) (Class 1(3)) Order 2020
The Treasury issued this Order under the Bank (Recovery and Resolution) Act 2020 to amend the statutory definition of a bank. It explicitly excludes persons licensed under the Financial Services Act 2008 to carry on the Class 1(3) regulated activity of operating a representative office of a foreign bank from the term 'bank'. The Order was approved by Tynwald on 15 December 2020 and came into operation on 4 January 2021.
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