Regulatory Alerts2018-08-15
Guidance on Rules 7.3 to 7.8 for Licenceholders: Changes in Ownership and Structure
The Isle of Man Financial Services Authority issued this guidance to clarify the notification and approval requirements under Rules 7.3 to 7.8 of the Financial Services Act 2008 for licenceholders undergoing changes in ownership, structure, or control. The document mandates that licenceholders provide comprehensive information regarding proposed transactions, including details on new controllers, transaction financing, business planning, corporate governance, and client protection measures. It further specifies additional regulatory considerations for Class 1 licenceholders, such as prudential risk impacts, capital planning, and liaison with overseas regulators.
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