Regulatory Alerts2018-08-23
Guidance on Directorships, Trusteeships and similar Responsibilities held by Directors and individuals in ‘controlled functions’
The Isle of Man Financial Services Authority issued this guidance to ensure licensees maintain appropriate management controls and competence for staff serving as directors or trustees of client vehicles. The document mandates that individuals must possess relevant experience, adequate time, and specialized knowledge commensurate with the risk profile of each vehicle, while prohibiting the delegation of fiduciary responsibilities. Licensees are required to monitor workloads, implement dual control for corporate officers, and formally assess key person risks to prevent staff from becoming overstretched.
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