Regulatory Alerts2017-01-04
Financial Services Rule Book 2016 – Obligations to keep registers
The Isle of Man Financial Services Authority issued this summary to outline the register-keeping obligations for licensees under the Financial Services Act 2008. The document details specific requirements for maintaining records on conflicts of interest, regulatory breaches, complaints, and pricing errors across various license classes. It assigns responsibility for these registers to compliance officers or professional officers depending on the specific rule and licensee category.
January 2017 Page 1 of 2 Financial Services Rule Book 2016 – Obligations to keep registers Summary only – this document is not intended to be used without reference to the Financial Services Rule Book, nor can the Isle of Man Financial Services Authority accept responsibility for its accuracy. It remains the user’s responsibility to review the source legislation and ensure compliance with the Rule Book requirements. This table sets out the obligations in the Financial Services Rule Book 2016 for licenceholders under the Financial Services Act 2008 to keep registers. Rule Title Rule Responsibility Applies To Comment Conflicts of interest register Rule 8.10 Compliance officer (8.23) All Classes except Class 8(1), 8(2)(b) or 8(3) Further particulars in rule 8.10(2)(b). Breaches of regulatory requirements Rule 8.17(3) Compliance officer (8.23) All Classes This is a register of all breaches. It is not limited to material breaches. Complaints Rule 8.32 Compliance officer (8.23) All Classes except Class 8(1), 8(2)(b) or 8(3) Further particulars in rule 8.32(3) Pricing errors (in relation to a collective investment scheme) Rule 8.60(3) Licenceholder All Class 3(1), 3(2), 3(3), 3(4), 3(11) or 3(12) This is a register of all pricing errors. It is not limited to errors of more than 0.5%.
Isle of Man Financial Services Authority Summary only. It is each licenceholder’s responsibility to review the rules and ensure that it is in compliance with the Rule Book. January 2017 Page 2 of 2 Rule Title Rule Responsibility Applies To Comment Conflicts of interest Rule 9.21(5) Professional officer Professional Officer Further particulars in rule 9.21(6). Complaints Rule 9.22 Professional officer Professional officer Further particulars in rule 9.22(3). Breaches of regulatory requirements Rule 9.25 Professional officer Professional Officer This is a register of all breaches. It is not limited to material breaches.