Regulatory Alerts2019-09-20
Guidance Note on the Materiality of Rule Breaches
The Isle of Man Financial Services Authority issued this guidance to clarify expectations for licenceholders regarding the recording and reporting of regulatory breaches under Rule 8.17. It defines material breaches as those determined by the nature and extent of the violation, noting that failures to obtain consent are always material. The document mandates that licenceholders maintain a breaches register, notify the Authority of material incidents, and implement prompt remedial actions while considering specific mitigating or aggravating factors.
Share