Regulatory Alerts2023-01-01
Bank (Recovery and Resolution) Administrative Levy Order 2023
The Isle of Man Financial Services Authority issued this Order under the Bank (Recovery and Resolution) Act 2020 to impose administrative levies on regulated banks. The Order requires all banks with a licence in force on 31 March 2023 to pay a fixed levy of £12,338 for the Authority's administrative operations covering the period from 1 April 2022 to 31 March 2023. Payment must be made to the Authority's specified account before 31 October 2023, with the Order coming into operation on 31 July 2023.
Bank (Recovery and Resolution) Administrative Levy Order 2023 Article 1 c SD No. 2023/0163 Page 1 Statutory Document No. 2023/0163 Bank (Recovery and Resolution) Ac c t 2020 BANK (RECOVERY AND RESOLUTION) ADMINISTRATIVE LEVY ORDER 20231 Approved by Tynwald: 19 July 2023 Coming into Operation: 31 July 2023 The Isle of Man Financial Services Authority makes the following Order under section 12 of the Bank (Recovery and Resolution) Act 2020. 1 Title This Order is the Bank (Recovery and Resolution) Administrative Levy Order 2023. 2 Commencement If approved by Tynwald, this Order comes into operation on 31 July 2023. 3 Application This Order applies to all banks whose licence under the Financial Services Act 2008 is in force on 31 March 2023. 4 Levy payable (1) Each bank must pay a levy to the Authority in respect of the administrative operations of the Authority for the year 1 April 2022 to 31 March 2023. (2) The amount of the levy payable by each bank is £12,338. (3) The levy must be paid to the account specified by the Authority. (4) The levy must be paid before 31 October 2023. MADE 17 MAY 2023
Endnotes Bank (Recovery and Resolution) Administrative Levy Order 2023 Page 2 SD No. 2023/0163 c ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.