Regulatory Alerts2015-01-01
Financial Services (Civil Penalties) Regulations 2015
The Isle of Man Financial Supervision Commission issues these regulations to establish a framework for imposing civil penalties on financial licenceholders under the Financial Services Act 2008. The rules define discretionary penalties for serious regulatory failings, calculated as a percentage of relevant income, and administrative penalties for late submission of required returns. These regulations revoke the 2011 version and came into operation on 1 August 2015.
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