Regulatory Alerts2022-01-01
Bank (Recovery and Resolution) Administrative Levy Order 2022
The Isle of Man Financial Services Authority issued this Order to impose an annual administrative levy on all banks holding a licence under the Financial Services Act 2008 as of 31 March 2022. Each applicable bank is required to pay a fixed amount of £10,883.72 to cover the Authority's administrative operations for the period from 1 April 2021 to 31 March 2022. Payment must be remitted to the specified account before 31 October 2022, with the Order coming into operation on 31 July 2022 upon approval by Tynwald.
Bank (Recovery and Resolution) Administrative Levy Order 2022 Article 1 c SD No. 2022/0178 Page 1 Statutory Document No. 2022/0178 Bank (Recovery and Resolution) Act 2020 c BANK (RECOVERY AND RESOLUTION) ADMINISTRATIVE LEVY ORDER 2022 Approved by Tynwald: 20 July 2022 Coming into Operation: 31 July 2022 The Isle of Man Financial Services Authority makes the following Order under section 12 of the Bank (Recovery and Resolution) Act 2020 after consulting with the Treasury. 1 Title This Order is the Bank (Recovery and Resolution) Administrative Levy Order 2022. 2 Commencement If approved by Tynwald, this Order comes into operation on 31 July 2022. 3 Application This Order applies to all banks whose licence under the Financial Services Act 2008 is in force on 31 March 2022. 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 2021 to 31 March 2022. (2) The amount of the levy payable by each bank is £10,883.72. (3) The levy must be paid to the account specified by the Authority. (4) The levy must be paid before 31 October 2022.
Article 4 Bank (Recovery and Resolution) Administrative Levy Order 2022 Page 2 SD No. 2022/0178 c MADE 18 MAY 2022 B.ROTH Chief Executive of the Isle of Man Financial Services Authority L. BOYLE Chairperson of the Isle of Man Financial Services Authority
Bank (Recovery and Resolution) Administrative Levy Order 2022 Explanatory Note c SD No. 2022/0178 Page 3 EXPLANATORY NOTE (This note is not part of the Order) This Order sets the annual levy payable by each bank to the Resolution Authority in respect of administrative operations of the Resolution Authority for 1 April 2021 to 31 March 2022.