FINANCIAL SERVICES (APPOINTMENT OF MANAGER) ORDER 2014

Size: px

Start display at page:

Download "FINANCIAL SERVICES (APPOINTMENT OF MANAGER) ORDER 2014"

Rosamond Knight
5 years ago
Views:

1 Finanial Servies (Appointment of Manager) Order 2014 Artile 1 Statutory Doument No. 2014/0359 Finanial Servies At 2008 FINANCIAL SERVICES (APPOINTMENT OF MANAGER) ORDER 2014 Approved by Tynwald: 9 Deember 2014 Coming into Operation: 1 January 2015 The Finanial Supervision Commission makes the following Order under setion 22(1) of the Finanial Servies At after arrying out the onsultations required by setion 44(5) of that At. 1 Title This Order is the Finanial Servies (Appointment of Manager) Order Commenement If approved by Tynwald, this Order omes into operation on 1 January Interpretation In this Order the At means the Finanial Servies At 2008; the Commission means the Finanial Supervision Commission; key person, in relation to a relevant person, means a person appearing to the Commission to have signifiant powers or responsibilities with respet to any regulated ativity undertaken; relevant person means a person with respet to whose affairs an appliation referred to in artile 4 is made. 4 Cirumstanes in whih Commission may apply for the appointment of manager The irumstanes in whih the Commission may apply to the High Court for the appointment by the ourt under setion 22(3) of the At of a manager to 1 AT 8 of 2008 SD No. 2014/0359 Page 1

2 Artile 5 Finanial Servies (Appointment of Manager) Order 2014 manage the affairs of a person, in so far as those affairs relate to the arrying on of a regulated ativity, are speified in the Shedule. 5 Revoation The Finanial Servies (Appointment of Manager) Order is revoked. MADE 10 NOVEMBER 2014 J.R. ASPDEN Chief Exeutive G.F. KARRAN Commissioner 2 SD 2008/0946 Page 2 SD No. 2014/0359

3 Finanial Servies (Appointment of Manager) Order 2014 SCHEDULE SCHEDULE PRESCRIBED CIRCUMSTANCES 1) Where the Commission is satisfied that there is suffiient evidene to show that the affairs of the relevant person have been inadequately managed for any reason, inluding but not limited to a) dishonesty on the part of a diretor or key person of the relevant person; b) the ommission by the relevant person of a serious breah of fiduiary duty in respet of a regulated ativity; ) a serious failure by the relevant person to maintain proper reords; d) the ommission by the relevant person of serious and persistent breahes of the At or of any Regulations, Orders or Rule Book made under the At; e) the death or inapaity or prolonged absene of a diretor or key person of the relevant person whih is to the detriment of the regulated ativity; f) the giving with respet to a diretor or a key person of the relevant person of a diretion under setion 10 of the At or setion 11A of the Colletive Investment Shemes At ; g) the imposition with respet to a diretor or key person of the relevant person of a prohibition under setion 10A of the At or setion 11B of the Colletive Investment Shemes At 2008; h) the making with respet to a diretor, seretary or key person of the relevant person of a disqualifiation order or undertaking under the Company Offiers (Disqualifiation) At or similar ation taken under equivalent legislation in another jurisdition; or i) a serious failure in the governane of the relevant person or the funtioning of its diretors or senior management. 2) Where a relevant person has given notie to the Commission that it has eased, is easing or intends to ease arrying on a regulated ativity but the Commission is satisfied that the relevant person a) is ontinuing to arry on suh ativity; or b) has failed or will fail to transfer the business in question in an orderly manner or at all. 3) Where the Commission a) has issued a notie under setion 9 of the At to suspend or revoke a finanial servies liene; or b) is satisfied for any other reason, 3 AT 7 of AT 4 of 2009 SD No. 2014/0359 Page 3

4 SCHEDULE Finanial Servies (Appointment of Manager) Order 2014 and suh an appointment is neessary to i) protet or preserve assets, books and reords or other property for whih the relevant person is responsible; or ii) protet the interests of a ustomer, reditor or others who have or have had dealings with the relevant person. 4) Where the Commission is satisfied that there is suffiient evidene that the relevant person has, in relation to a regulated ativity, persistently failed a) to deliver servies in a timely manner; or b) to investigate laims or omplaints made by its ustomers. 5) Where the Commission is satisfied that there is suffiient evidene that the relevant person is arrying on a regulated ativity in ontravention of setion 4(1)(a) of the At. 6) Where the Commission is satisfied that there is suffiient evidene that the relevant person, in relation to a regulated ativity, is unable to or has failed to protet or preserve assets, books and reords or other property for whih it is responsible. 7) Where the Commission is satisfied that there is suffiient evidene that the appointment of a manager is required due to the failure of a relevant person to take steps to omply with a diretion given by the Commission under the At or the Colletive Investment Shemes At ) Where the relevant person is required to omply with the rules of an exhange or learing house and the Commission is satisfied that there is suffiient evidene to show that the relevant person is in default under those rules. Page 4 SD No. 2014/0359

5 Finanial Servies (Appointment of Manager) Order 2014 Explanatory Note EXPLANATORY NOTE (This note is not part of the Order) This Order speifies the irumstanes in whih the Finanial Supervision Commission may apply to the High Court for the appointment of a manager to manage the affairs of a person, so far as they relate to the arrying on of a regulated ativity. SD No. 2014/0359 Page 5

FINANCIAL SERVICES (APPOINTMENT OF MANAGER) ORDER

Finanial Servies (Appointment of Manager) Order Artile 1 Statutory Doument No. XX/20XX Finanial Servies At 2008 FINANCIAL SERVICES (APPOINTMENT OF MANAGER) ORDER Approved by Tynwald: Coming into Operation: