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Financial Resources Seminar

Join our seminar on 24th June 2008 to learn about the Financial Services Act 2008 and compliance requirements for licenceholders, presented by industry experts. Understand the financial resources needed for various regulated activities.

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Financial Resources Seminar

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  1. Financial Resources Seminar 24th June 2008

  2. Roxanne Oldham Head of Policy & Legal DivisionFinancial Supervision Commission

  3. Setting the Scene • The Financial Services Act 2008 • Effective date of Rule Book compliance for existing licenceholders: • 1/8/08 = AML part only • 1/1/09 = the remaining parts including financial resources • Preparation for compliance up to 31/12/08 • New licence from 1/1/09

  4. Shirley CorlettSenior Adviser, Policy & Legal Financial Supervision Commission

  5. Agenda for Session • Overview of financial resources requirements • Calculation of financial resources • Break for coffee/tea • Work through some examples • Questions?

  6. Classes of Regulated Activities • Class 1 – Deposit Takers • Class 2 – Investment Business • Class 3 – Collective Investment Scheme Service Providers • Class 4 – Corporate Service Providers • Class 5 – Trust Service Providers • Class 6 – Money Transmission Services • Class 7 – Management or Administration Services

  7. Overview of Financial Resources Requirements • Minimum Share Capital Requirement (benchmark for entry) • Minimum Net Tangible Asset Requirement (ensures that the benchmark is maintained) • Liquid Capital Requirement (viability assessment – 3 months expenses) • Where more than one class of regulated activity undertaken - the highest level of requirements apply (i.e. not cumulative)

  8. Financial Resources Requirements The following need to be prepared on a quarterly basis to submit interim returns or provide evidence that the financial position is being monitored - • Unconsolidated balance sheet • Unconsolidated profit and loss account (for the period – not cumulative) • Financial resources statement (Schedule 2.3)

  9. Investment Business (Class 2) and CIS Service Providers (Class 3) • Quarterly returns submitted electronically • Except financial advisers and promoters or where licenceholder is also licensed to carry on Class 1 (Deposit Taking) activity

  10. Corporate Service Providers (Class 4) and Trust Service Providers (Class 5) • Monitor compliance with requirements quarterly – but no electronic submission • Except professional officers or where licenceholder is also licensed to carry on Class 1 (Deposit Taking) activity

  11. Requirements for Classes 2, 3, 4 and 5 • Annual return in paper form • Designate one individual (plus deputy) to submit returns plus keep the Commission informed of the names of the individuals • IOM Resident Officers responsible for completeness and accuracy of returns

  12. Neil DugganDirector KPMG

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