Page 414 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 117

Isle of Man } Signed in Tynwald: 17th June 2008
to Wit Received Royal Assent:17th June 2008
Announced to Tynwald: 17th June 2008

AN ACT

to repeal and replace with
modifications certain enactments
relating to the financial services
industry and the Financial
Supervision Commission; and
for connected purposes.

E IT ENACTED by the Queen’s Most Excellent Majesty, by
Band with the advice and consent of the Council and Keys in
Tynwald assembled, and by the authority of the same, as follows:—

PART 1

THE REGULATOR AND THE REGULATORY OBJECTIVES

1. (1) There shall continue to be a statutory board known as The Financial
the Financial Supervision Commission (in this Act referred to as Supervision
“the Commission”). Commission

(2) Schedule 1, which makes provision about the
constitution, functions, proceedings and status of the Commission,
has effect.

2. (1) The functions of the Commission shall, so far as is Exercise of
reasonably practicable, be exercised — functions to
be compatible
with the
(a) in a way that is compatible with the regulatory regulatory
objectives set out in subsection (2); and objectives

(b) in a way that the Commission considers most
appropriate for the purpose of meeting those objectives.