Page 415 - IOM Law Society Rules Book

118 Financial Services Act 2008 c.8

(2) The regulatory objectives are —

(a) securing an appropriate degree of protection for the
customers of persons carrying on a regulated activity;

(b) the reduction of financial crime; and

(c) supporting the Island’s economy and its development
as an international financial centre.

(3) Subsection (1) shall apply in respect of the Treasury
when discharging its functions under this Act.

PART 2

REGULATED ACTIVITIES

Chapter I

Regulated Activities

Regulated 3. (1) An activity is a regulated activity if —
activities
(a) it is a financial services activity of a specified kind;
and

(b) it is undertaken by way of business.

(2) In subsection (1), “financial services activity” includes —

(a) deposit taking;

(b) investment business;

(c) any service to a collective investment scheme;

(d) corporate services;

(e) trust services;

(f) any service or activity involving money transmission;

(g) any other financial service or financial activity of a
specified kind that is carried on by a person of a
specified description.

(3) In subsection (2), the generality of paragraph (g) is not
limited by paragraphs (a) to (f).