Page 416 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 119

(4) The expressions used in subsection (2)(a) to (f) shall
have such meaning as may be specified.

(5) In this section, “specified” means specified in an order
made by the Treasury.

Chapter II

The General Prohibition

4. (1) A person must not carry on, nor hold themself out as The general
carrying on, in or from the Island, a regulated activity — prohibition

(a) in respect of which no licence is in force; or

(b) if such a licence is in force, other than in accordance
with the conditions, if any, of the licence.

(2) Without prejudice to the generality of subsection (1),
for the purposes of this Act, a person is treated as carrying on a
regulated activity —

(a) in the Island if that person —

(i) carries on a regulated activity from a permanent
place of business maintained by that person in the
Island; or

(ii) engages in the Island in one or more of the
activities which constitute a regulated activity and
doing so constitutes the carrying on by that person
of a business in the Island;

(b) from the Island if that person is —

(i) a limited partnership registered in the Island under
Part II of the Partnership Act 1909; [VIII p.327]

(ii) a company incorporated outside the Island that is
registered under Part XI of the Companies Act
1931; [XIII p.235]

(iii) a limited liability company formed under the
Limited Liability Companies Act 1996; or [c.19]

(iv) a company incorporated in the Island under the
Companies Acts 1931 to 2004;

(v) a company incorporated under the Companies Act
2006, [c.13]