Page 417 - IOM Law Society Rules Book

120 Financial Services Act 2008 c.8

and carries on a regulated activity outside the Island.

(3) Without prejudice to the generality of subsection (1),
for the purposes of this Act a person is treated as holding
themselves out as carrying on, in or from the Island, a regulated
activity if that person (whether inside or outside the Island) —

(a) by means of any words in the name, title or address of
a web site or page or an internet site or page; or

(b) by means of any words in an email name or address or
in the name, title or subject matter of an email; or

(c) by means of any words in a domain name,

expressly or by implication indicates that that person, or another,
is a permitted person or carries on a regulated activity in, from or
in connection with the Island, either on their own or another’s
behalf or as an intermediary for another.

Chapter III

Licensing of Regulated Activities

Application 5. (1) Every application for a licence to carry on a regulated
for a licence activity shall be made to the Commission.

(2) An application under subsection (1) shall be in such
form as is required by the Commission, together with such
documents and information as it may require.

Circumstances 6. (1) A licence will not be issued under section 7 unless the
in which a Commission is satisfied that —
licence will
not be issued
(a) the applicant is a fit and proper person to carry on the
regulated activity and provide the services described in
that application;

(b) any controller or director of the applicant is a fit and
proper person to act as such;

(c) such other persons as appear to the Commission to be
key persons are fit and proper persons; and

(d) the applicant is managed and controlled in the Island.

(2) In assessing whether an applicant is a fit and proper
person under subsection (1), the Commission will have regard to
the information before it as to —