Page 418 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 121

(a) the integrity, competence, financial standing, structure
and organisation of the applicant;

(b) the integrity, competence and financial standing of —

(i) any controller or director of the applicant;

(ii) key persons in relation to the applicant; and

(c) the description of the business the applicant proposes
to carry on.

(3) The Commission may publish guidance setting out the
criteria that it will normally apply in assessing whether it is satisfied
as required by subsection (1).

(4) The guidance shall be published in such form and in
such manner as the Commission may decide.

(5) Subsections (2) and (3) do not affect the generality of
subsection (1).

7. (1) The Commission shall, in relation to every application The licence
for a licence to carry on a regulated activity —

(a) issue the licence;

(b) issue the licence, subject to conditions; or

(c) refuse the application.

(2) Subject to the provisions of this Act, a licence to carry
on a regulated activity shall remain in force until revoked or
surrendered.

(3) The conditions which the Commission may impose may
include a condition that —

(a) the person to whom the licence is issued shall comply
with the Rule Book or such provisions of the Rule Book
as are specified;

(b) the Rule Book shall apply to that person with such
exceptions and modifications as may be specified.

(4) The Commission shall give to the person concerned
written notice of a decision under subsection (1) and, where the
decision is under paragraph (b) or (c) of that subsection, a written
statement of the reasons for the decision.