Page 420 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 123

PART 3

DIRECTORS AND CONTROLLERS, etc.

10. (1) If, on reasonable grounds, it appears to the Commission Directors,
that a person is not a fit and proper person — controllers,
etc

(a) to be appointed as a director or key person; or

(b) to become a controller,

of a licenceholder, the Commission may direct that such person
shall not, without the written consent of the Commission, be
appointed as such a director or key person or become such a
controller.

(2) If, on reasonable grounds, it appears to the Commission
that any —

(a) director or key person; or

(b) controller,

of a permitted person, is not a fit and proper person to continue as
such, the Commission may direct that such person shall not,
without the written consent of the Commission, continue as such
a director, key person or controller.

(3) The Commission shall give written notice to the person
concerned of any decision to make a direction under this section
together with a statement of the reasons for the decision.

(4) Subject to subsection (5), where a notice has been given
under subsection (3), the direction shall take effect —

(a) if no appeal under section 32 is made within the period
prescribed for the purposes of such an appeal, on the
expiry of that period; or

(b) if there is an appeal under section 32 —

(i) where the applicant abandons the appeal, on the
date of abandonment; or

(ii) where the decision of the Commission is
confirmed, on the date of confirmation; or

(iii) where the decision of the Commission is varied,
on such date as the Tribunal constituted under
section 32 directs.