Page 422 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 125

(3) A warning notice may (but need not) —

(a) propose that the relevant person take such remedial
action as is specified in the notice; or

(b) request the relevant person to propose remedial action.

(4) Where a warning notice has been given under this
section, the Commission shall, before making a direction under
section 10(2), take into account any remedial action taken by the
relevant person in response to the warning notice.

(5) The giving of a warning notice under this section —

(a) does not limit the powers of the Commission under
section 10; and

(b) is not required before the Commission may exercise
those powers.

(6) A warning notice issued under this section shall have
effect —

(a) for a period of up to 3 years from the date on which it is
issued under subsection (1) and such period shall be
specified in the notice; or

(b) until such time as the Commission is content that any
remedial action under subsection (3) has been
completed to its satisfaction.

(7) The Commission may disclose the circumstances
surrounding a warning notice issued under subsection (1), to —

(a) an employer who currently employs a person to whom
such a notice has been issued; or
(b) a person who has received an employment application
from a person to whom such a notice has been issued
and who, if successful in the application, would be
required to be a director, key person or controller of a
permitted person,

provided that the warning notice is effective in accordance with
subsection (6).

PART 4

REGULATION AND SUPERVISION

12. (1) The Commission may give guidance consisting of such Guidance
information and advice as it considers appropriate —