Page 424 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 127

(4) The Commission may issue a public statement
concerning any matter relating to a regulated activity or persons
carrying on a regulated activity in general or any class of a
regulated activity or person carrying on a regulated activity where
the Commission believes it to be desirable in the public interest to
issue such a public statement.

(5) Before issuing a public statement under this section,
the Commission —

(a) where the statement is in respect of a licenceholder,
shall send a copy of the proposed statement to the person
concerned at the address stated in the register kept under
section 35; or

(b) where the statement is in respect of any other person,
shall send a copy of the proposed statement to the person
concerned, at the last known address of that person,

together with a written notice of the reasons for the issue of the
statement.

(6) Except where the Commission is of the opinion that
immediate action is necessary, the copy and notice under
subsection (5) shall be sent not less than 7 days before issuing the
public statement under this section.

(7) The Commission shall not issue a public statement
under this section in respect of a direction under section 10(1) or
(2) before the date on which the direction takes effect in accordance
with section 10(4).

14. (1) The Commission may issue written directions under Directions
this section to —

(a) a permitted person; or

(b) a former permitted person.

(2) A direction may —

(a) require the person to whom it is directed to take such
action in respect of any regulated activity as is specified
in the direction;

(b) impose such requirements as are necessary to secure
that any regulated activity carried on by that person is
in whole or in part suspended or discontinued; or

(c) where a person has surrendered, or intends to surrender,
a licence, require the person to take such action as is