Page 426 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 129

(a) the imposition of financial penalties under this section;
and

(b) the amount of those penalties.

(6) Any amount received as a penalty shall be paid into
and form part of the General Revenue of the Island.

17. (1) If the auditor of a permitted person becomes aware of Auditors to
any matter which is such as to give the auditor reasonable cause report to
Commission
to believe that —

(a) the permitted person may be in contravention of —

(i) this Act;

(ii) the Rule Book;

(iii) any condition imposed by or under section 7, 8 or
44(3); or

(iv) any direction or requirement imposed under this
Act; and

(b) the matter is likely to be of material significance in
relation to the Commission’s functions under this Act,

the auditor shall report such matter in writing to the Commission.

(2) No statutory or other duty to which an auditor of a
permitted person may be subject shall be regarded as contravened
by reason of the auditor communicating in good faith to the
Commission , whether or not in response to a request made by the
Commission, any information or opinion under subsection (1).

(3) This section applies to any matter of which the auditor
becomes aware in the capacity of auditor and which relates to the
business or affairs of the permitted person.

(4) For the purposes of this section, “auditor” shall be a
person of such description as is specified in the Rule Book.

18. (1) The Commission may make rules (in this Act referred The Rule Book
to as “the Rule Book”) concerning —

(a) licenceholders;

(b) regulated activities;

(c) the conduct of business by a licenceholder;