Page 427 - IOM Law Society Rules Book

130 Financial Services Act 2008 c.8

(d) the services and products provided by or on behalf of
licenceholders;

(e) the relationship between licenceholders and their
customers;

(f) the corporate governance and risk management of
licenceholders;

(g) the accounts, accounting records and solvency of
licenceholders; and

(h) the giving of full effect to the regulatory objectives and
the functions of the Commission under this Act.

(2) The Commission may, on the application or with the
consent of the licenceholder, direct that the whole of the Rule
Book or any of its provisions —

(a) are not to apply to the licenceholder; or

(b) are to apply to that person with such modifications as
may be specified in the direction.

(3) In cases where a declaration under paragraph 3 of
Schedule 3 applies in respect of a licenceholder, the Commission
may, on the application or with the consent of that licenceholder,
direct that the relevant rules, regulations, codes, guidance or
standards that are the subject of the declaration shall apply to that
person with such exceptions and modifications as may be specified
in the direction.

(4) Schedule 3 shall have effect to supplement subsection (1).

(5) Schedule 3 does not affect the generality of subsection
(1).

The Rule 19. (1) If a licenceholder is in contravention of the Rule Book
Book - the Commission may undertake action for a breach.
supplementary
provisions
(2) Contravention of the Rule Book does not give rise to
any right of action by any persons affected nor does it affect the
validity of any transaction.

(3) Where a person discloses information to another in
compliance with the Rule Book the disclosure shall not be treated
as a breach of any restriction upon the disclosure of information
imposed by statute or otherwise.

(4) A licenceholder shall not be treated as a director of a
company for the purposes of the Companies Acts 1931 to 2004 or the