Page 431 - IOM Law Society Rules Book

134 Financial Services Act 2008 c.8

(4) The Court may make such orders as are necessary to give
effect to the appointment of a manager under this section and for
dealing with any property connected with the regulated activity.

Appointment 23. (1) The Commission may by notice in writing served on a
of reporting permitted person require the person to provide the Commission
accountants,
etc with a report by an accountant or other person with relevant
professional skill on, or on any aspect of, any matter relating to
the affairs of the permitted person.

(2) A notice under subsection (1) shall be accompanied by
or include a written statement of the reasons for the decision.

(3) The accountant or other person appointed by a permitted
person to make any report required under subsection (1) shall be
a person nominated or approved by the Commission; and the
Commission may require the report to be in such form as is
specified in the notice.

(4) If it appears to the Commission to be desirable in the
interests of the customers or potential customers of a permitted
person to do so, it may also exercise the powers conferred by
subsection (1) —

(a) in relation to any body corporate which is or has at any
relevant time been —

(i) a holding company, subsidiary or related company
of that person;

(ii) a subsidiary of a holding company of that person;

(iii) a holding company of a subsidiary of that person; or

(iv) a body corporate in the case of which a shareholder
controller of that permitted person, either alone
or with any associate or associates, holds 50% or
more of the shares or is entitled to exercise, or
control the exercise of, more than 50%, of the
voting power at a general meeting; or

(b) in relation to any partnership of which that permitted
person is or has at any relevant time been a member.

(5) If it appears to the Commission to be desirable to do so
in the interests of the customers or potential customers of a
permitted person which is a partnership (in this section referred
to as “the licensed partnership”) it may also exercise the powers
conferred by subsection (1) in relation to —