Page 432 - IOM Law Society Rules Book
P. 432
c.8 Financial Services Act 2008 135
(a) any other partnership having a member in common with
the licensed partnership;
(b) any body corporate which is or has at any relevant time
been a member of the licensed partnership;
(c) any body corporate in the case of which the partners in
the licensed partnership, either alone or with any
associate or associates, holds 50% or more of the shares
or are entitled to exercise, or control the exercise of,
more than 50% of the voting power at a general meeting
or meeting of the board of directors; or
(d) any subsidiary or holding company of any such body
corporate as is mentioned in paragraph (b) or (c) or any
holding company of any such subsidiary.
(6) The provisions of this section shall apply to a former
permitted person as they apply to a permitted person.
(7) The costs and expenses of and relating to a report under
this section shall be paid by the permitted person concerned.
(8) No statutory or other duty to which a reporting
accountant or person may be subject shall be regarded as
contravened by reason of the reporting accountant or person
communicating in good faith to the Commission any information
or opinion under subsection (1).
(9) This section applies to any matter of which the reporting
accountant or person becomes aware in the capacity of reporting
accountant or person making a report under subsection (1) and which
relates to the business or affairs of the relevant permitted person.
PART 6
MEDIATION, COMPENSATION AND CONTRACTS
24. Schedule 4 shall have effect with respect to mediation and Mediation and
adjudication in financial services disputes. adjudication
in financial
services
disputes
25. (1) The Treasury may make regulations establishing a Compensation
scheme for compensating investors and depositors in cases where schemes
persons who are or have been —
(a) licenceholders;
(b) the holders of licences under any Act repealed by this Act;
(c) the holders of licences under section 3 of the Banking
Act 1975, [c.9]
