Page 445 - IOM Law Society Rules Book

148 Financial Services Act 2008 c.8

(d) in relation to a limited liability company constituted
[c.19] under the Limited Liability Companies Act 1996, a
member, the company’s manager, or registered agent.

PART 8

GENERAL

Contravention 43. If a licence holder is in contravention of any statutory
of statutory provision (other than one contained in or under this Act) the
provisions
Commission may exercise any power that is an action for a breach
but with the exception of the powers to —

(a) impose a penalty under section 16;

(b) apply for an injunction or for restitution under section 20.

Subordinate 44. (1) The Commission may make such regulations as are
legislation necessary to give effect to this Act.

(2) Without prejudice to the generality of subsection (1),
the Commission may by regulations exempt any person or class
of persons from any of the provisions of this Act.

(3) Without prejudice to section 26 of the Interpretation
[c.20] Act 1976 or to any other provision of this Act, regulations under
subsection (2) may provide for —

(a) conditions subject to which the exemption shall operate;

(b) circumstances in which the Commission may withdraw
the exemption from a person;

(c) the exemption to operate in respect of some or all
regulated activities.

(4) If a person is in contravention of any condition imposed
by regulations under this section, the Commission may undertake
action for a breach.

(5) Before making any order, regulations or the Rule Book
under this Act, the Commission shall consult —

(a) the Treasury;

(b) such persons or bodies as appear to be representative
of interests likely to be affected; and

(c) such other persons or bodies as the Commission may
determine.