Page 446 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 149

(6) The Treasury may by order add to or amend the
definition of “financial services activity” in section 3.

(7) Before making any order under this Act (other than an
order appointing a day for the commencement of any provision
of this Act) the Treasury shall consult —

(a) the Commission;

(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 Treasury may determine.

45. (1) Subject to subsection (2), regulations, rules (except Tynwald
those referred to in subsection (4)) and the Rule Book made under procedure
this Act shall be laid before Tynwald as soon as practicable after
they are made and if Tynwald at the sitting at which they are laid,
or at the next following sitting, fails to approve them they shall
cease to have effect.

(2) Regulations under section 16(5) or 44(2) or an order
under paragraph 2(10) of Schedule 5 shall not have effect unless
they are approved by Tynwald.

(3) Any order under this Act (other than an order referred
to in subsection (4) or an order appointing a day for the
commencement of any provision of this Act) shall be laid before
Tynwald as soon as practicable after it is made, and if Tynwald at
the sitting at which the order is laid or at the next following sitting
fails to approve it, the order shall cease to have effect.

(4) Any order under paragraph 4(4) or 12 of Schedule 4
and any rule under paragraph 5(2) of that Schedule shall be laid
before Tynwald as soon as practicable after it is made, and if
Tynwald at the sitting at which the order is laid or at the next
following sitting resolves that it shall be annulled, it shall cease to
have effect.

46. The Commission may by order prescribe the fees which shall Fees
be paid —

(a) on the making of an application for the issue of a licence;

(b) on the making of any application or notification in
respect of any matter arising under or relating to this
Act or a licence;

(c) on any amendment of a licence;