Page 450 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 153

(c) such persons as a licenceholder or an applicant to be a
licenceholder arranges to be officers of a body corporate
that is itself a director of another body corporate;

(d) such persons as a licenceholder or an applicant to be a
licenceholder arranges to be the trustees of a trust;

“licence” means a licence issued under section 7;

“licenceholder” has the meaning given by section 7(7),

“partnership” has the same meaning as in the Partnership
Act 1909 and includes similar relationships formed [VIII p.327]
outside the Island;

“permitted person” has the meaning given by section 35(1);

“regulated activity” has the meaning given by section 3(1);

“regulatory authority” means any authority whether a
governmental or private body and whether established
in the Island or elsewhere —

(a) which has functions similar to those of the Commission
under this Act or any other enactment;

(b) which regulates or supervises the practice of any profession;

(c) which regulates or supervises the carrying on of any
business or activity in, or connected with, the financial
services industry;

(d) which regulates or supervises any activity similar to a
regulated activity or any market on which a person may
carry on such an activity; or

(e) which sets international standards for any financial
services business (for example, the Basle Committee
on Banking, the Financial Action Task Force, etc.);

“regulatory objectives” has the meaning given in section 2(2);

“Rule Book” has the meaning given by section 18;

“subsidiary” means a body corporate (whether or not
incorporate under the Companies Acts 1931 to 2004)
that is a subsidiary of another body corporate (whether
or not incorporated under those Acts) and in determining
whether one body corporate is a subsidiary of another
the provisions of section 1 of the Companies Act 1974 [c.30]
shall apply with the necessary modifications, and
“holding company” shall be construed accordingly.