Page 451 - IOM Law Society Rules Book

154 Financial Services Act 2008 c.8

(2) In this Act a person is resident in the Island if —

(a) in the case of an individual, the individual is ordinarily
resident in the Island ;

(b) in the case of a company —

(i) it is incorporated in the Island; or

(ii) it is registered under Part XI of the Companies
[XIII p.235] Act 1931;

(c) in the case of any other body of persons, corporate or
unincorporate, central management and control of the
body is in or from the Island or it has a place of business
in the Island.

(3) In this Act “action for a breach” means the exercise of
any one or more of the following powers —

(a) the revocation or suspension of a licence;

(b) the issue of a direction as to fitness or propriety under
section 10;

(c) the service of a warning notice under section 11;

(d) the issue of a public statement under section 13.

(e) the issue of a direction under section 14;

(f) the imposition of a penalty under section 16;

(g) an application for an injunction or for restitution under
section 20;

(h) the appointment of a receiver under section 21;

(i) the appointment of a business manager under section
22;

(j) the withdrawal of an exemption in accordance with
regulations;

(k) the exercise of powers in relation to a permitted person
under Schedule 2.

(4) Subject to section 16(3), the exercise of any power
referred to in subsection (3) shall not prevent the exercise of any
other power or remedy under this Act nor shall it prevent the
commencement of proceedings for an offence under this Act.