Page 452 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 155

(5) In determining for any purposes of this Act whether
any particular matter is desirable in the public interest, the
Commission shall take into account all matters which appear to it
in the particular circumstances to be relevant and, among other
things, shall have regard to —

(a) the protection of the public;

(b) the deterrent effect of such a public statement; and

(c) the effect of publication on those to whom the statement
relates.

(6) In this Act a “related company”, in relation to a permitted
person, means a body corporate (other than a subsidiary of the
institution) in which the institution holds a qualifying capital interest.

(7) A qualifying capital interest means an interest in
relevant shares of the body corporate which the permitted person
holds on a long-term basis for the purpose of securing a
contribution to its own activities by the exercise of control or
influence arising from that interest.

(8) Relevant shares means shares comprised in the equity
share capital of the body corporate of a class carrying rights to
vote in all circumstances at general meetings of the body.

(9) A holding of 20 per cent or more of the nominal value
of the relevant shares of a body corporate shall be presumed to be
a qualifying capital interest unless the contrary is shown.

(10) In subsection (8), “equity share capital” has the same
meaning as in section 1(5) of the Companies Act 1974. [c.30]

49. The enactments specified in Schedule 6 are amended in Amendment
accordance with that Schedule. of enactments

50. The enactments specified in column 1 of Schedule 7 are Repeal of
repealed to the extent specified in column 3 of that Schedule but enactments
subject to the transitional provisions and savings in paragraph 5
of Schedule 8.

51. The transitional and saving provisions set out in Schedule 8 Transitional
shall have effect.

52. (1) Any expenses incurred under this Act by the Treasury or Financial
the Commission shall be defrayed out of money provided by Tynwald. provisions