Page 456 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 159

(q) the International Business Act 1994; [c.3] SCH. 1

(r) the Limited Liability Companies Act 1996; [c.19]

(s) the Companies (Transfer of Domicile) Act 1998; [c.6]

(t) the Insider Dealing Act 1998; [c.2]

(u) the Companies (Transfer of Functions) Act 2000; [c.3]

(v) the Online Gambling Regulation Act 2001; [c.10]

(w) the Companies, etc. (Amendment) Act 2003; [c.16]

(x) the Protected Cell Companies Act 2004; [c.1]

(y) the Companies Act 2006. [c.13]

Commission’s functions : manner of discharge
3. In discharging its functions the Commission must have regard to —

(a) the need for the regulatory, supervisory and registration regimes to be
effective, responsive to commercial developments and proportionate
to the benefits which are expected to result from the imposition of any
regulatory burden;

(b) the need to use its resources in the most efficient and economic way;

(c) the desirability of implementing and applying recognised international
standards;

(d) the desirability of cooperating with governments, regulators and others
outside the Island;

(e) the need to safeguard the reputation of the Island;

(f) the responsibilities of those who manage the affairs of permitted persons;

(g) the international character of financial services and markets and the
desirability of maintaining the competitive position of the Island;

(h) the desirability of facilitating the development of the financial services
industry.

Policies and strategies

4. (1) The Treasury may by order specify policies and strategies for the
Commission and may, to such extent as is necessary for consistency with the
order, amend paragraph 2 or 3.

(2) The Commission must, so far as is reasonably practicable, act in a
way which promotes any policy or strategy specified by the Treasury under sub-
paragraph (1).