Page 464 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 167

(o) the financial resources of licenceholders; SCH. 3

(p) the assets, liabilities and other matters to be taken into account in
determining a licenceholder’s financial resources for the purposes of
the Rule Book;

(q) the financial statements and returns which must be submitted to the
Commission;

(r) the form and content of advertisements relating to the business of a
licenceholder;

(s) statements that must or must not be included in letterheads,
correspondence, invoices and other documents relating to the business
of a licenceholder;

(t) the display of notices and the provision of information about the affairs
of permitted persons to the public at offices and places of business of
licenceholders,

(u) the giving of notice to the Commission and such other persons as may
be specified in the Rule Book of such circumstances or the occurrence
of such events as may be so specified;

(v) the treatment to be afforded to money received by a licenceholder and
in particular may provide that money held by a licenceholder is held
on trust and the terms and purposes of any such trust;

(w) the submission to the Commission (at such times and on such occasions
as may be specified in the Rule Book) of such information, statements,
statistical and other returns, reports or certificates as may be so
specified; and

(x) the form, content and validation of any information or document
required to be produced by a licenceholder to the Commission.

2. Any institution with which an account is kept in pursuance of a provision of
the Rule Book made under paragraph 1(v) does not incur any liability as
constructive trustee where money is wrongfully paid from the account unless the
institution —

(a) permits the payment with knowledge that it is wrongful; or

(b) has deliberately failed to make enquiries in circumstances in which a
reasonable and honest person would have done so.

3. The Rule Book may include a declaration that —
(a) the persons to whom it applies shall comply with such rules, regulations,
codes, guidance or standards as are from time to time in force and
made or issued by a regulatory authority (whether made before or after
the commencement of this Act);

(b) those rules, regulations, codes, guidance or standards shall apply to
that person with such exceptions and modifications as may be specified
in the declaration.