Page 475 - IOM Law Society Rules Book

178 Financial Services Act 2008 c.8

Section 49 SCHEDULE 6

AMENDMENT OF ENACTMENTS

Bills of Exchange Act 1883 (V p.310)

1. In section 73A(1)(a), for “section 6 of the Banking Act 1998” substitute
“section 7 of the Financial Services Act 2008”.

Industrial and Building Societies Act 1892 (VI p.405)

2. In section 7(1), for “Subject to subsection (5) below” substitute “Subject to
the Financial Services Act 2008”.

3. In section 14(5), for the words from “not exceeding” to the end, substitute
“not exceeding such sum as may be prescribed under section 32”.

4. In section 32, after subsection (1)(a) insert —

“(aa) the maximum sum payable under section 14(5);”.

Companies Act 1931 (XIII p.235)
5. In section 94(2), for “the Corporate Service Providers Act 2000” substitute
“the Financial Services Act 2008 in respect of the provision of corporate services
or trust services”.

6. In section 317(2), for “the Corporate Service Providers Act 2000” substitute
“the Financial Services Act 2008 in respect of the provision of corporate services
or trust services”.

7. At the start of Part XIII, immediately before the cross-heading “Dispensations
for Private Companies” insert —
“Exemptions from prospectus requirements

Exemptions 324A. (1) The Treasury may by regulations make provision for
from exemption from, or for the modification of, —
prospectus
requirements
(a) sections 34 to 40 of, and Schedules 3 to 5 to, this Act;
(b) such other provisions of the Companies Acts 1931 to 2004
as relate to prospectuses and statements in lieu of prospectus,

in respect of such classes of companies or in such circumstances as
may be specified in the regulations.

(2) Regulations under this section shall not come into operation
unless they are approved by Tynwald.

(3) Subject to subsection (4), regulations made under section
324A of the Companies Act 1931, which were in operation prior to
17 October 2006, continue to have effect as if made under this section.