Page 478 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 181

“(c) a licenceholder within the meaning of section 7 of the SCH. 6
Financial Services Act 2008 whose licence permits the
licenceholder to advise or procure any person in the Island
to become, or offer to become, a participant in a scheme of
the same class as the scheme to which the advertisement
refers, or in respect of which the advice or procurement
under subsection (1) is given.”.

22. In sections 4(1)(c) and 14(1)(b), for “Banking Act 1998 or the Investment
Business Act 1991”, wherever occurring, substitute “Financial Services Act 2008
or any Act repealed by that Act”.

23. In section 16(1)(c), for “the Banking Act 1998 or the Investment Business
Act 1991”, in both places where the words occur, substitute “the Financial Services
Act 2008 or any Act repealed by that Act”.

24. For section 20(4) substitute —
“(4) Sections 20 and 26 (with the exception of section 26(2)) of
the Financial Services Act 2008 shall apply in respect of any
contravention referred to in this section as they apply in respect of a
contravention referred to in those sections.”.

25. In section 30(6)(e), for “section 13(1) of the Banking Act 1975” substitute
“the Financial Services Act 2008”.

26. In section 31(1), for the definition of “authorised person” substitute —

“ “authorised person” means —

(a) in the case of a trustee or manager of a scheme, a person who
is the holder of a licence under the Financial Services Act
2008 which permits them to undertake that regulated activity;

(b) in any case, such other classes of permitted persons (within
the meaning of the Act of 2008) as may be prescribed;”.

Moneylenders Act 1991 (c.6)

27. In section 18(e), in the definition of “exempt person”, for “within the meaning
of section 4A of the Building Societies Act 1986 which is authorised to accept deposits
under section 2(1), as applied by section 4A, of that Act;” substitute “which is licensed
to accept deposits under section 7 of the Financial Services Act 2008”.

Consumer Protection Act 1991 (c.11)

28. For section 19(3) substitute —

“(3) References in this Part to services or facilities do not include
references to services or facilities which are provided by a permitted
person undertaking a regulated activity within the meaning of the
Financial Services Act 2008.”.