Page 480 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 183

Purpose Trusts Act 1996 (c.9) SCH. 6

36. In section 9(1), in the definition of “designated person”, for paragraph (ea)
substitute —
“(ea) the holder of a licence under the Financial Services Act
2008 in respect of trust services;”.

Fair Trading Act 1996 (c.15)

37. In section 7A(6)(a), for “in the Island (within the meaning of the Investment
Business Act 1991)” substitute “or services to collective investment schemes in
the Island (falling under the Financial Services Act 2008)”.

38. After section 25(2)(a)(vi) insert —

“(vii) the Financial Services Act 2008, or”.

Insider Dealing Act 1998 (c.2)

39. (1) In Schedule 3, for “Treasury”, wherever occurring, substitute “Financial
Supervision Commission”.

(2) Paragraph (1) shall have no effect in respect of an investigation by
an inspector appointed under Schedule 3 before the commencement of this
entry.

40. In Schedule 3 —

(a) in paragraph 2(3), for “section 3 of the Investment Business Act 1991”
substitute “section 7 of the Financial Services Act 2008 in respect of
investment business or services to collective investment schemes”;

(b) in paragraph 2(3)(a), for “section 3” substitute “section 7”;

(c) for paragraph 2(5) substitute —

“(5) Where the court gives a direction under sub-paragraph (2)(b)
in the case of a person who is not the holder of a licence under the
Financial Services Act 2008 in respect of investment business or
services to collective investment schemes, the Financial Supervision
Commission may direct that any person licensed under that Act who
knowingly transacts investment business or services to collective
investment schemes of a specified kind, or in specified circumstances
or to a specified extent, with or on behalf of that person shall be treated
as having contravened section 4 of that Act.”.

Retirement Benefits Schemes Act 2000 ( c.14)

41. In sections 4(1)(c), 22(1)(b), 31(1)(c) and (4)(b), for sub-paragraphs (iii) to
(v) substitute —