Proposals to clarify the definition of "giving investment advice" have been put forward by the Isle of Man Financial Supervision Commission in a second consultation paper outlining plans for modernising financial services legislation.
The Consolidation and Review of Financial Services Legislation, called the CAROL project, sets out proposals for regulated activities, exclusions and exemptions which will be issued under the proposed new legislation. There are two aspects to the second consultation paper which ends on 31 July 2006: A draft Regulated Activities Order, which will consolidate the activities currently covered by the banking Act 1998, Investment Business Acts 1991-93, Fiduciary Services Act 2000 and 2005 and Building Societies Act 1986. Draft Financial Services (Exemption) Regulations, which will bring t...
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