The Financial Services Authority has launched a public consultation on proposed changes to the island’s financial regulations.
It says it is aiming to “enhance consistency and clarity for the benefit of all stakeholders”.
The draft Financial Services (Miscellaneous Provisions) Bill seeks to update legislation, including the Collective Investment Schemes Act 2008, the Designated Businesses Act 2015, and the Financial Services and Insurance Acts 2008.
The amendments are designed to strengthen the Authority’s ability to “protect consumers, reduce financial crime, and maintain confidence in the finance sector”.
CEO Bettina Roth said: “The proposed changes outlined in the draft Bill will support the more efficient use of the Authority’s resources and enhance consistency and clarity for the benefit of all stakeholders.
“We are seeking to future-proof our operations, while being mindful of the need to maintain competitiveness and minimise any adverse effects of regulation.
“It’s important to hear the views of our stakeholders and I would encourage individuals, firms and industry bodies to respond to the consultation.”
Written feedback must be submitted by Friday August 8 via email to Policy@iomfsa.im or by post to the IOMFSA’s Douglas office.
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