17 / 66
Year ended 31 March
2017
2016
Directions – under sections 14 and 18 of the
FSA08
30 – of which
6 were remedial
42 – of which
7 were remedial
Civil Penalties
Fixed penalties relating to late filings
19
22
Discretionary penalties relating to regulatory
breaches
0
0
Section 11 – warning notices
0
5
Section 23 – reporting accountant
0
2
Section 22 – successful application to court for
the appointment of a business manager
0
1
FSA08 licences (or classes thereof ) suspended
or revoked
1
0
CISA08
Year ended 31 March
2017
2016
Section 11A – not fit and proper
0
0
Section 11B – prohibitions
0
0
Section 11F – warning notices
0
0
Section 12 – directions
4
1
Section 13 – appointment of an adviser
to a fund
2
0
Section 13 – appointment of a person
to assume control of a fund
2
0
Section 15 – successful application to
court for winding up and appointment of a
liquidator to a fund
3
0
Section 16 – successful application to Court
for the appointment of an inspector to a fund
1
0
Section 19A – civil penalty
0
0
Regulatory actions
The following table sets out remedial and other regulatory actions taken under the FSA08
during the period:
The following table sets out remedial and other regulatory actions taken under the CISA08
during the period:
Isle of Man Financial Services Authority Annual Report 2016/17 • 15