FSA Annual Report 2016/17

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CONTENTS

Chairman’s Statement 2 Chief Executive Officer Statement 4

The Isle of Man Financial Services Authority

Regulatory Objectives 8 Organisation of the Authority 10 How the Authority Operates 10 Governance and Board Committee Structure 11

Regulation and Supervision

Authorisations 12 Supervision 13 Co-operation and Co-ordination 19 Prevention of Money Laundering and Countering the Financing of Terrorism 21 Enforcement 23

Policy Development

Regulatory Developments 24 International Policy Matters 25 Consultation 25 Legislation and Guidance 26 Other Activities 26 Emerging Risks and International 27 Business Change 28

Operations

Finance 29 Human Resources 30 Complaints Against the Authority 30 Information Technology 30

Appendices

Appendix A

Isle of Man Financial Services Authority’s Functions 32

Appendix B

Membership of the Financial Services Authority 34 Corporate Governance 37

Appendix C

Organisation Chart 38

Appendix D

Industry Statistics 40 Licenceholders - Number of Licences 40 The Banking Industry 41 Collective Investment Schemes and Services to Schemes 45 Corporate and Trust Services 49 Retirement Benefits Scheme 50 Authorisations under the Insurance Act 2008 50

Appendix E

Income and Expenditure 50 Statement of Responsibilities in respect of the Chief Executive’s Report and the Accounts 52 Report of the Independent Auditors, KPMG Audit LLC, to the Isle of Man Financial Services Authority 53 Opinion on the Accounts 54 Income and Expenditure Account 55 Notes 56

Appendix F

Performa Comparative income and expenditure (unaudited) 59

Appendix G

Legislation coming into effect between 1 April 2015 and 31 March 2016 60

Appendix H

Consultative documents issued between 1 April 2015 and 31 March 2016 62

Appendix I

Other information 63 Glossary 64

2 • Isle of Man Financial Services Authority Annual Report 2016/17