Introduction to the Isle of Man Financial Services Authority’s new Enforcement Decision-Making Process and Settlement Procedure

The Isle of Man Financial Services Authority will be holding two presentations on its new Enforcement Decision-Making Process and Settlement Procedure at the Lecture Theatre, Manx Museum, Douglas, at 12.00 noon and repeated at 1.30pm on Monday 30 September 2019.  Each session is expected to last for one hour.

In its Strategic Plan which was published last year, the Authority committed to further develop its culture of constructive, open and transparent engagement with industry and other key stakeholders.  As part of that commitment, the Authority has developed and implemented a new enforcement decision-making process.  The decision-making process document (the “DMP”), which will be published on the Authority’s website in Q3 2019, sets out clearly the staged process which the Authority follows when considering certain enforcement action.  The DMP also introduces for the first time in a public document the concept of settlement in enforcement cases. Tom Maher, General Counsel of the Authority, will explain the background to the DMP, the reason for implementing it now, the rationale for the new formal settlement procedure and provide guidance on the Authority’s expectations of industry. 

The presentation is relevant to board members, MLROs/DMLROs, compliance officers and senior managers of regulated entities and designated businesses. However due to limited numbers, with each presentation restricted to 180 attendees, we would ask that initially bookings are kept to 2 persons per entity.  If there is excessive demand we will consider running additional sessions.

Information for ACSP Members only: ACSP members have the opportunity to attend a dedicated session organised by the ACSP, covering the same presentation, on Friday 27 September 2019 at 12:30pm (http://www.acsp.co.im/events).  ACSP Members unable to attend that event are welcome to attend the FSA presentations on 30 September.

To secure your place at the FSA events at the Manx Museum please email: events@iomfsa.im.

If you have any general queries please email events@iomfsa.im or contact Carolyn Davis on 689314.  Alternatively contact the FSA main switchboard on 646000.