Designated Businesses (Registration and Oversight) Act 2015

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AT 9 of 2015

DESIGNATED BUSINESSES

(REGISTRATION AND OVERSIGHT) ACT

2015

Designated Businesses (Registration and Oversight) Act 2015 Index


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DESIGNATED BUSINESSES (REGISTRATION AND

OVERSIGHT) ACT 2015

Index Section Page

PART 1 – INTRODUCTORY 5

1 Short title .......................................................................................................................... 5
2 Commencement .............................................................................................................. 5
3 Interpretation ................................................................................................................... 5
4 Designated businesses ................................................................................................... 9
5 Functions of Authority ................................................................................................... 9
6 Delegation of functions of Authority ........................................................................... 9
PART 2 – REGISTRATION 10

7 Prohibition on carrying on designated business if not registered ......................... 10
8 Application for registration ......................................................................................... 11
9 Grant or refusal of registration ................................................................................... 12
10 Conditions of registration ............................................................................................ 13
11 Revocation of registration ............................................................................................ 13
12 De-registration .............................................................................................................. 14
PART 3 – OVERSIGHT 14

DIVISION 1 – RETURNS, INSPECTIONS AND INVESTIGATION 14
13 Annual returns and fees .............................................................................................. 14
14 On-site inspections and investigations ...................................................................... 14
15 Requests for information ............................................................................................. 15
16 Power of Authority to require information .............................................................. 16
17 Search warrants ............................................................................................................. 17
18 Offences in connection with inspections and investigations .................................. 18
DIVISION 2 – INFORMATION 18
19 Supply of information .................................................................................................. 18
20 Offences in connection with supply of information ................................................ 19
21 Legal privilege ............................................................................................................... 19
22 Restrictions on disclosure of information ................................................................. 19
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23 Auditors to report prescribed matters to Authority ................................................ 20
24 Register and publication of information about registered persons ...................... 20
DIVISION 3 – ACTION AND ENFORCEMENT 21
25 Report and action to be taken ..................................................................................... 21
26 Directions ....................................................................................................................... 21
27 Public statements .......................................................................................................... 21
28 Notice period for public statements .......................................................................... 22
29 Injunctions and remedial orders ................................................................................ 23
30 Civil penalties ............................................................................................................... 23
PART 4 – SUPPLEMENTARY 24

31 Information and advice ............................................................................................... 24
32 Guidance ........................................................................................................................ 25
33 Appeals .......................................................................................................................... 25
34 Liability of officers of bodies corporate ..................................................................... 26
35 Orders ............................................................................................................................ 27
36 Transitional provisions ................................................................................................ 27
37 Minor and consequential amendments ..................................................................... 27
SCHEDULE 1 29

DESIGNATED BUSINESSES AND EXEMPTIONS 29
SCHEDULE 2 33

EXCEPTIONS TO PROHIBITION ON DISCLOSURE 33
SCHEDULE 3 39

MINOR AND CONSEQUENTIAL AMENDMENTS 39
ENDNOTES 40

TABLE OF ENDNOTE REFERENCES 40

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c i e
DESIGNATED BUSINESSES (REGISTRATION AND

OVERSIGHT) ACT 2015

Signed in Tynwald: 16 June 2015
Received Royal Assent: 16 June 2015
Announced to Tynwald: 16 June 2015
AN ACT
to require the Isle of Man Financial Services Authority to monitor
compliance on the part of certain non-financial businesses and professions with
anti-money laundering and countering the financing of terrorism legislation; to
make minor amendments to other enactments; and for connected purposes.1

BE IT ENACTED
by the Queen’s Most Excellent Majesty, by and with the advice and
consent of the Council and Keys in Tynwald assembled, and by the authority of the
same, as follows:—
PART 1 – INTRODUCTORY

1 Short title

The short title of this Act is the Designated Businesses (Registration and
Oversight) Act 2015.
2 Commencement

(1) This Act (apart from this section and section 1) comes into operation on
such day or days as the Authority, by order, appoints.2
3

(2) The orders may make such transitional provision as the Authority thinks
fit consequential upon or incidental to the coming into operation of any
provision of this Act.4

3 Interpretation

(1) In this Act —
“applicant
” has the meaning given in section 8(1) (application for registration);
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“associate
” means —
(a) in relation to any individual —
(i) the father, mother, spouse, civil partner, son, stepson,
daughter, stepdaughter, brother or sister of the individual;
(ii) any body corporate of which that individual is a director;
and
(iii) a partner or employee of that individual;
(b) in relation to a body corporate —
(i) any subsidiary of that body corporate; and
(ii) any employee of the body corporate and any such
subsidiary;
“auditor
” means a person eligible for appointment as auditor of a company
under section 14 (qualifications of individual for appointment as auditor)
of the Companies Act 1982;
“Authority
” means the Isle of Man Financial Services Authority;5

“body corporate
” includes a limited liability company constituted under the
Limited Liability Companies Act 1996;
“chief executive
” means an individual who is employed by a registered person
and who either alone or jointly with others is or will be responsible
under the immediate authority of the directors for the conduct of the
registered person’s business;
“Commission
” [Repealed]6

“conditions
” includes restrictions;
“controller
” means any of the following —
(a) a managing director of a body corporate of which the registered
person is a subsidiary;
(b) a chief executive of a body corporate of which the registered
person is a subsidiary;
(c) a person in accordance with whose directions or instructions one
or more of the directors of a body corporate of which the
registered person is a subsidiary are accustomed to act unless the
director or directors are accustomed so to act by reason only that
they do so on advice given by that person in a professional
capacity;
(d) a person who either alone or with any associate is entitled to
exercise or control the exercise of 15% or more of the voting
power at any general meeting of the registered person or of
another body corporate of which it is a subsidiary;
“Court
” means the High Court;
“designated business
” has the meaning given in section 4;
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“director
” includes any of the following —
(a) any person occupying the position of director by whatever name
called;
(b) any person in accordance with whose directions or instructions
one or more of the appointed directors are accustomed to act
unless the appointed director or directors are accustomed so to act
by reason only that they do so on advice given by that person in a
professional capacity;
(c) in relation to a limited liability company constituted under the
Limited Liability Companies Act 1996, a member, the company’s
manager and the registered agent;
(d) in respect of any other body corporate, such persons as occupy a
position equivalent to that of director;
(e) in relation to a foundation within the meaning of the Foundations
Act 2011, a member of the council of the foundation;
“documents
” includes information recorded in any form and, in relation to
information recorded otherwise than in legible form, references to its
production include references to producing a copy of the information in
legible form;
“formerly registered person
” means a person who was, but is no longer, a
registered person;
“holding company
” is to be construed in accordance with the definition of
“subsidiary
”;
“money laundering reporting officer
” means an individual appointed to
exercise the functions given to a person so described in any code issued
under AML/CFT legislation;
“partnership
” has the same meaning as in the Partnership Act 1909 and includes
similar relationships formed outside the Island;
“person
” includes any body of persons, whether incorporated or
unincorporated, as well as an individual;
“prescribed
” means prescribed by order;
“publish
” means publish in a manner that is likely to bring it to the attention of
those affected and other interested parties;
“registered person
” means a person registered under section 9 (grant or refusal
of registration) and in Part 3 (oversight) includes a formerly registered
person in respect of, or in connection with, such transactions, matters or
circumstances occurring or in existence when the person was a registered
person;
“specified person
”, in relation to an applicant or registered person, means —
(a) a sole practitioner who is a registered person; or
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(b) a person employed or otherwise engaged by a registered person
as any of the following in relation to the designated business
carried on by that registered person —
(i) a director;
(ii) a controller;
(iii) a money laundering reporting officer;
(iv) a compliance officer;
“subsidiary
” means a body corporate (whether or not incorporated under the
Companies Acts 1931 to 2004 or the Companies Act 2006) that is a
subsidiary of another body corporate (whether or not incorporated under
those Acts) and in determining whether one body corporate is a
subsidiary of another, section 1 (holding and subsidiary companies) of
the Companies Act 1974 applies with the necessary modifications; and
“Tribunal
” means the Financial Services Tribunal established under section 32
of the Financial Services Act 2008.
(2) In this Act “AML/CFT legislation
” means any of the following
enactments —
(a) the Anti-Terrorism and Crime Act 2003;
(b) Part 3 (money laundering) of the Proceeds of Crime Act 2008;
(c) the Terrorism (Finance) Act 2009;
(d) the Terrorist Asset-Freezing etc. Act 2010 (of Parliament) as
applied to the Island;
(e) any instrument of a legislative character made under one of the
Acts mentioned in paragraph (a) to (d).
(3) In this Act “relevant Act
” means any of the following —
(a) the Advocates Acts 1976;
(b) the Advocates Act 1995;
(c) the Collective Investment Schemes Act 2008;
(d) the Estate Agents Acts 1975;
(e) the Financial Services Act 2008;
(f) the Insurance Act 2008;
(g) the Legal Practitioners Registration Act 1986;
(h) the Moneylenders Act 1991;
(i) the Online Gambling Regulation Act 2001;
(j) the Retirement Benefits Schemes Act 2000;
(k) any other Act that is relevant to the regulation of a designated
business;
(l) any legislation in any other country or territory that is equivalent
to any of the above Acts.
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(4) The Authority may by order amend the lists of enactments in subsections
(2) and (3).7

4 Designated businesses

(1) Schedule 1 has effect.
(2) Schedule 1 contains a list of —
(a) certain Designated Non-Financial Businesses and Professions
(“designated businesses
”); and
(b) persons who are exempt from this Act or any of the provisions of
this Act.
(3) Schedule 1 may attach conditions to an exemption under subsection
(2)(b).
(4) The Authority, may by order, amend Schedule 1 so as to —
(a) vary the list of designated businesses;
(b) add or delete any exemptions; or
(c) impose, delete or vary conditions of exemption.8

5 Functions of Authority
9

Without limiting its functions under any other enactment, the Authority is
responsible for —
(a) assessing compliance with AML/CFT legislation in relation to any
designated businesses; and
(b) where any breach of that legislation is found, conducting
investigations into any potential criminal liability arising from
that breach.10

6 Delegation of functions of Authority
11

(1) The Authority may authorise any person it considers appropriate to
exercise any of its functions under this Act.12

(2) However —
(a) no power to make orders may be delegated; and
(b) no authority may be granted except for the purpose of inspecting
or investigating the affairs or any aspect of the affairs of the
person specified in the authority.
(3) Where such functions are to be exercised by another person that person
must disclose to the Authority any information obtained in the course of
exercising those functions.13

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(4) A person exercising any functions conferred by this section must, if
required to do so by a person in relation to whom a function is being
exercised, produce evidence of authority.
(5) A person is not bound to comply with a requirement imposed by a
person exercising powers conferred under subsection (1) unless, if
required, such evidence of authority is produced.
PART 2 – REGISTRATION

7 Prohibition on carrying on designated business if not registered

(1) A person must not carry on, or hold itself out as carrying on, a
designated business in or from the Island unless the person —
(a) is registered under this Act or exempted from being so registered;
(b) is acting in accordance with the terms of that registration or any
condition on exemption; and
(c) complies with AML/CFT legislation.
(2) A person is treated as carrying on a designated business —
(a) in the Island if the person —
(i) carries on a designated business from a permanent place of
business maintained by that person in the Island; or
(ii) engages in the Island in one or more of the activities which
constitute a designated business; or
(b) from the Island if the person is —
(i) a limited partnership registered in the Island under Part II
(limited partnerships) of the Partnership Act 1909;
(ii) a company incorporated outside the Island that is
registered under the Foreign Companies Act 2014;
(iii) a limited liability company formed under the Limited
Liability Companies Act 1996;
(iv) a company incorporated in the Island under the
Companies Acts 1931 to 2004;
(v) a company incorporated under the Companies Act 2006;
(vi) a foundation established under the Foundations Act 2011; or
(vii) an individual resident in the Island,
and carries on a designated business outside the Island.
(3) Without limiting subsection (1) a person is treated as holding itself out as
carrying on, in or from the Island, a designated business if the person
(whether inside or outside the Island) —
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(a) by means of any words in the name, title or address of a web site
or page or an internet site or page;
(b) by means of any words in an email name or address or in the
name, title or subject matter of an email; or
(c) by means of any words in a domain name,
expressly or by implication indicates that the person, or another, carries
on a designated business in, from or in connection with the Island, either
on the person’s own or another’s behalf or as an intermediary for
another.
(4) A person who contravenes this section is guilty of an offence and
liable —
(a) on summary conviction to a fine not exceeding £5,000 or to a term
of custody not exceeding 12 months, or to both; or
(b) on conviction on information to a fine or to a term of custody not
exceeding 2 years or to a fine, or to both.
8 Application for registration

(1) A person who intends to carry on a designated business (“the

applicant
”) must apply to the Authority to be registered unless
exempted from the requirement to register.14

(2) The application must —
(a) be in such form as the Authority may determine;15

(b) contain or be accompanied by such information as the Authority
may reasonably require for determining the application
including —
(i) the applicant’s name;
(ii) a description of the designated business;
(iii) any address from which the applicant carries on or intends
to carry on such business; and
(iv) details of any person who is a specified person in relation
to the applicant; and16

(c) be accompanied by such fee as may be prescribed, which is non-
refundable.
(3) In particular the information required may relate to whether or not the
applicant or a specified person in relation to the applicant has been
convicted of any of the offences mentioned in section 9(4) (fit and proper
person test).
(4) To assist in determining the application the Authority may require the
applicant, or any person who is or is proposed to be a specified person in
relation to the applicant, to provide such additional information as the
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Authority reasonably requires for determining the application, verified
in such manner as the Authority may require.17

(5) The applicant must notify the Authority immediately of any alteration or
inaccuracy in any information supplied under this section or of any event
that may affect the application in a material respect that the applicant
becomes aware of prior to being notified of its determination.18

(6) An applicant may withdraw an application under this section by written
notice to the Authority at any time before it is determined.19

9 Grant or refusal of registration

(1) On an application under section 8 (application for registration) the
Authority must either register the applicant, with or without attaching
conditions to the registration, or refuse the application in accordance
with this section and inform the applicant of its decision.20

(2) The registration remains effective until revoked under section 11 or until
a person is de-registered under section 12.
(3) The Authority must refuse to register an applicant if it is not satisfied
that the applicant or a specified person in relation to the applicant is a fit
and proper person.21

(4) For the purposes of subsection (3), a person may not be a fit and proper
person if the person —
(a) has been convicted of an offence —
(i) under AML/CFT legislation;
(ii) under the law of a country or territory outside the Island if
the conduct giving rise to the offence would constitute an
offence under sub-paragraph (i) if it had occurred in the
Island;
(iii) involving dishonesty (whether under the law of the Island
or elsewhere);
(iv) under a relevant Act; or
(v) of perjury or conspiracy to pervert the course of justice
(whether under the law of the Island or elsewhere);
(b) is or has been the subject of any action with respect to any breach
of a relevant Act or AML/CFT legislation;
(c) has knowingly or recklessly provided misleading or false
information in the application for registration; or
(d) is otherwise considered by the Authority not to be fit and proper
for reasons related to the risk of money laundering or the
financing of terrorism.22

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(5) The Authority may refuse to register an applicant if the application is not
made in accordance with section 8.23

(6) The Authority may publish guidance setting out the criteria that it will
normally apply in assessing whether or not to refuse, or attach
conditions to, an application.24

(7) If the Authority refuses to register an applicant under this section it must
give written reasons for so doing.25

10 Conditions of registration

(1) The Authority may attach conditions to any grant of registration under
this Act and may amend, vary, substitute or revoke any such condition
or attach new conditions.26

(2) The Authority must give the registered person notification of, and
reasons for, the attaching of any condition under subsection (1) or any
change with respect to such a condition.27

11 Revocation of registration

(1) The Authority may revoke a registration granted under this Act on any
of the following grounds —
(a) that the Authority is not satisfied that the registered person or a
specified person in relation to the registered person is a fit and
proper person;28

(b) that the registered person, or a person acting on the registered
person’s behalf, has provided the Authority with any false,
misleading or inaccurate information for the purposes of this
Act;29

(c) that the registered person has failed to comply with any condition
attached under section 10 (conditions of registration);
(d) that the registered person has failed to comply with AML/CFT
legislation;
(e) that the registered person has failed to comply with a direction
issued by the Authority under section 26;30

(f) that the registered person has failed to pay the annual fee
required by section 13(1)(b).31

(2) If the Authority revokes a registration under this section it must notify
the registered person in writing, giving reasons for its decision.32

(3) As soon as practicable after revoking a registration under this section the
Authority must take such steps (if any) as it considers appropriate to
notify the public.33

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(4) If the registration was revoked on the grounds mentioned in subsection
(1)(d), the Authority may refer the matter to the Attorney General for the
purpose of obtaining the Attorney General’s opinion as to whether there
is sufficient evidence to justify proceedings under AML/CFT legislation.34

12 De-registration

(1) The Authority may de-register a registered person on any of the
following grounds —
(a) that the registered person has notified the Authority under section
19(b) (ceasing to carry on any designated business) and has
requested to be de-registered;35

(b) that the Authority is satisfied that the registered person is no
longer required to be on the register.36
37

(2) As soon as practicable after a person is de-registered under this section
the Authority must take such steps (if any) as it considers appropriate to
notify the public.38

PART 3 – OVERSIGHT

DIVISION 1 – RETURNS, INSPECTIONS AND INVESTIGATION
13 Annual returns and fees

(1) A registered person must, for each year of registration, submit to the
Authority —
(a) an annual return as specified by the Authority; and39

(b) such annual fee as may be prescribed.40

(2) The annual return must include —
(a) a declaration as to the extent to which the registered person meets
the requirements of AML/CFT legislation; and
(b) such other information as the Authority may require.41

14 On-site inspections and investigations

(1) The Authority may carry out inspections and investigations at a
registered person’s premises to assess the extent to which the registered
person meets the requirements of this Act, AML/CFT legislation and its
own procedures for compliance with them.42

(2) The Authority may inspect the books, accounts and documents and
investigate the transactions of a registered person.43

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(3) The Authority has every power of entry and access as may be necessary
for the purposes of subsection (1) and may take possession of all such
books, accounts and documents as, and for so long as, may be necessary
for those purposes.44

(4) The Authority may take copies of all books, accounts and documents in
its possession for the purposes of an inspection and investigation under
this section.45

(5) The rights of entry and access under subsection (3) may be exercised only
during reasonable hours.
(6) The powers provided by this section may be exercised in relation to a
person whom the Authority reasonably suspects of carrying on a
designated business when not a registered person.46

15 Requests for information

(1) The Authority may request any person whom it reasonably believes may
hold information that the Authority reasonably requires for performance
of its functions under this Act to provide that information.47

(2) In particular, the Authority may request information about —
(a) the affairs of a customer of a registered person;
(b) any body corporate that is or has at any relevant time been —
(i) a holding company, subsidiary or related company of the
registered person;
(ii) a subsidiary of a holding company of the registered
person;
(iii) a holding company of a subsidiary of the registered
person; or
(iv) a body corporate in the case of which a shareholder
controller of the registered person, either alone or with any
associate, is entitled to exercise, or control the exercise of,
more than 50% of the voting power at a general meeting or
a meeting of the board of directors; and
(c) any partnership of which the person is or has at any relevant time
been a member.48

(3) If it has made a request of a registered person the Authority may issue a
direction under section 26 to that person to secure that effect is given to a
request under subsection (1) or (2) and the direction must include a
statement of reasons for its issue.49

(4) A statement by a person in response to the direction may not be used in
evidence against that person in respect of any criminal proceedings
except proceedings alleging contravention of section 22(1) (restrictions
on disclosure of information).
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(5) The powers provided by this section may also be exercised in relation to
a person who is, on reasonable grounds, suspected by the Authority of
carrying on, or having carried on a designated business when not a
registered person.50

16 Power of Authority to require information
51

(1) If, on an application made by the Authority, a justice of the peace is
satisfied that there is good reason to do so for the purpose of
investigating the affairs, or any aspect of the affairs, of any person so far
as to do so is relevant to assessing compliance with AML/CFT legislation
in relation to any designated business that the person is or was carrying
on, or appears to be or to have been carrying on, the justice may by
written instrument authorise the Authority to exercise the powers under
this section, which powers are not otherwise exercisable.52

(2) The Authority may, by notice in writing, accompanied by a copy of the
instrument issued by the justice of the peace under subsection (1),
require the person whose affairs are to be investigated or any other
person whom it has reason to believe has relevant information, to attend
before the Authority at a specified time and place to answer questions or
otherwise furnish information with respect to any matter relevant to the
investigation.53

(3) The Authority may, by notice in writing, accompanied by a copy of the
instrument issued by the justice of the peace under subsection (1),
require any person to produce at a specified time and place any specified
documents or copies of documents that appear to the Authority to relate
to any matter relevant to the investigation or any information of a
specified class that appear to it so to relate.54

(4) If documents or copies of documents are not produced as required under
subsection (3), the Authority may require the person who was required
to produce the information or copies to state, to the best of that person’s
knowledge and belief, where they are.55

(5) If any documents are produced as required under subsection (3), the
Authority may —
(a) take possession of all such documents for as long as the Authority
considers necessary;56

(b) take copies or extracts from them; or
(c) require the person producing them to provide an explanation of
any of them.57

(6) A statement by a person in response to a requirement imposed under
this section may not be used in evidence against that person in respect of
any criminal proceedings except proceedings alleging contravention
of —
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(a) section 18(2)(a); or
(b) section 22(2) (offence for contravening restriction on disclosure of
information).
(7) Where a person claims a lien on a document, its production under this
section is without prejudice to the lien.
17 Search warrants

(1) Where, on information on oath laid by the Authority, a judge is satisfied,
in relation to any documents, that there are reasonable grounds for
believing —
(a) that —
(i) a person has failed to comply with an obligation under
section 16 (power of Authority to require information) to
produce them or copies of them;58

(ii) it is not practicable to serve a notice under section 16(3) in
relation to them; or
(iii) the service of such a notice in relation to them might
seriously prejudice the investigation; and
(b) that they are on premises specified in the information,
the judge may issue such a warrant as is mentioned in subsection (2).59

(2) That warrant is a warrant authorising any person named in it —
(a) to enter (using such force as is reasonably necessary for the
purpose) and search the premises; and
(b) to take possession of any documents appearing to be documents
of the description specified in the information, or to take in
relation to any documents so appearing any other steps which
may appear to be necessary for preserving them and preventing
interference with them.
(3) If, during the course of a search of premises for documents of a
description specified in the information, other documents are discovered
that appear to contain evidence in relation to any offence, the person
named in the warrant may —
(a) take possession of those documents; or
(b) take in relation to them any other steps which may appear to be
necessary for preserving them and preventing interference with
them.
(4) A person executing a warrant issued under subsection (1) must be
accompanied by a constable.
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18 Offences in connection with inspections and investigations

(1) A person who —
(a) knows or suspects that —
(i) an inspection is being or is likely to be carried out under
section 14 (on-site inspections and investigations);
(ii) information is being or is likely to be requested under
section 15 (requests for information); or
(iii) information is being or is likely to be required under
section 16 (power of Authority to require information) or
17 (search warrants); and60

(b) falsifies, conceals, destroys or otherwise disposes of, or causes or
permits the falsification, concealment, destruction or disposal of,
information that the person knows or suspects is or would be
relevant to such an inspection or investigation or is or would be
requested,
is guilty of an offence unless the person proves that the person had no
intention of concealing facts disclosed by the information from persons
carrying out such an inspection or investigation or requesting such
information.
(2) A person who —
(a) without reasonable excuse fails to comply with a requirement
imposed on the person under section 16; or
(b) intentionally obstructs a person exercising powers conferred by
section 14, or section 17(2) or 17(3),
is guilty of an offence.
(3) A person guilty of an offence under this section is liable —
(a) on summary conviction to a fine not exceeding £5,000 or to
custody for a term not exceeding 12 months, or to both; or
(b) on conviction on information to a fine or to custody for a term not
exceeding 2 years, or to both.
DIVISION 2 – INFORMATION
19 Supply of information

A registered person must notify the Authority within any period specified in an
order under section 30 (civil penalties) —
(a) of any change in the information required to be given to the
Authority under section 8 (application for registration); or61

(b) if that person has ceased to carry on a designated business in
respect of which the Authority registered that person.62
63

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20 Offences in connection with supply of information

(1) A person who fails to give a notice required under section 19(a) without
reasonable excuse is guilty of an offence.
(2) A person who —
(a) furnishes or sends to the Authority for any purpose under this
Act information that the person knows to be false or misleading in
a material particular;64

(b) recklessly furnishes or sends to the Authority for the purposes of
this Act information that is false or misleading in a material
particular; or65

(c) in furnishing information to the Authority for the purposes of this
Act —
(i) makes a statement that the person knows to be false or
misleading in a material particular; or
(ii) recklessly makes a statement that is false or misleading in a
material particular,66

is guilty of an offence.
(3) A person who, without reasonable excuse, fails to furnish information
that the person is required to furnish to the Authority under this Act is
guilty of an offence.67

(4) A person guilty of an offence under this section is liable —
(a) on summary conviction to a fine not exceeding £5,000 or to
custody for a term not exceeding 12 months, or to both; or
(b) on conviction on information to a fine or to custody for a term not
exceeding 2 years, or to both.
21 Legal privilege

A person is not under an obligation under this Act to disclose any information
subject to legal privilege within the meaning of section 13 (meaning of “items
subject to legal privilege”) of the Police Powers and Procedures Act 1998.
22 Restrictions on disclosure of information

(1) If restricted information relating to the business or other affairs of any
person has been obtained it must not be disclosed by the primary
recipient, or by any person obtaining the information directly or
indirectly from the primary recipient unless —
(a) the person to whom it relates has consented; or
(b) the disclosure falls within the exceptions set out in Schedule 2.
Section 23 Designated Businesses (Registration and Oversight) Act 2015


Page 20 AT 9 of 2015 c

(2) A person who contravenes subsection (1) is guilty of an offence and
liable on summary conviction to a fine not exceeding £5,000 or to custody
for a term not exceeding 12 months, or to both.
(3) In this section —
“restricted information” means information obtained by the primary recipient
for the purposes of, or in the discharge of the primary recipient’s
functions by or under, this Act (whether or not by virtue of any
requirement to supply it made by or under this Act), other than
information made available to the public by virtue of its being disclosed
in any circumstances in which, or for any purpose for which, disclosure
is not precluded by this section; and
“primary recipient” means —
(a) the Treasury and its members;
(b) the Authority and its members; and68

(c) any officer or employee of any such person.
23 Auditors to report prescribed matters to Authority
69

(1) If an auditor knows or becomes aware of prescribed matters while
discharging any of the auditor’s functions (whether under this Act or
otherwise) in relation to a registered person the auditor must report
those matters to the Authority.70

(2) The Authority may, after consultation with the Treasury, the Department
of Home Affairs and such other body or bodies as appear to the
Authority to represent the interests of auditors in the Island, prescribe
the matters mentioned in subsection (1).71

24 Register and publication of information about registered persons

(1) The Authority must keep a register of registered persons containing —
(a) the name of each such person;
(b) the description of the designated business carried on by such
person (whether currently or in the past); and
(c) the principal address in the Island from which the person carries
on, or used to carry on, the business.72

(2) However, the register may contain any information in respect of a
formerly registered person only for up to one year after that person
ceased to be registered.
(3) The Authority must publish the information contained in the register on
the Authority’s website.73

(4) The Authority may offer for sale copies of information published under
this section at a reasonable charge.74

Designated Businesses (Registration and Oversight) Act 2015 Section 25


c AT 9 of 2015 Page 21

DIVISION 3 – ACTION AND ENFORCEMENT
25 Report and action to be taken

(1) The Authority may make a report of its findings resulting from an on-site
inspection under section 14(1) (on-site inspections and investigations).75

(2) The report may specify —
(a) any failure to meet the requirements of this Act, AML/CFT
legislation or its own procedures;
(b) any action the registered person must take to rectify the failure;
and
(c) the timescale for the taking of such action.
(3) If the registered person fails to take the action to the satisfaction of the
Authority within that timescale the Authority may issue a direction
under section 26 directing the registered person to take the action within
a further timescale.76

26 Directions

(1) The Authority may issue written directions under this section to a
registered person.77

(2) A direction may —
(a) require the person to whom it is directed to take such action in
respect of a designated business as is specified in the direction;
(b) impose such requirements as are necessary to secure that any
designated business carried on by that person is in whole or in
part suspended or discontinued; or
(c) require the person concerned to provide to the Authority a report
on any other matter that the Authority considers appropriate, in
such form as specified in the direction, by a person with relevant
professional skills nominated by, or considered acceptable to, the
Authority,78

and must include a statement of reasons for its issue.
(3) The Authority may revoke or vary a direction under this section and the
requirement in subsection (2) to give a statement of reasons applies to a
variation as it applies to the issue of a direction.79

27 Public statements

(1) The Authority may issue public statements relating to any of the
following —
(a) with respect to, or setting out, any direction that it has given
under section 26;
Section 28 Designated Businesses (Registration and Oversight) Act 2015


Page 22 AT 9 of 2015 c

(b) concerning a person if that person appears to the Authority to
have committed a contravention of any of the following —
(i) section 7 (prohibition on carrying on designated business if
not registered);
(ii) a condition attached under section 10 (conditions of
registration);
(iii) a direction given under section 26;
(iv) AML/CFT legislation;80

(c) concerning a person that the Authority considers is carrying on a
designated business, whether in the Island or elsewhere, and it
appears to the Authority to be desirable to issue the statement in
the best interests of the public.81
82

(2) If a public statement will identify any registered person, the Authority
must serve notice on the person before issuing the public statement.83

(3) If a public statement will identify any person who is not a registered
person and at any time before the Authority issues the public statement
it is reasonably practicable for it to serve notice on the person, the
Authority must do so.84

(4) A notice under subsection (2) or (3) must —
(a) give the reasons for issuing the statement;
(b) give the proposed or actual date of issue of the statement;
(c) contain a copy of the statement;
(d) give particulars of the right of appeal under section 33 (appeals) in
respect of the statement; and
(e) if the statement is issued, in accordance with a decision under
section 28(2)(b) (notice period for public statements), before the
day specified in section 28(1) in relation to the statement, give the
reasons for issuing it before that day.
(5) Subsection (4) does not require the Authority —
(a) to specify any reason that would in the Authority’s opinion
involve the disclosure of confidential information the disclosure
of which would be prejudicial to a third party; or85

(b) to specify the same reasons, or reasons in the same manner, in the
case of notices to different persons about the same matter.86

28 Notice period for public statements

(1) If service is required under section 27(2) or 27(3) in relation to a public
statement, the Authority must not issue the public statement earlier than
one month after the date of that service.87

Designated Businesses (Registration and Oversight) Act 2015 Section 29


c AT 9 of 2015 Page 23

(2) However, the Authority may issue the statement on or after an earlier
date if —
(a) each of the persons identified in the relevant public statement
agrees to that date; or
(b) the Authority decides on reasonable grounds that the interest of
the public in the issue of the relevant public statement on that
earlier date outweighs any detriment to the persons identified in
the statement as a result of such issue.88
89

(3) In making a decision under subsection (2)(b), the Authority is not
prevented from choosing as the date of issue of a public statement the
date of service (if any) of notice of the statement.90

(4) Despite this section, if an appeal is made to the Tribunal and the Tribunal
orders that the statement not be issued before any specified date or
event, the Authority must not issue the statement before the date or
event so specified.91

29 Injunctions and remedial orders

(1) If, on the application of the Authority, the Court is satisfied that it is
likely that a person will contravene (or continue or repeat a
contravention of) —
(a) section 7 (prohibition on carrying on a designated business if not
registered);
(b) a condition of registration attached under section 10 (conditions of
registration);
(c) section 19 (supply of information);
(d) a direction given under section 26; or
(e) AML/CFT legislation,
the Court may if it thinks fit issue an injunction restraining that person
from committing (or, as the case may be, continuing or repeating) the
contravention.92

(2) If, on the application of the Authority, the Court is satisfied that there are
steps that could be taken to remedy the contravention, the Court may
make an order requiring that person, or any other person who appears to
the Court to have been knowingly concerned, to take such steps as the
Court may direct to remedy the contravention.93

30 Civil penalties

(1) If the Authority is satisfied that a person is in breach of section 7
(prohibition on carrying on a designated business if not registered) or
has failed to —
Section 31 Designated Businesses (Registration and Oversight) Act 2015


Page 24 AT 9 of 2015 c

(a) comply with a condition attached under section 10 (conditions of
registration);
(b) submit the annual return required under section 13(1)(a) (annual
returns and fees) or any information to be submitted with the
return, as required by the Authority;94

(c) pay the annual fee required by section 13(1)(b);
(d) give a notice required under section 19(b) (supply of information)
without reasonable excuse; or
(e) comply with a direction issued under section 26,
it may require the registered person to pay a penalty of such amount as
may be prescribed in respect of the contravention.95

(2) However, no penalty may be required under this section if —
(a) the Authority revokes or intends to revoke the registered person’s
registration under section 11(1) (revocation of registration); or96

(b) criminal proceedings have been commenced in respect of the
contravention.
(3) If the Authority intends to impose a penalty, it must give notice in
writing to the registered person concerned giving notice of the decision,
the amount of the penalty it proposes to impose and the reasons for the
decision.97

(4) The Authority may prescribe additional circumstances in which a civil
penalty may be imposed in lieu of criminal proceedings under this Act.98

(5) An order under this section may make further provision about civil
penalties.
(6) Any amount received as a penalty is paid into and forms part of the
General Revenue of the Island.
PART 4 – SUPPLEMENTARY

31 Information and advice

(1) The Authority may provide such information and advice as it considers
appropriate with respect to —
(a) the functions of the Authority under this Act; and99

(b) any other matters about which it appears to the Authority to be
desirable to give information or advice.100
101

(2) The Authority may —
(a) publish the information and advice; and
(b) offer copies of it for sale at a reasonable price.102

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c AT 9 of 2015 Page 25

32 Guidance

(1) The Authority may —
(a) prepare and issue guidance for the purpose of establishing sound
principles for compliance by registered persons with this Act and
AML/CFT legislation;
(b) revise any such guidance by revoking, varying, amending or
adding to its provisions; and
(c) indicate in any such guidance if and to what extent it is or is not to
apply to any designated business carried on by registered
persons.103

(2) The Authority must cause any guidance issued under this section to be
published, and may make such arrangements as it thinks fit for such
distribution, including causing copies of the guidance to be put on sale to
the public at a reasonable price.104

(3) The Authority may issue different guidance in respect of different types
of designated businesses.105

(4) Subject to subsections (5) and (6), a failure on the part of any person to
follow any aspect of the guidance issued under this section does not of
itself render any person liable to proceedings of any kind or invalidate
any transaction, but such guidance is admissible as evidence in any
proceedings.
(5) In determining whether a person’s conduct amounts to a contravention
of any requirement of this Act, non-compliance by the person with any
aspect of the guidance or any relevant provision of a code issued under
AML/CFT legislation, may be relied on as tending to establish liability.
(6) In any proceedings under this Act or otherwise, any guidance issued
under this section is admissible in evidence if it appears to the court or
tribunal conducting the proceedings to be relevant to any question
arising in the proceedings, and must be taken into account in
determining any such question.
(7) A copy, certified in writing on behalf of the Authority to be an accurate
copy of the guidance or any aspect of it, is admissible in evidence in all
legal proceedings as the original and as evidence of any fact stated in it
of which direct oral evidence would be admissible.106

33 Appeals

(1) A person aggrieved may appeal, in accordance with rules made under
section 8 (rules of procedure) of the Tribunals Act 2006, to the Tribunal on
the grounds that any of the following decisions of the Authority was
unreasonable having regard to all the circumstances of the case —
Section 34 Designated Businesses (Registration and Oversight) Act 2015


Page 26 AT 9 of 2015 c

(a) refusal to register the person under section 9 (grant or refusal of
registration);
(b) attaching conditions to the grant of registration to the person or
amending, varying, substituting or revoking any condition so
attached under section 10 (conditions of registration);
(c) revocation of the person’s registration under section 11(1)
(revocation of registration);
(d) de-registration of the person’s registration under section 12(1)(b);
(e) issue of a direction to the person under section 26;
(f) refusal to revoke or vary a direction to the person under section
26(3);
(g) issue of a public statement to the person under section 27 (public
statements) (which appeal may be made before or after the issuing
of the statement); or
(h) imposition of a civil penalty on the person under section 30 (civil
penalties).107

(2) On the determination of an appeal under this section the Tribunal must
confirm, vary or revoke the decision in question.
(3) Any variation or revocation of a decision does not affect the previous
operation of that decision or anything duly done or suffered under it.
(4) Without limiting subsection (3), a decision of the Tribunal on an appeal
under this section is binding on the Authority and the applicant.108

(5) An appeal lies to the Court, in accordance with rules of court, on a
question of law from any decision of the Tribunal.
34 Liability of officers of bodies corporate

(1) Subsections (2) to (4) apply where an offence under this Act is committed
by a body corporate and it is proved that the offence —
(a) was committed with the consent or connivance of an officer of the
body; or
(b) was attributable to neglect on the part of an officer of the body.
(2) The officer, as well as the body, is guilty of the offence.
(3) If an individual is convicted of an offence under this Act by virtue of
subsection (2), that individual is liable to the penalty provided for the
offence.
(4) In this section “officer” has the meaning assigned by section 1(2) of the
Company Officers (Disqualification) Act 2009.
Designated Businesses (Registration and Oversight) Act 2015 Section 35


c AT 9 of 2015 Page 27

35 Orders

(1) The Authority may by order prescribe any matter that is to be, or may be,
prescribed under this Act.109

(2) An order under this Act may contain such transitional, consequential,
incidental or supplementary provisions as appear to the Authority to be
necessary or expedient for the purposes of the order.110

(3) Orders under this Act (other than an order under section 2) must be laid
before Tynwald as soon as practicable after they are made, and if
Tynwald at the sitting at which the regulations are laid or at the next
following sitting fails to approve them, they cease to have effect.
(4) Before making an order under this Act (other than an order under
section 23 (auditors to report prescribed matters to Authority), the
Authority must consult —
(a) the Treasury;
(b) the Department of Home Affairs; and
(c) any other body or person that the Authority considers
appropriate.111
112

36 Transitional provisions

(1) Despite anything in this Act, no offence is committed under section 7 by
a person who carried on a designated business immediately before the
coming into operation of that section.
(2) Subsection (1) applies only —
(a) for 6 months following the coming into operation of section 7; or
(b) if the person applies for registration under section 8 (application
for registration) within that 6 month period, until the application
is finally determined (including as a result of an appeal under
section 33 (appeals)) or is withdrawn.
37 Minor and consequential amendments

(1) Schedule 3 has effect.
(2) This section and Schedule 3 are automatically repealed —
(a) on the day after the promulgation of this Act; or
(b) if all of this section and Schedule 3 are not in operation on its
promulgation, on the day after the last provision of this section or
that Schedule is brought into operation.
(3) However, the repeal does not affect the continuing operation of any
amendments to enactments made by this Act.
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c AT 9 of 2015 Page 29

SCHEDULE 1

[Section 4]
DESIGNATED BUSINESSES AND EXEMPTIONS

PART 1 - DESIGNATED BUSINESSES
113

(1) The following are designated businesses for the purposes of this Act —
(a) lawyers;
(b) the business of audit services in respect of a body corporate;
(c) the business of an external accountant having the meaning in
paragraph 1(1)(f) of the relevant Schedule;
(d) the business of a tax adviser as defined in the Income Tax Act 1970;
(e) the business of a payroll agent having the meaning in paragraph
1(6) of the relevant Schedule;
(f) the business of lending, having the meaning in paragraph 1(1)(ff)
of the relevant Schedule;
(g) the business of financial leasing arrangements, having the
meaning in paragraph 1(1)(gg) of the relevant Schedule;
(h) the business of providing financial guarantees and commitments,
having the meaning in paragraph 1(1)(hh) of the relevant
Schedule;
(i) the business of an estate agent within the meaning of the Estate
Agents Act 1975;
(j) the business of dealing in goods, having the meaning in
paragraph 1(1)(bb) of the relevant Schedule;
(k) the provision of safe custody facilities for cash or liquid securities,
deposit boxes or other secure storage facilities, having the
meaning in either or both of paragraphs 1(1)(aa) or 1(1)(ii) of the
relevant Schedule;
(l) the business of issuing, transmitting, transferring, providing safe
custody or storage of, administering, managing, lending, buying,
selling, exchanging or otherwise trading or intermediating
convertible virtual currencies, including crypto-currencies or
similar concepts where the concept is accepted by persons as a
means of payment for goods or services, a unit of account, a store
of value or a commodity; and
(m) the activity of a specified non-profit organisation, having the
meaning in paragraph 1(6) of the relevant Schedule.
(2) In this Schedule —
SCHEDULE 1 Designated Businesses (Registration and Oversight) Act 2015


Page 30 AT 9 of 2015 c

“lawyer
” means a person referred to in paragraph 1(1)(g) of the relevant
Schedule when undertaking an activity referred to in paragraph 1(1)(h)
of that Schedule; and
“relevant Schedule
” means Schedule 4 (regulated sector and supervisory
authorities) to the Proceeds of Crime Act 2008.
PART 2 – PERSONS EXEMPT FROM THIS ACT

(1) This Act does not apply to a person whilst acting in his or her capacity as
any of the following —
(a) a person licensed under the Financial Services Act 2008;
(b) a person which is regarded as constituting a collective investment
scheme established under, and conducted in compliance with, the
Collective Investment Schemes Act 2008;
(c) an authorised insurer within the meaning of the Insurance Act
2008;
(d) a foreign insurer to whom the Authority has issued a permit
under section 22 of the Insurance Act 2008;114

(e) a registered insurance manager or registered insurance
intermediary under Part VI of the Insurance Act 2008;
(f) a person registered as an authorised or recognised scheme under
the Retirement Benefits Schemes Act 2000;
(g) a trustee or retirement benefits scheme administrator of a
retirement benefit scheme registered under the Retirement Benefits
Scheme Act 2000;
(h) the holder of a certificate granted in respect of specific premises
under the Gaming (Amendment) Act 1984;
(i) the holder of a licence granted under the Gaming (Amendment) Act
1984;
(j) the holder of a licence granted under the Online Gambling
Regulation Act 2001;
(k) the holder of any of the following —
(i) a bookmaker’s permit granted under section 14 of the
Gaming, Betting and Lotteries Act 1988;
(ii) a betting office licence granted under section 15 of the
Gaming, Betting and Lotteries Act 1988;
(iii) a racecourse licence granted under section 22 of the
Gaming, Betting and Lotteries Act 1988;
(iv) a licence to operate a totalisator on an approved racecourse
granted under section 24 of the Gaming, Betting and Lotteries
Act 1988;
Designated Businesses (Registration and Oversight) Act 2015 SCHEDULE 1


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(l) the holder of a casino licence granted under the Casino Act 1986.
Designated Businesses (Registration and Oversight) Act 2015 SCHEDULE
2


c AT 9 of 2015 Page 33

SCHEDULE 2

[Section 22(1)(b)]
EXCEPTIONS TO PROHIBITION ON DISCLOSURE

1 Specific exceptions

(1) Section 22 does not preclude the disclosure of information —
(a) to the Attorney General with a view to the institution of or
otherwise for the purposes of criminal proceedings whether in the
Island or elsewhere;
(b) to the Attorney General for use as evidence in criminal
proceedings whether in the Island or elsewhere and whether or
not the information is comprised in documents;
(c) to any constable for the purpose of enabling or assisting the Isle of
Man Constabulary to discharge its functions;
(d) with a view to the institution of or otherwise for the purposes of
any civil proceedings arising under or by virtue of this Act or any
relevant Act;
(e) for the purpose of enabling or assisting the Treasury to discharge
its functions under this Act or under the enactments relating to
companies, insurance companies or insolvency or for the purpose
of enabling or assisting any inspector appointed by the Court
under the enactments relating to companies to discharge the
functions of inspector;
(f) for the purpose of enabling or assisting the Department of
Economic Development under enactments relating to the
regulation and registration of companies, limited partnerships
and other similar bodies;
(g) for the purpose of enabling or assisting the Department of Home
Affairs to discharge any of its functions under AML/CFT
legislation;
(h) for the purpose of enabling or assisting a body administering a
scheme under section 25 (compensation schemes) of the Financial
Services Act 2008 to discharge its functions under the scheme;
(i) for the purpose of enabling or assisting the Authority to discharge
its functions under this Act, the Financial Services Act 2008, the
Collective Investment Schemes Act 2008, the Insurance Act 2008, the
Retirement Benefits Schemes Act 2000 or any other of its functions;115

(j) for the purpose of enabling or assisting the Authority to discharge
its functions under any enactment with respect to a possible
breach of AML/CFT legislation;116

SCHEDULE
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(k) by any person in order to provide the Authority with a report
under section 26(2)(c) (report by person with appropriate
professional qualifications) to enable the Authority to pass
information to that person to assist the person in fulfilling the
person’s functions under that provision;117

(l) for the purposes of enabling or assisting any person to whom the
Authority has delegated any of its functions under section 6(1)
(delegation of functions of Authority) to carry out any such
function or in meeting the person’s obligations under section
6(3);118

(m) for the purposes of enabling the following tribunals to carry out
their functions —
(i) the Financial Services Tribunal established under section
32 of the Financial Services Act 2008 (regardless of the
enactment under which the function is conferred);
(ii) the Collective Investment Schemes Tribunal established
under section 21 of the Collective Investment Schemes Act
2008;
(iii) the Insurance Tribunal established under section 45 of the
Insurance Act 2008;
(iv) the Retirement Benefits Schemes Tribunal established
under section 38 of the Retirement Benefits Schemes Act 2000;
(n) [Repealed]119

(o) for the purpose of enabling or assisting the Assessor of Income
Tax to discharge functions under enactments relating to income
tax;
(p) for the purpose of enabling or assisting an official receiver
(whether appointed in the Island or elsewhere and whether in
respect of a person in the Island or elsewhere) to discharge the
functions of official receiver under the enactments relating to
insolvency;
(q) for the purpose of enabling or assisting a receiver or liquidator
(whether appointed in the Island or elsewhere and whether in
respect of a person in the Island or elsewhere) to discharge the
functions of receiver or, as the case requires, liquidator;
(r) with a view to the institution of, or otherwise for the purposes of,
any disciplinary proceedings relating to the exercise by an
advocate, registered legal practitioner (within the meaning of the
Legal Practitioners Registration Act 1986) or other legal professional,
auditor, accountant, valuer or actuary of their professional duties;
(s) for the purpose of enabling or assisting any person appointed or
authorised to exercise any powers under section 15 of, and
Designated Businesses (Registration and Oversight) Act 2015 SCHEDULE
2


c AT 9 of 2015 Page 35

Schedule 2 to, the Financial Services Act 2008 or section 16 of the
Collective Investment Schemes Act 2008 to discharge those functions;
(t) for the purpose of enabling or assisting in the discharge of the
functions of the auditor of a registered person;
(u) for the purpose of enabling or assisting the Isle of Man Office of
Fair Trading and any adjudicator to discharge their functions
under Schedule 4 (mediation and adjudication) to the Financial
Services Act 2008 or for the purpose of enabling or assisting any
person exercising equivalent functions outside the Island;
(v) for the purpose of enabling or assisting the Isle of Man Office of
Fair Trading to discharge its functions under the enactments listed
in sub-paragraph (2);
(w) for the purpose of enabling or assisting the Collector of Customs
and Excise to discharge the Collector’s functions under
enactments relating to customs and excise or in relation to any
assigned matter (as defined in section 184 (interpretation) of the
Customs and Excise Management Act 1986);
(x) for the purpose of enabling or assisting the Gambling Supervision
Commission in the discharge of its functions under enactments
relating to all forms of gambling;
(y) if the information is or has been available to the public from other
sources;
(z) in a summary or collection of information framed in such a way
as not to enable the identity of any person to whom the
information relates to be ascertained; or
(aa) for the purpose of enabling the Public Services Commission to
investigate the conduct of its employees (within the meaning of
section 7(1) of the Public Services Commission Act 2015).120

(2) The enactments referred to in sub-paragraph (1)(v) are —
(a) the Auctions Act 1985;
(b) the Chapmen’s Act 1971;
(c) the Consumer Protection Act 1991;
(d) the Consumer Protection (Trade Descriptions) Act 1970;
(e) the Fair Trading Act 1996;
(f) the Moneylenders Act 1991;
(g) the Non-Resident Traders Act 1983;
(h) the Timeshare Act 1996;
(i) the Trade Marks Act 1994 (of Parliament);
(j) the Unsolicited Goods and Services (Isle of Man) Act 1974; and
(k) the Video Recordings Act 1995.
SCHEDULE
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(3) The Treasury may by order amend the list in sub-paragraph (2).
(4) [Substituted item (1)(aa) in paragraph 1 of Schedule 2 to the Designated
Businesses (Registration and Oversight) Act 2015.]
2 Designated authorities

(1) Section 22 does not preclude the disclosure of information for the
purpose of enabling or assisting any public or other authority in the
Island for the time being designated for the purposes of this paragraph
by an order made by the Treasury to discharge any functions which are
specified in the order.
(2) An order under sub-paragraph (1) designating an authority for the
purposes of that sub-paragraph may —
(a) impose conditions subject to which the disclosure of information
is permitted by that sub-paragraph; and
(b) otherwise restrict the circumstances in which that sub-paragraph
permits disclosure.
3 Notices and registers

Section 22 does not preclude the disclosure of any information contained in —
(a) any notice or copy of a notice, notice of the contents of which has
not been given to the public, by the person on whom it was
served or any person obtaining the information directly or
indirectly from the person on whom it was served; or
(b) any register maintained under this Act.
4 Competent authorities

(1) Section 22 does not preclude the disclosure of information to a competent
authority.
(2) The following are competent authorities for the purposes of sub-
paragraph (1) —
(a) any person having supervisory, regulatory or disciplinary
functions in relation to financial services, any profession or any
area of commercial activity;
(b) any person having functions corresponding to any of the
functions of a person mentioned in paragraph (a) under the law of
any country or territory other than the Island.
(3) However, sub-paragraph (1) does not permit the disclosure of any
information relating to the affairs of a customer unless —
(a) the customer consents; or
Designated Businesses (Registration and Oversight) Act 2015 SCHEDULE
2


c AT 9 of 2015 Page 37

(b) the Authority has given its written consent to the disclosure in
accordance with the following provisions of this paragraph.121

(4) The Authority may consent to a disclosure of information to which sub-
paragraph (3) applies if the Authority is satisfied that disclosure is
appropriate having regard to its functions, the confidential nature of the
information and the purpose for which it is required.122

(5) In deciding whether to consent to a disclosure of information under sub-
paragraph (3)(b), the Authority must take the following factors into
account —
(a) the seriousness of the circumstances of the particular case;
(b) whether the disclosure is (either itself or when taken with other
material) likely to be of substantial value to the body to which it is
made;
(c) whether the information could be obtained by other means;
(d) the standards of confidentiality and information security which
will be applied by the recipient;
(e) whether the making of the disclosure is proportionate to what is
sought to be achieved by it;
(f) whether reciprocal assistance would be given in the country or
territory concerned.123

(6) The factors set out in sub-paragraph (5) are neither exhaustive nor
definitive.
Designated Businesses (Registration and Oversight) Act 2015 SCHEDULE
3


c AT 9 of 2015 Page 39

SCHEDULE 3

[Section 37(1)]
MINOR AND CONSEQUENTIAL AMENDMENTS

1 Financial Services Act 2008

(1) [Amendments to the Financial Services Act 2008.]
(2) [Amends section 4(2)(b).]
(3) [Amends the definition of “specified enactment” in section 33(4)
(statutory indemnity).]
(4) [Substitutes section 34(1) (mutual assistance).]
(5) [Substitutes section 40(3) (offences in connection with information).]
(6) [Substitutes section 42(4) (offences by bodies corporate).]
(7) [Inserts definition of AML/CFT legislation in section 48(1).]
(8) [Amends paragraph 2 of Schedule 1.]
(9) [Substitutes paragraph 3(1) of Schedule 2.]
(10) [Amends paragraph 2(1) of Schedule 5.]
2 Insurance Act 2008

(1) [Amendments to the Insurance Act 2008.]
(2) [Amends Schedule 5.]
(3) [Amends paragraph 2(1) of Schedule 6.]
3 Proceeds of Crime Act 2008

[Substitutes section 157(5)(a) of the Proceeds of Crime Act 2008.]
Endnotes Designated Businesses (Registration and Oversight) Act 2015


Page 40 AT 9 of 2015 c

ENDNOTES

Table of Endnote References


1
Long title amended by SD2015/0090 as amended by SD2015/0276. 2
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 3
ADO remaining provisions in operation 26 October 2015 [SD2015/0214]. 4
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 5
Definition of “Authority” inserted by SD2015/0090 as amended by SD2015/0276. 6
Definition of “Committee” repealed by SD2015/0090 as amended by SD2015/0276. 7
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 8
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 9
S 5 heading substituted by SD2015/0090 as amended by SD2015/0276. 10
S 5 amended by SD2015/0090 as amended by SD2015/0276. 11
S 6 heading substituted by SD2015/0090 as amended by SD2015/0276. 12
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 13
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 14
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 15
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 16
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 17
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 18
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 19
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 20
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 21
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 22
Para (d) amended by SD2015/0090 as amended by SD2015/0276. 23
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 24
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 25
Subs (7) amended by SD2015/0090 as amended by SD2015/0276. 26
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 27
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 28
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 29
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 30
Para (e) amended by SD2015/0090 as amended by SD2015/0276. 31
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 32
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 33
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 34
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 35
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 36
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 37
Subs (1) amended by SD2015/0090 as amended by SD2015/0276.
Designated Businesses (Registration and Oversight) Act 2015 Endnotes


c AT 9 of 2015 Page 41

38
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 39
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 40
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 41
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 42
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 43
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 44
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 45
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 46
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 47
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 48
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 49
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 50
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 51
S16 heading substituted by SD2015/0090 as amended by SD2015/0276. 52
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 53
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 54
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 55
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 56
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 57
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 58
Subpara (i) amended by SD2015/0090 as amended by SD2015/0276. 59
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 60
Subpara (iii) amended by SD2015/0090 as amended by SD2015/0276. 61
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 62
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 63
S 19 amended by SD2015/0090 as amended by SD2015/0276. 64
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 65
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 66
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 67
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 68
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 69
S 23 heading substituted by SD2015/0090 as amended by SD2015/0276. 70
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 71
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 72
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 73
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 74
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 75
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 76
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 77
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 78
Para (c) amended by SD2015/0090 as amended by SD2015/0276.
Endnotes Designated Businesses (Registration and Oversight) Act 2015


Page 42 AT 9 of 2015 c

79
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 80
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 81
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 82
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 83
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 84
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 85
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 86
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 87
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 88
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 89
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 90
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 91
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 92
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 93
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 94
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 95
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 96
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 97
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 98
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 99
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 100
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 101
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 102
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 103
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 104
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 105
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 106
Subs (7) amended by SD2015/0090 as amended by SD2015/0276. 107
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 108
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 109
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 110
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 111
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 112
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 113
Part 1 substituted by SD2015/0282. 114
Item (d) amended by SD2015/0090 as amended by SD2015/0276. 115
Item (i) substituted by SD2015/0090 as amended by SD2015/0276. 116
Item (j) amended by SD2015/0090 as amended by SD2015/0276. 117
Item (k) amended by SD2015/0090 as amended by SD2015/0276. 118
Item (l) amended by SD2015/0090 as amended by SD2015/0276. 119
Item (n) repealed by SD2015/0090 as amended by SD2015/0276.
Designated Businesses (Registration and Oversight) Act 2015 Endnotes


c AT 9 of 2015 Page 43

120
Item (aa) substituted by Designated Businesses (Registration and Oversight) Act
2015 Sch 2, effective on the coming into operation of section 7(1) of the Public Services
Commission Act 2015 on 03/07/2015. (See SD2015/0229). 121
Item (b) amended by SD2015/0090 as amended by SD2015/0276. 122
Subpara (4) amended by SD2015/0090 as amended by SD2015/0276. 123
Subpara (5) amended by SD2015/0090 as amended by SD2015/0276.