Fiduciary Services Act 2005

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/2005/2005-0005/FiduciaryServicesAct2005_1.pdf
Published: 2012-09-01

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Fiduciary Services Act 2005

c i e
AT 5 of 2005

FIDUCIARY SERVICES ACT 2005

Fiduciary Services Act 2005 Index


c AT 5 of 2005 Page 3

c i e
FIDUCIARY SERVICES ACT 2005

Index Section Page

1 and 2 [Repealed] ............................................................................................................. 5
3 Liability in respect of trusts ........................................................................................... 5
4 Miscellaneous amendments and repeals ..................................................................... 5
5 Citation and commencement ........................................................................................ 5
SCHEDULES 1 AND 2 7

SCHEDULE 3 7

MISCELLANEOUS AMENDMENTS 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Fiduciary Services Act 2005 Section 3


c AT 5 of 2005 Page 5

c i e
FIDUCIARY SERVICES ACT 2005

Received Royal Assent: 13 July 2005
Announced to Tynwald: 13 July 2005
Commenced: 13 July 2005
AN ACT
to amend the Corporate Service Providers Act 2000 to provide for the
licensing, regulation and supervision of certain persons who act as trustees or
partners or provide certain services in relation to trusts and partnerships; and
for connected purposes.
1 and 2 [Repealed]
1

3 Liability in respect of trusts

No contract, act (including omission) or proceeding of, or on behalf of, a trust or
its trustees shall be called into question nor treated as illegal, invalid or
unenforceable by reason only that a fiduciary undertook any regulated activity
for or in respect of the trust or trustees in contravention of section 4 of the
Financial Services Act 2008 and no right of action shall arise in civil proceedings
against the trust or trustees (other than the fiduciary) by reason only of that
contravention.2

4 Miscellaneous amendments and repeals

(1) The enactments mentioned in Schedule 3 are amended in accordance
with that Schedule.
(2) [Repealed]3

5 Citation and commencement

(1) This Act may be cited as the Fiduciary Services Act 2005.
(2) [Repealed]4

(3) This Act shall come into operation on such day as the Treasury may by
order appoint and different days may be so appointed for different
provisions and for different purposes.5

Fiduciary Services Act 2005 Schedules 1 and 2



c AT 5 of 2005 Page 7

Schedules 1 and 2
6

Schedule 3

MISCELLANEOUS AMENDMENTS

Section 4
[Sch 3 amended by Collective Investment Schemes Act 2008 Sch 7 and by
Financial Services Act 2008 Sch 7 (with savings - see para 5 of Sch 8), and
amends the following Acts —
Trustee Act 1961 q.v.
Purpose Trusts Act 1996 q.v.
Companies (Transfer of Domicile) Act 1998 q.v.
Companies, etc. (Amendment) Act 2003 q.v.
Tribunals Act 2006 q.v.]
Fiduciary Services Act 2005 Endnotes


c AT 5 of 2005 Page 9

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Ss 1 and 2 repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5 of
Sch 8). 2
S 3 amended by Financial Services Act 2008 Sch 6. 3
Subs (2) repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5 of Sch
8). 4
Subs (2) repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5 of Sch
8). 5
ADO (whole Act) 13/7/2005 (with saving) (SD467/05). 6
Schs 1 and 2 repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5
of Sch 8).