FINANCIAL SERVICES (INVESTMENT AND FIDUCIARY …

1 FINANCIAL SERVICES (Investment and FIDUCIARY SERVICES ) 1989-47. FINANCIAL SERVICES (INVESTMENT AND. FIDUCIARY SERVICES ) ACT*. Principal Act Act. No. 1989-47 Commencement LN. 1991/009 Assent Amending Relevant current Commencement enactments provisions date LNs. 1992/138 (1), 3(3), 8(1), (2) and (3), 11A, 38(1)(b), (c) and (d), 41(1)(b) and 56(1)(c) and (d) 1993/151 , 8(1), (2), (3) and (4), 12(1), 13(1), 58(2)(e) and Act. 1993-17 (1), 49, 56 and 57 LN. 1995/144 Sch. 3 Act. 1998-10 (1), 3(1), 6(3), 8(1), 9(c), (cc).

2 And (d), 10(4), 11(hh), 11A, 12(1), 13(1), 13A, 24(1), 26(2A), 29A, 32(1)(a), 34, 38(1)(a), 42(1)(a) and (2), 43, 44(1)(h) and (i), 45(1)(c), (d), (e) and (f) and (5), 47, 48(2), (2)(aa) and (5), 49(2), 50(1) and (2), 51(1) and (3), 52, 53(1), (2), (3) and (4), 56(1)(a) and (b) and (4), 57(1)(a), 58(1), and LN. 1998/035 Act. 2002-22 ss. 2(1), 8(2)(a), (b), (b)(i) and (ii). and 38(1)(c) LN. 2002/088 Sch. 2 and 3 Act. 2005-01 ss. 38A-38G, 44(1)(h), (i) and (j). and para 3, 2005-48 ss. 2(1), (2), (3) & (4), Part III &.

3 Sch. 5 2006-03 ss. 2(1), 3(2)(b), (2A), 6(1A), 8(3). & (4), 11B, 14(1), (2)(b) & (c), *. This Act was formerly the FINANCIAL SERVICES Act 1989. Name substituted by Act 2006-42 as from 1989-47 FINANCIAL SERVICES (Investment and FIDUCIARY SERVICES ). 33A, 34(b), 35(1A), 42(4), 44(1)(ee), 46(b), 53, 53(2), 59(1) &(1)(c) & (d), 57A, Sch. 2, 2A, 2B, 3 & 4 2006-42 ss. 1(1) & (2), 2(1), 29A(1)(a) &. (c), 31(1) & (1)(a) & (aa), 39, 60(4) & Sch. 2B LN. 2008/079 Sch. 3 2010/082 Sch. 1 2016/055 Sch. 3, 4 2017/061 Sch. 3 2017/0671 Sch.

4 3 Act. 2017-18 ss. 10(1), (2)(b)(ii), 11(2)(a), (h), 12(2)(a), (e)(iii), 13A(2)(b), 14(2)(a)(iv), 38(1)(a), (b), 40(3), 42(2)(b) LN. 2017/204 Sch. 3 2017/135 ss. 38A, 38H 38K, Sch. 3 2018/041 ss. 38A 38ZW, 48(1A), Sch. 3. &5 English sources: None EU Legislation/International Agreements involved: Directive 73/239/EEC Directive 2002/65/EC. Directive 77/780/EEC Directive 2002/92/EC. Directive 79/279/EEC Directive 2005/60/EC. Directive 89/646/EEC Directive 2006/48/EC. Directive 92/30/EEC Directive 2007/64/EC. Directive 97/5/EC Directive 2014/65/EU.

5 Directive 97/7/EC Directive (EU) 2016/97. 1. For Transitional Arrangement see Legal Notice 2. Notice of Commencement LN. 2018/193. FINANCIAL SERVICES (Investment and FIDUCIARY SERVICES ) 1989-47. FINANCIAL SERVICES (INVESTMENT AND FIDUCIARY . SERVICES ) ACT. ARRANGEMENT OF SECTION. Section 1. Title and commencement. 2. Interpretation. PART I. LICENSING OF INVESTMENT BUSINESS AND CONTROLLED. ACTIVITIES. 3. Restriction on the carrying on of investment business or controlled activities. 4. Exempted persons. 5. Power to extend or restrict scope of Act.

6 6. Application for licence. 7. Licensing regulations. 8. Grant or refusal of licence. 9. Criteria for the grant of licence. 10. Imposition of conditions on licence. 11. Cancellation or suspension of licence. PART II. CONDUCT OF BUSINESS. 11A. Application of conduct of business regulations, etc. 11B. Modification or waiver of regulations. 12. Conduct of business regulations. 13. Accounting and FINANCIAL regulations. 13A. Auditor to notify Authority of certain matters. 14. Advertising regulations. 15. Unsolicited calls regulations.

7 PART III. Repealed PART IV. INVESTMENT EXCHANGES AND CLEARING HOUSES. 29. Application for licence. 29A. Investment exchanges. 30. Notice to be given to the Authority. 31. Regulations on information to be given to the Authority. 1989-47 FINANCIAL SERVICES (Investment and FIDUCIARY SERVICES ). PART V. POWERS OF INTERVENTION. 32. Meaning of relevant person . 33. Power to require information and production of documents, etc. 33A. Skilled Person's Report. 34. Extension of powers to obtain information, etc. 35. Directions.

8 36. Notice of directions. 37. Application to the Court. 38. Investigations. PART V(A). INSURANCE AND REINSURANCE DISTRIBUTION. Preliminary 38A. Overview. 38B. Interpretation of Part. 38C. Competent authority. 38D. Use of intermediaries. Registration requirements 38E. Registration. Freedom to provide SERVICES and freedom of establishment 38F. Exercise of the freedom to provide SERVICES . 38G. Breach of obligations when exercising the freedom to provide SERVICES . 38H. Exercise of the freedom of establishment. 38I. Division of competence between home and host States.

9 38J. Breach of obligations when exercising the freedom of establishment. Professional and organisational requirements 38K. Knowledge, ability and continuing development requirements. 38L. Fit and proper requirements. 38M. Indemnity arrangements. 38N. Publication of general good' laws. 38O. Authority's powers in relation to general good' laws. 38P. Cooperation and exchange of information with competent authorities of EEA States. 38Q. Complaints. 38R. Out-of-court redress. FINANCIAL SERVICES (Investment and FIDUCIARY SERVICES ) 1989-47.

10 Information requirements and conduct of business rules 38S. General principle. 38T. General information provided by insurance intermediary or undertaking. 38U. Conflicts of interest and transparency. 38V. Advice and sales where no advice is given. 38W. Information provided by ancillary insurance intermediaries. 38X. Information exemptions and flexibility. 38Y. Information conditions. 38Z. Cross-selling. 38ZA. Product oversight and governance requirements. Additional requirements: insurance-based investment products 38ZB.