1. TSP Legislative Framework Liz Berry Senior Policy Adviser – Companies

2. TSP Legislative Framework Legislation & guidance TSP Regulated Activities “New” TSP Licence Exemptions TSP Licence Categories TSP Financial Resources Legislative Timetable

3. TSP Legislative Framework Corporate Service Providers Act 2000 updated By Fiduciary Services Act [2005] Collectively = Fiduciary Services Acts 2000 and 2005

4. TSP Legislative Framework Fiduciary Services (General Requirements) Regulatory Code [2005] Fiduciary Services (Clients’ Money and Trust Money) Regulatory Code [2005]

5. TSP Legislative Framework Licensing Policy Training & Competence Framework consultation

6. Who needs a TSP licence? TSP Regulated Activities – By way of business In or from Isle of Man

7. Who needs a TSP licence? “express trust” Foundations Annual licence fee banded by number of companies, partnerships and trusts

8. TSP Regulated Activities Acting as trustee, protector or enforcer Trust administration Trust Corporation (Trustee Act 1961, s.65A)

9. “New” TSP Licence Exemptions “Domestic” trusts (residence/domicile settlor/testator) “Specified Persons” Advocates Registered Legal Practitioner Chartered & Certified Accountants De minimis (individuals who are Specified Persons only)

10. TSP Licence Categories Category 1 – all TSP regulated activities except Trust Corporation Category 2 – acting as co-trustee or protector (individuals only) Trust Corporation – all TSP regulated activities including functions reserved to Trust Corporations (trust & probate law)

11. TSP Financial Resources Fit and proper test (solvency criteria) General Requirements Code (Para.11 & guidance) Applies to business as a whole (CSP & TSP) Going concern (solvency)

12. TSP Financial Resources Audited accounts Must provide sufficient information Conform to recognised standards (IAS, UK or US GAAP) Liquidity monitoring (solvency) Liquidity quarterly declaration

13. TSP Financial Resources Adequately capitalised (£25,000 paid up) Sole trader (£25,000 segregated bank deposit)

14. TSP Financial Resources Matters on which Auditor required to report to FSC Relates to annual audit work Directors’ solvency declaration Quarterly liquidity declarations Clients’ money account Material breaches of Act or Codes

15. Legislative Timetable Fiduciary Services Act [2005] Royal assent (June Tynwald?) Into operation (Appointed Day Order incl transitional arrangements) Rehabilitation of Offenders Act 2001 (Exceptions) (Amendment) Order 2005

16. Legislative Timetable After enactment Fiduciary Regulatory Codes into operation Amendment to Anti Money Laundering Code to include TSPs

17. TSP Legislative Framework Liz Berry Senior Policy Adviser – Companies