1. The New Manx Vehicle 24 October 2006

2. INTRODUCTION Jane D N Bates Head of Authorisations and Companies Financial Supervision Commission

3. The FSC’s role so far Protecting the Island’s reputation by - Seeking to address the risks Supporting the opportunities Practical results -

4. 1.Influencing the Bill Seeking to address negative perceptions - Lack of transparency Annual returns Accounting records – NOT annual accounts “Bottom fishing” Strong, well regulated CSP industry Regulation of registered agents and corporate directors

5. 2.Practical implementation Regulations - Who can do what? Practice Notes - What do you need to file? Maintaining the public record On-line filing

6. 3.Regulation and supervision Regulating the registered agent and corporate director Setting the standards Working together