Need banking or investment regulatory guidance?
We have extensive experience working across the financial services, and provide advice, counsel and legal support
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We provide specialist banking and investment legal and regulatory services in the Isle of Man

We have extensive experience working within the financial services sector, and provide advice, counsel and legal support to our clients.

Financial services is one of the largest economic sectors on the Isle of Man. The Island is well known as a leading international business centre. It has achieved through innovation, professionalism and most importantly the regulatory environment it has created and maintained across the diversity of the industry.

The activities of banking and investments in, or from, the Isle of Man (if undertaken by way of business) are regulated by the Isle of Man Financial Services Authority under the Regulated Activities Order 2011 (amended to 2019). The Regulated Activities Order 2011 can be viewed here: Download Document

Although there are other classes within the regulations, our main focus has been with Class 1 and 2 licence-holders:

Class 1 | Deposit Taking

This takes three forms:

  1. Existing holders of deposit-taking banking licences and to any institutions taking retail deposits.
  2. An Isle of Man incorporated company which is part of a non-banking group, established and licensed to provide services to corporate organisations and to a restricted class of individuals.
  3. Representative offices of banks operating and licensed outside the Isle of Man which are not able to take deposits in the island.

Class 2 | Investment Business

This encompasses dealing in investments as principal or agent; arranging deals; managing investments; providing administration and safeguarding of investments under a contractual relationship; advising a trustee or manager of a retirement benefits scheme. The regulations provide for a number of exclusions, among which are the issue of own shares or debentures; groups and joint enterprises; transactions with an overseas person who is authorised to conduct that activity by:

  • An overseas regulator
  • Venture capital
  • Employees’ share schemes
  • Providing corporate or trust services (which are regulated separately under Classes 4 and 5)
  • Incidental professional services (legal, accountancy etc.)
  • Advice given in the media
  • Insurers
  • Friendly societies
  • Where the activity is carried out by a collective investment scheme for the scheme’s own account
  • Investment based crowdfunding services (which are regulated separately under Class 6)

Talk to us today
If you need to talk to someone around banking and investments and any regulatory matters, then take the first step. You can email enquiries@mannbenham.com or call us on 01624 639350 to arrange your free consultation with us today.

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Reasons to use MannBenham

Personal Service

Always professional, providing an exceptional level of service to our clients

Always professional, providing an exceptional level of service to our clients

Everything we do is backed by leading legal professionals and an extensive range of advisory and support services designed to meet our client requirements and exceed expectations

Always Professional

We believe being professional is about us giving our best at all times

We believe being professional is about us giving our best at all times

We remain professional at all times, treating everyone respectfully and with courtesy, listening and understanding our clients needs

Global Solutions

MannBenham Advocates, Advisory and Fiduciary solutions are truly global

MannBenham Advocates, Advisory and Fiduciary solutions are truly global

MannBenham’s global reach combines Isle of Man excellence with cross-jurisdictional expertise creating a complete integrated approach

Wealth of Experience

We pride ourselves on the wealth of our experience and knowledge

We pride ourselves on the wealth of our experience and knowledge

Our experience and expertise crosses both commercial and personal, delivering real solutions that satisfy our clients expectations

Contact us today to discuss your requirements

MannBenham | 49 Victoria Street, Douglas, Isle of Man, IM1 2LD | Email: enquiries@mannbenham.com | Telephone: +44 (0)1624 639350