Our specialist legal team are on hand to assist with all forms of regulated activity including credit unions
We provide specialist legal and regulatory services to Credit Unions, and those wanting to benefit from their services, in the Isle of Man.
An entity incorporated as a credit union under The Credit Unions Act 1993 to operate a credit union in the Isle of Man is required to hold a Class 9 licence under The Regulated Activities Order 2011 (amended to 2019).
The Act no longer contains a formal definition of ‘credit union’ but this is commonly understood to mean a non-profit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
Class 9 | Regulated Activity
Holders of licences to conduct Class 9 regulated activity are not currently subject to the Financial Services Rule Book but are instead subject to standard licence conditions. A licence-holder must comply with any licence conditions that have been imposed by the Authority and which are shown on the licence.
A holder of a Class 9 licence is not expected to hold a licence under any other Class.