faqs isle of man deposit-takers (banks)

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1、FAQs–IsleofMandeposit-takers(“banks”)Q1:DoestheIsleofManhaveadepositor-protectionscheme?Yes.TheDepositors’CompensationSchemecoverageislargelyinlinewithsimilarschemesinplaceintheUK,GuernseyandJersey.Themainfeatureoftheschemeisthatpersonaldepositorsarecoveredforupto£50,000oftheirsavingswithanylicens

2、eddeposittaker.Mostothercategoriesofdepositor(companies,trustsetc)arecovereduptoamaximumof£20,000.ClickhereforguidanceregardingtheDepositors’CompensationScheme,anddetailsofthefullDepositors’CompensationSchemeRegulations.Q2.WhichbanksarepermittedtooperateintheIsleofMan,andwhatconditionsdobanksneedt

3、omeet?TheIsleofManhasdevelopedacomprehensivelicensingpolicyforitsbanks.ThiswaslastreviewedandupdatedinAugust2010andispublishedontheCommission’swebsite.Clickheretoview.ThepolicyreflectsthelongestablishedconservativeapproachthattheIsleofManhasadoptedtowardsbanksoperatingwithinit.Whilstthepolicyoffer

4、ssomelevelofflexibility,itscoretenetsarethatabankshould:·beasubsidiarycompanyorbranchofabanklicensedaspartofamajorbankinggroup.ThatgroupshouldcurrentlyberegulatedinajurisdictionwhichappliesregulatorystandardsequivalenttothoseappliedtobanksintheIsleofMan·havenodominantcontrollers·beofsystemicimport

5、anceinitshomejurisdiction,whichinturnshouldbecapableofsupportingthebankfinanciallyifeverneeded·meetthefinancialstandardslaiddownbytheCommission·bestaffedbypersonswhoareadequatelyexperiencedandcompetentinrelevantareasofbankingTheCommissionappliesconservativefinancialrequirementstothosebanksthatarei

6、ncorporatedintheIsleofMan(asopposedtobranches–seeQ12).TheseareconsistentwithinternationalstandardsofbankingregulationandaredesignedtoensurethatbanksincorporatedintheIsleofManremainwellcapitalisedandhaveadequateliquiditylevels(alsoseeQ11andQ12forthelinkswithparents/groups).Otherspecificlicencecondi

7、tionsareestablishedforindividualbankstoreflecttheirparticularcircumstances.Thesecanincludesuchthingsaslimitationsonactivitiesortypesofcustomerthatabankcandealwith.Q3.WhatdoestheCommissiondoinsupervisingitsbanksan