Transfer of Functions (Isle of Man Financial Services Authority) TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015

Transcription

1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 Index TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Index Artile Page 1 Title Commenement Interpretation Establishment of the Isle of Man Finanial Servies Authority Transfer of funtions Dissolution of existing Statutory Boards and transfer of assets and liabilities Consequential amendment of enatments First Chief Exeutive Offier of the new Statutory Board... 5 SCHEDULE 1 7 TRANSFER OF FUNCTIONS FROM THE FINANCIAL SUPERVISION COMMISSION 7 SCHEDULE 2 29 TRANSFER OF FUNCTIONS FROM THE INSURANCE AND PENSIONS AUTHORITY 29 SD 2015/0090 Page 1

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3 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 Artile 1 Statutory Doument No. 2015/0090 Government Departments At 1987 TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Approved by Tynwald: 17 Marh 2015 Coming into Operation: in aordane with artile 2 The Governor in Counil makes the following Order under Shedule 2 to the Government Departments At 1987 and setion 5 of the Statutory Boards At Title This Order is the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order Commenement If approved by Tynwald, artiles 1, 2, 3 and 8 ome into operation on 20 th Marh 2015; and the remaining artiles of this Order ome into operation on 1 st November Interpretation (1) In this Order the existing Statutory Boards means the Finanial Supervision Commission and the Insurane and Pensions Authority; the new Statutory Board means the Authority established by artile 4; and the Supervisor has the same meaning as in setion 54(1) of the Insurane At (2) A referene in this Order to a transfer of funtions inludes a referene to the transfer of any property, rights and liabilities held, enjoyed or inurred. (3) Anything begun by or under the Finanial Supervision Commission, the Insurane and Pensions Authority or the Supervisor, so far as it relates to any of the transferred funtions, may be ontinued and ompleted by or under the new Statutory Board. SD 2015/0090 Page 3

4 Artile 4 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (4) Any referenes to the Finanial Supervision Commission, the Insurane and Pensions Authority or the Supervisor, so far as they relate to the transferred funtions and not otherwise, in any instrument, ontrat or proeedings made or begun before the oming into operation of artiles 4, 5, 6 and 7 of this Order shall be substituted by a referene to the new Statutory Board. (5) Paragraphs (2) to (4) do not affet the operation of paragraph 5 of Shedule 2 to the Government Departments At Establishment of the Isle of Man Finanial Servies Authority The Isle of Man Finanial Servies Authority is established. 5 Transfer of funtions (1) The funtions of the existing Statutory Boards and the Supervisor are transferred to the new Statutory Board. (2) Shedule 1 has effet in respet of the transfer of funtions from the Finanial Supervision Commission to the new Statutory Board. (3) Shedule 2 has effet in respet of the transfer of funtions from the Insurane and Pensions Authority and the Supervisor to the new Statutory Board. 6 Dissolution of existing Statutory Boards and transfer of assets and liabilities The existing Statutory Boards are dissolved and their assets and liabilities are transferred to the new Statutory Board. 7 Consequential amendment of enatments (1) In Shedule 1 to the Statutory Boards At 1987 for The Finanial Supervision Commission substitute «The Isle of Man Finanial Servies Authority»; and omit The Insurane and Pensions Authority. (2) Part 2 of Shedule 1 and Part 2 of Shedule 2 make provision about the amendment of Ats onsequential upon the transfer of funtions under artile 5. (3) Without limiting paragraph (2) a referene in any enatment, whether or not speified in a Shedule, to either or both of the existing Statutory Boards is also to be taken as a referene to the new Statutory Board; and Page 4 SD 2015/0090

5 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 Artile 8 a referene in any enatment, whether or not speified in a Shedule, to the Supervisor is also to be taken as a referene to the new Statutory Board. (4) In this artile, enatment inludes () an At; a publi doument; and any legislation of the United Kingdom, or any part of it, that applies to the Island (i) (ii) (iii) expressly or by impliation (with or without modifiation); by virtue of an Order in Counil; or by virtue of an At of Tynwald or a provision made under an At of Tynwald. 8 First Chief Exeutive Offier of the new Statutory Board (1) With effet from 20 Marh 2015, the Insurane and Pensions Authority and the Finanial Supervision Commission or a sub-ommittee thereof have the authority to take steps to appoint and must appoint a hief exeutive offier of the new Statutory Board on suh terms and onditions as they see fit. (2) On the oming into operation of artiles 4, 5, 6 and 7, any suh appointment of a hief exeutive offier will have effet as if the appointment had been made by the new Statutory Board under paragraph 1 of Shedule 1 to the Finanial Servies At MADE 27 th FEBRUARY 2015 Signed by the authority of the Chief Seretary D DAVIES Diretor of Change & Reform SD 2015/0090 Page 5

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7 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 SCHEDULE 1 [Artiles 5(2) and 7(2)] TRANSFER OF FUNCTIONS FROM THE FINANCIAL SUPERVISION COMMISSION PART 1 TRANSFER OF FUNCTIONS All the funtions of the Finanial Supervision Commission are transferred inluding, but not limited to, those under the following Ats The Industrial and Building Soieties At 1892; The Partnership At 1909; () Companies At 1931; (d) Companies At 1961; (e) Inome Tax At 1970; (f) Companies At 1974; (g) Companies At 1982; (h) Non-Resident Traders At 1983; (i) Building Soieties At 1986; (j) Customs and Exise Management At 1986; (k) Moneylenders At 1991; (l) Companies At 1992; (m) Credit Unions At 1993; (n) Limited Liability Companies At 1996 (o) Insider Dealing At 1998; (p) Retirement Benefits Shemes At 2000; (q) Online Gambling Regulation At 2001; (r) Companies, et. (Amendment) At 2003; (s) Companies At 2006; (t) Regulation of Surveillane et. At 2006 (u) Civil Servie (Amendment) At 2007; (v) Colletive Investment Shemes At 2008; (w) Finanial Servies At 2008; (x) Proeeds of Crime At 2008; (y) Insurane At 2008; (z) Company Offiers (Disqualifiation) At 2009; (za) Tynwald Auditor General At 2011; (zb) Tynwald Commissioner for Administration At 2011; SD 2015/0090 Page 7

8 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (z) Foundations At 2011; (zd) Gambling Duty At 2012; (ze) Companies (Benefiial Ownership) At 2012; (zf) Control of Employment At 2014; (zg) Terrorism and Other Crime (Finanial Restritions) At PART 2 CONSEQUENTIAL AMENDMENTS The Ats in Part 1 are onsequentially amended as follows. 1 The Industrial and Building Soieties At 1892 (1) In setion 2 (interpretation) before the definition of The Court insert «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015);»; the definition of The Commission is omitted. (2) In the following plaes for Commission, wherever ourring, substitute «Authority» setion 22(1) and (5); setion 23(2); setion 24(4); (3) In setion 24A(1) (power to make orders as to the disposal of valueless douments), for Finanial Supervision Commission substitute «Authority». 2 The Partnership At 1909 In setion 60(1) (power to make orders as to the disposal of valueless douments), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». 3 Companies At 1931 In the following plaes for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» setion 134(6); setion 164(1)(d); setion 273(1); setion 273A(3); setion 283A(1). Page 8 SD 2015/0090

9 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 4 Companies At 1961 In setion 2(1) (power to make orders as to the disposal of valueless douments), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». 5 Inome Tax At 1970 (1) In setion A106(1) (definitions for this part), in paragraph (d) of the definition of enforing authority, for (other than the Finanial Supervision Commission and the Insurane and Pensions Authority) substitute «(other than the Isle of Man Finanial Servies Authority)». (2) In setion 106D(3) (dislosure of information to enforing authorities, et), for the Finanial Supervision Commission, the Insurane and Pensions Authority substitute «the Isle of Man Finanial Servies Authority». 6 Companies At 1974 (1) For the heading to setion 5 substitute «Isle of Man Finanial Servies Authority s power to apply for investigation» (2) In setion 5(1) (Isle of Man Finanial Servies Authority s power to apply for investigation), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». (3) In setion 22(1) (regulations and other publi douments), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». 7 Companies At 1982 (1) In the following plaes for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» setion 2(2); setion 3A(2); setion 4(3); setion 6(2) and (4); setion 7(2); setion 12(4) and (8); setion 14(2); setion 14A(3); SD 2015/0090 Page 9

10 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 setion 14B(2); setion 14C(2); setion 14E(1), (2),(4), (6) and in the setion heading; setion 14F(2) and in the setion heading; setion 14G(1), (4), (6)(), (6)(d) and (6)(e); setion 17B(1), (3)(d), (5), (6) and (7); setion 17C(1), (5) and (6); shedule 1, Part I, paragraph 6(2) and paragraph 12(2); shedule 1, Part II, paragraph 15(5); shedule 1, Part III, paragraph 23(3) (in the definition of disount ompany ), paragraph 25(1), (3) and (4). (2) In setion 14E(5) (authorisations by the finanial supervision ommission), for Commission substitute «Isle of Man Finanial Servies Authority». 8 Non-Resident Traders At 1983 In Shedule 1A, Part I, in paragraph 2(2), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». 9 Building Soieties At 1986 (1) In setion 2(8) (restritions on building soieties borrowing and aeptane of subsriptions for shares), for Commission substitute «Authority». (2) In setion 6 (interpretation) before the definition of Commission insert «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015).»; the definition of the Commission is omitted. 10 Customs and Exise Management At 1986 In setion 174D (matters supplementary to ss 174B and 174C), in the definition of enforing authority for paragraph substitute «the Isle of Man Finanial Servies Authority;» paragraph is repealed. Page 10 SD 2015/0090

11 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 11 Moneylenders At 1991 In setion 16(2) (dislosure of information), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». 12 Companies At 1992 In the following plaes for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» setion 26(4); setion 28(1) and (3). 13 Credit Unions At 1993 (1) In the following plaes for Commission, wherever ourring, substitute «Authority» setion 1(3), (5) and (6); setion 3(3); setion 4(1) and (4); setion 5(4); setion 6(3), (5) and (6); setion 9(4); setion 10(2); setion 11(7); setion 13(1); setion 14(4); setion 15(1), (2)(), (3) and (4); setion 16(1) and (6); setion 17(1), (3) and (4); setion 18(1), (2) and (4); setion 19(1), (2) and (4); setion 20(1), and () and (2); setion 21(3); setion 23(2); setion 28; setion 30(3); shedule 2, paragraphs 1, 2(1) and (2), 3(1), (2) and (3), 4 and 6. (2) For the ross heading before setion 17 substitute SD 2015/0090 Page 11

12 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 «Powers of Authority» (3) In setion 29(1) (interpretation) after the definition of authorised bank insert «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015);» the definition of the Commission is omitted. 14 Limited Liability Companies At 1996 (1) In setion 11A(3) (alternative proedure for dissolving solvent limited liability ompanies), for Finanial Supervision Commission substitute «Authority». (2) In setion 11B(3) (restoration of dissolved limited liability ompanies to the register), for Finanial Supervision Commission substitute «Authority». (3) In setion 26 (inspetion of affairs of ompanies) in subsetion (1), for Commission substitute «Authority»; and in subsetion (5), for Commission (4) In setion 51A (interpretation), for Commission means the Finanial Supervision Commission substitute «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015)». (5) In setion 52A(1) (power to make orders as to disposal of valueless douments), for Finanial Supervision Commission, substitute «Authority». (6) In setion 53 (finanial provision) for Commission substitute «Authority». 15 Insider Dealing At 1998 In the following paragraphs of Shedule 3 (investigation and inspetion), for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» paragraphs 1(1), (3), (6), (7) and (10); paragraphs 2(2), (3), (4), (5) and (7). 16 Retirement Benefits Shemes At 2000 See amendments made by paragraph 5(16), (22) and (f) of Shedule 2. Page 12 SD 2015/0090

13 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 17 Online Gambling Regulation At 2001 In the following plaes for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» setion 4(3)(); setion 11(4) and (5). 18 Halifax International At 2001 Setion 10 (anellation of registration of transferor ompany) is repealed. 19 Companies, et. (Amendment) At 2003 (1) In setion 7 (substitution of new setion for setion 108 of Companies At 1931), in substituted setion 108(1)(d) (annual return to be made by a ompany not having a share apital and ompany limited by guarantee) for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority». (2) The amendment in paragraph (1) does not of itself bring setion 7 of the Companies, et. (Amendment) At 2003 into operation. 20 Proteted Cell Companies At 2004 In setion 25(1) (funtions of reeiver and effet of reeivership order), for FSC substitute «Department of Eonomi Development». 21 Companies At 2006 (1) In the following plaes for Commission, wherever ourring, substitute «Authority» setion 77(2); setion 82(3); setion 197(2). (2) In the following plaes for Finanial Supervision Commission, Finanial Supervision Commission s or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate setion 80B(4); setion 80D(1), (3)(d), (5), (6) and (7); setion 80E(1), (5) and (6); setion 198(3) and (4); setion 205B and in the setion heading. (3) In setion 218 (interpretation) after the definition of assoiated ompany insert SD 2015/0090 Page 13

14 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015);» the definition of Commission is omitted. 22 Regulation of Surveillane et. At 2006 See amendment made by paragraph 8 of Shedule Civil Servie (Amendment) At 2007 (1) In setion 4(1) (membership of departments, statutory boards, et.), in the substituted setion 1(7) of the Civil Servie At 1990 in subsetion (7) for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority»; subsetion (7) is repealed. (2) The amendment in paragraph (1) does not of itself bring setion 4 of the Civil Servie (Amendment) At 2007 into operation. 24 Colletive Investment Shemes At 2008 (1) In the following plaes for Commission or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate setion 1(5); setion 6(1) and (5) and in the setion heading; setion 10(1) and (2) and in the setion heading; setion 11 and in the setion heading; setion 11A(1), (2), (3),(4)(ii) and (iii), (5), and (6); setion 11B(1) and (2); setion 11C(1), (2), (d) and (e) and (3); setion 11D(1) and (2); setion 11E(1); setion 11F(1), (2), (4), (5) and, (6) and (7); setion 12(1), (4) and (5); setion 13(1), (4), and (), (5), (6), (7) and (8); setion 14(1), (3), (5), (6) and (7); setion 15(1), (3) and (4); setion 16(1) and (6); setion 17, and (); setion 19A(1), (2), (3), (4) and (5); setion 20(1) and (2); Page 14 SD 2015/0090

15 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 setion 21(6) and in the setion heading; setion 22(1); setion 23(1); setion A24(1), (2) and (3); setion 24(1), (6)(), (7), (8), (12) and (13); setion 26(1) in the definition of authorisation order, order, presribed, reognition order and regulations ; setion 26(2). (2) In setion 26(1) (interpretation) after the definition of authorised sheme insert «Authority means the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015);» the definition of Commission is omitted. (3) In Shedule 1 (authorised shemes), in the following plaes, for Commission or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate paragraph 1(2) and, (3), (5) and (6); paragraph 2(1), (2), (5)(i) and (iii), (9), (10), (11), (12), (13), (14), (15) and (16); paragraph 3(1), (3), (4) and ; paragraph 4(1), (2), (3), (4) and (5); paragraph 5(2). (4) In Shedule 2 (international shemes), in the following plaes, for Commission, wherever ourring, substitute «Authority» paragraph 2(8), (9), (10), (11), (12), (13) and ; paragraph 3(1), (2), (3) and, (4), (5) and ; paragraph 4(5); paragraph 5(1), (2) and (3). (5) In Shedule 4 (reognised shemes), in the following plaes, for Commission, wherever ourring, substitute «Authority» paragraph 1(3), (4) and ; paragraph 2(1), (4), (6) and (13); paragraph 3(1), (2) and ; paragraph 4(1), (2), (3), (4) and (5); paragraph 5(1) and (2). SD 2015/0090 Page 15

16 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (6) In Shedule 5 (subordinate legislation), in the following plaes, for Commission, wherever ourring, substitute «Authority» paragraph 1(d), (e) and (f); paragraph 2(j), (k) and (l); paragraph 5; paragraph 7; paragraph 10. (7) In Shedule 8 (transitional and saving provisions), in paragraph 8(1), for Commission 25 Finanial Servies At 2008 (1) In the long title for Finanial Supervision Commission substitute Isle of Man Finanial Servies Authority. (2) For setion 1 (the finanial supervision ommission) substitute «1 The Isle of Man Finanial Servies Authority (1) There is a statutory board known as the Isle of Man Finanial Servies Authority (as established by artile 4 of the Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015) (in this At referred to as the Authority ). (2) Shedule 1, whih makes provision about the onstitution, funtions, proeedings and status of the Authority, has effet.» (3) For setion 2 (exerise of funtions to be ompatible with the regulatory objetives) substitute «2 Exerise of funtions to be ompatible with the regulatory objetives (1) The funtions of the Authority shall, so far as is reasonably pratiable, be exerised in a way that is ompatible with the regulatory objetives set out in subsetion (2); and in a way that the Authority onsiders most appropriate for the purpose of meeting those objetives. (2) The regulatory objetives are seuring an appropriate degree of protetion for poliyholders, members of retirement benefits shemes and the ustomers of persons arrying on a regulated ativity; the redution of finanial rime; and Page 16 SD 2015/0090

17 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 () the maintenane of onfidene in the Island s finanial servies, insurane and pensions industries through effetive regulation, thereby supporting the Island s eonomy and its development as an international finanial entre. (3) Subsetion (1) shall apply in respet of the Treasury when disharging its funtions under this At.» (4) In setion 5 (appliation for a liene), for Commission, wherever ourring, (5) In setion 6 (irumstanes in whih a liene will not be issued), for Commission, wherever ourring, (6) In setion 7 (the liene), for Commission, wherever ourring, (7) In setion 8 (alteration of onditions of existing lienes), for Commission, wherever ourring, (8) In setion 9 (revoation or suspension of a liene), for Commission, wherever ourring, (9) In setion 10 (persons unfit to be diretors, ontrollers or key persons), for Commission, wherever ourring, (10) In setion 10A (prohibitions), for Commission, wherever ourring, (11) In setion 10B (prohibition proedure), for Commission, wherever ourring, (12) In setion 10C (prohibitions: variation and revoation), for Commission, wherever ourring, (13) In setion 10D(1) (list of prohibitions), for Commission substitute «Authority». (14) In setion 11 (warning noties), for Commission, wherever ourring, (15) In setion 12 (guidane), for Commission, wherever ourring, (16) In setion 13 (publi statements), for Commission, wherever ourring, (17) In setion 14 (diretions), for Commission, wherever ourring, (18) In setion 16 (ivil penalties), for Commission, wherever ourring, (19) In setion 17 (auditors to report to ommission) SD 2015/0090 Page 17

18 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 in the heading to setion 17, for Commission substitute «Authority»; in subsetion (1), for Commission s substitute «Authority s»; () (d) at the end of subsetion (1), for Commission substitute «Authority»; and in subsetion (2), for Commission, wherever ourring, (20) In setion 18 (the rule book), for Commission, wherever ourring, (21) In setion (19)(1) for Commission (22) In setion 20 (injuntions, et.), for Commission, wherever ourring, (23) In setion 21(1) (appointment of reeiver), for Commission substitute «Authority». (24) In setion 22 (appointment of business manager), for Commission, wherever ourring, (25) In setion 23 (appointment of reporting aountants, et), for Commission, wherever ourring, (26) In setion 30 (publiation of information), for Commission, wherever ourring, (27) In setion 32 (appeals to the Finanial Servies Tribunal), for Commission, wherever ourring, (28) For setion 33 (statutory indemnity) substitute «33 Statutory indemnity (1) This setion applies in respet of any at or matter done or omitted to be done () in the exerise, or purported exerise, of the Authority s funtions; or in the exerise, or purported exerise, of the funtions onferred by or under a speified enatment or any orders, regulations, Rule Books or binding guidane made under suh an enatment; or in the implementation, or purported implementation, of a mutual assistane agreement under setion 34. (2) None of the persons listed in subsetion (3) shall be liable in damages for, or in respet of, any at or omission unless the at or omission is shown to have been in bad faith. (3) The persons are Page 18 SD 2015/0090

19 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 () (d) (e) (f) the Authority; any member, offier or employee of the Authority; a designated body; any offier, member or employee of a designated body; any other person ating on behalf of the Authority or a designated body; any person ating pursuant to any authority onferred by the Authority or a designated body. (4) Subsetion (2) does not apply so as to prevent the award of damages made in respet of an at or omission on the ground that the at or omission was unlawful as a result of setion 6(1) of the Human Rights At 2001 (ats of publi authorities). (5) In this setion designated body means () (d) (e) (f) (g) (h) the Treasury; a body administering a sheme under setion 25 of this At or setion 43 of the Insurane At 2008; a regulatory authority whih is designated by regulations made by the Authority; the Isle of Man Offie of Fair Trading or an adjudiator to whom a dispute has been referred to under Shedule 4; the Insurane Tribunal; the Retirement Benefits Shemes Tribunal; the Finanial Servies Tribunal; the Colletive Investment Shemes Tribunal; speified enatment means this At; the Companies Ats 1931 to 2004; () the Industrial and Building Soieties Ats 1892 to 1993; (d) the Colletive Investment Shemes At 2008; (e) the Companies At 2006; (f) the Company Offiers (Disqualifiation) At 2009; (g) the Insider Dealing At 1998; (h) the Life Assurane (Insurable Interest) At 2004; (i) the Inorporated Cell Companies At 2010; (j) the Foundations At 2011; (k) the Insurane At 2008; (l) the Retirement Benefits Shemes At 2000; SD 2015/0090 Page 19

20 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (m) the Companies (Transfer of Domiile) At 1998; (n) the Insurane Companies (Amalgamations) At 2006; (o) the Terrorism and Other Crime (Finanial Restritions) At (6) This setion does not prejudie the generality of paragraph 6 of Shedule 1 to the Government Departments At 1987 nor paragraph 11 of Shedule 2 to the Statutory Boards At 1987.» (29) In setion 34 (mutual assistane), for Commission, wherever ourring, (30) In setion 35(1) (registers), for Commission (31) In setion 39 (falsifiation of douments, et. relevant to an investigation), in paragraph, for Commission (32) In setion 40 (offenes in onnetion with information), for Commission, wherever ourring, (33) In setion 41 (offenes and penalties), for Commission, wherever ourring, (34) In setion 43 (ontravention of statutory provision), for Commission (35) In setion 44 (subordinate legislation), for Commission, wherever ourring, (36) In setion 46 (fees), for Commission (37) In setion 48 (interpretation) () (d) (e) (f) (g) in subsetion (1), after the definition of assoiate insert «the Authority has the meaning given by setion 1(1);» in subsetion (1) the definition of the Commission is omitted; in subsetion (1), in paragraph of the definition of key person, for Commission substitute «Authority»; in subsetion (1), after the definition of permitted person insert «poliyholder has the meaning given in setion 54(1) of the Insurane At 2008;» in subsetion (1), in paragraph of the definition of regulatory authority, for Commission substitute «Authority»; in subsetion (1), after the definition of regulatory objetives insert «retirement benefits sheme has the meaning given in setion 53 of the Retirement Benefits Shemes At 2000;»; and in subsetion (5), for Commission Page 20 SD 2015/0090

21 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 (38) In setion 52(1) (finanial provisions), for Commission substitute «Authority». (39) For the heading to Shedule 1 substitute (40) In Shedule 1 «THE ISLE OF MAN FINANCIAL SERVICES AUTHORITY» for paragraph 1 substitute «1. (1) The Authority shall onsist of not less than 7 members appointed by the Treasury, subjet to the approval of Tynwald. A member must be a qualified person. (2) The Treasury shall appoint one member to be hairperson and another to be deputy hairperson of the Authority. (3) The Treasury shall, in appointing members of the Authority under sub-paragraph (1), have regard to the need for the Authority to inlude members who, by experiene or otherwise, are suitable to partiipate in the funtions of the Authority. (4) The hief exeutive offier appointed under subparagraph (15) shall be a member of the Authority. (5) A member shall go out of offie subjet to sub-paragraph (9), on the expiration of 5 years beginning with the date on whih the member was appointed; or if the member eases to be a qualified person. (6) A member may be removed from offie by resolution of Tynwald if one of the grounds speified in sub-paragraph (7) is satisfied. (7) The grounds are that the member has been absent from meetings of the Authority, without permission, for a period of 3 months; is inapaitated either mentally or physially, from arrying out the member s funtions; () has been delared bankrupt (whether in the Island or elsewhere) or entered into an arrangement with his or her reditors; or (d) is otherwise unfit or unable to disharge the funtions of a member. SD 2015/0090 Page 21

22 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (8) The proposal for a resolution of Tynwald under subparagraph (6) must speify whih of the grounds in subparagraph (7) applies. (9) A member may at any time resign on giving to the Treasury notie in writing of the member s intention to do so. (10) A retiring member shall be eligible to be re-appointed if the member is otherwise qualified. (11) Where a member goes out of offie under sub-paragraphs (5) or (9) the member shall ontinue to be a member, subjet to the onsent of Treasury, for all purposes (exept that of filling the vaany) for suh period as Treasury may determine. (12) If a asual vaany in the membership of the Authority is to be filled it shall be filled as soon as pratiable in like manner and subjet to like onditions as the offie vaated. (13) The quorum neessary for the transation of business by the Authority shall be 3 members. (14) Setion 3 and paragraphs 1, 2(3)() and 7 of Shedule 2 to the Statutory Boards At 1987 do not apply to the Authority. (15) The Authority must appoint a hief exeutive offier; and suh other offiers as it may onsider neessary for arrying out its funtions, on suh terms and onditions as it thinks fit. (16) The Civil Servie At 1990 shall not apply in respet of the persons referred to in sub-paragraph (15). (17) In this paragraph, a qualified person is a person who is not a member of Tynwald; a ivil servant; or () an employee of a department or statutory board but with the exeption of the Chief Exeutive Offier of the Authority.»; in paragraph 2(1) (i) (ii) for Commission substitute «Authority»; and after head insert «(aa) the regulation and supervision of persons undertaking regulated insurane ativities or regulated pensions ativities; Page 22 SD 2015/0090

23 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 (iii) (ab) the maintenane and development of the regulatory regime for regulated insurane ativities and regulated pensions ativities;»; after head (g) insert () in paragraph 2(2) (d) (i) (ii) «(ga) the regulation and supervision of retirement benefits shemes within the meaning of the Retirement Benefits Shemes At 2000;» for sub-paragraph (2)(m) substitute (mb) 2004;»; and «(m) Insurane At 2008; (ma) Retirement Benefits Shemes At 2000; Life Assurane (Insurable Interests) At for sub-paragraph (2)(za) substitute «(za) the Terrorism and Other Crime (Finanial Restritions) At 2014;»; for paragraph 3 and its heading substitute «Authority s funtions: manner of disharge 3. In disharging its funtions the Authority must have regard to () (d) the need to balane the regulatory objetives; the need for the regulatory, supervisory and registration regimes to be effetive, responsive to ommerial developments and proportionate to the benefits whih are expeted to result from the imposition of any regulatory burden; the need to use resoures in an effiient and eonomi way; the desirability of implementing and applying reognised international standards; (e) the desirability of ooperating with governments, regulators and others outside the island; (f) (g) (h) (i) the need to safeguard the reputation of the island; the need to promote publi understanding of the finanial servies, insurane and pensions industries; the responsibilities of those who manage the affairs of permitted persons, insurers and retirement benefits shemes; the international harater of the finanial servies, insurane and pensions industries and their markets and SD 2015/0090 Page 23

24 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (e) (f) (g) (h) (i) (j) (k) (j) (k) the desirability of maintaining the ompetitive position of the Island; the desirability of failitating the development of the finanial servies, insurane and pensions industries; the impat of its deision on the stability of the finanial system of the Island.» in paragraph 4, for Commission, wherever ourring, substitute «Authority»; in paragraphs 5(1), 5(2) and 5(3), for Commission, wherever ourring, substitute «Authority»; in paragraph 5(4) for Commission s substitute «Authority s»; in paragraph 6(1), for Commission substitute «Authority»; in paragraph 7, for Commission or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate; in paragraph 8, for Commission, wherever ourring, substitute «Authority»; and for paragraph 9, substitute «9 In this Shedule funtions means funtions onferred on the Authority and referred to in paragraph 2; regulated insurane ativities in relation to an ativity arried on by way of business in or from the Island, means () arrying on or holding out as arrying on insurane business within the meaning of the Insurane At 2008; ating or holding out as ating as an insurane manager, within the meaning of the Insurane At 2008, for or in relation to an insurer; or ating or holding out as ating as an insurane intermediary within the meaning of the Insurane At 2008 in respet of effeting or arrying out ontrats of insurane whih are not investments within the meaning of the Regulated Ativities Order 2011; regulated pension ativities in relation to an ativity arried on by way of business in or from the Island, means ating or holding out as ating as a retirement benefits shemes administrator; or ating as a trustee of a retirement benefits sheme, within the meaning of the Retirement Benefits Shemes At 2000.» Page 24 SD 2015/0090

25 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 (41) In Shedule 1A (transfer of business inluding deposit-taking) in paragraph 4(1), for Commission substitute «Authority»; and in paragraph 5, for Commission (42) In Shedule 2 (inspetion and investigation) () (d) (e) (f) in paragraph 1, for Commission, wherever ourring, substitute «Authority»; in paragraph 2, for Commission, wherever ourring, substitute «Authority»; for the heading to paragraph 3 substitute «Power of Authority to require information» in paragraph 3, for Commission, wherever ourring, substitute «Authority»; in paragraph 4(1), for Commission substitute «Authority»; and in paragraph 5(1), for Commission (43) In paragraph 1 of Shedule 3 (Rule Book), for Commission, wherever ourring, (44) In Shedule 5 (dislosure of information) () (d) (e) (f) (g) (h) in paragraph 1(3), for Commission substitute «Authority»; for paragraph 2(1)(f) substitute «(f) for the purpose of enabling or assisting the Authority to disharge its funtions under this At, the Colletive Investment Shemes At 2008, the enatments relating to ompanies, the Insurane At 2008, the Retirement Benefit Shemes At 2000, or any other of its funtions;» paragraph 2(1)(g) is repealed; in paragraph 2(5)(i), insert «or» after Insider Dealing At 1998; for paragraph 2(5)(ii) substitute «(ii) to exerise funtions orresponding to any of those of the Authority under this At, the Colletive Investment Shemes At 2008, the Insurane At 2008 or the Retirement Benefits Shemes At 2000.» paragraph 2(5)(iii) is repealed; in paragraph 2(6), for Commission substitute «Authority»; in paragraph 2(7), for Commission, wherever ourring, substitute «Authority»; SD 2015/0090 Page 25

26 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (i) (j) in paragraph 2(8), for Commission substitute «Authority»; and in paragraph 2(10), for Commission, wherever ourring, 26 Proeeds of Crime At 2008 In Shedule 4 (regulated setor and supervisory authorities) in paragraph 2(1)(), for Finanial Supervision Commission substitute «Isle of Man Finanial Servies Authority»; paragraph 2(1)(d) is repealed. 27 Insurane At 2008 See amendments made by paragraph 12(43)(e) and (44), (f) and (h) of Shedule Company Offiers (Disqualifiation) At 2009 (1) In setion 2(1) (disqualifiation undertakings), for the Finanial Supervision Commission (referred to in this At as the Commission ) substitute «the Isle of Man Finanial Servies Authority (referred to in this At as the Authority )» (2) In the following plaes for Commission or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate setion 2(2), (4) and (5); setion 3(1); setion 6(1) and (2); setion 7(1) and (3); setion 8(2) and (3); setion 10(2) and (3); setion 13(1), (2), (3), (4), (5), (6) and (7); setion 17(1); setion 18; setion 24. (3) In setion 21(1) (interpretation) before the definition of Commission insert «Authority has the meaning given in setion 2(1) ;»; the definition of Commission is omitted. Page 26 SD 2015/0090

27 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 1 (4) In Shedule 2 (inspetion and investigation), in the following plaes, for Commission or Commission s, wherever ourring, substitute «Authority» or «Authority s», as appropriate paragraph 1(1), (2), (3), (4), (5), (6) and (7); paragraph 2(1), (2), (3), (4), (5), (6) and (7); the heading to paragraph 3; paragraph 3(1), (2), (3), (4) and (5); paragraph 4(1) and (3); paragraph 5(1). (5) In Shedule 3 (restritions on dislosure of information) in paragraph 1(4), for Commission substitute «Authority»; in paragraph 2(1)(f), for Commission substitute «Authority»; () for paragraph 2(5)(ii) substitute (d) (e) (f) (g) (h) «(ii) to exerise funtions orresponding to any of those of the Authority under the Retirement Benefits Shemes At 2000, the Insurane At 2008, the Finanial Servies At 2008, the Colletive Investment Shemes At 2008 or this At.»; paragraph 2(5)(iii) is repealed; in paragraph 2(6), for Commission substitute «Authority»; in paragraph 2(7), for Commission and Commission s substitute «Authority» and «Authority s» respetively; in paragraph 2(8), for Commission substitute «Authority»; and in paragraph 2(10), for Commission, wherever ourring, 29 Tynwald Auditor General At 2011 In setion 3(2) (interpretation) for sub-paragraph (v) substitute «(v) the Isle of Man Finanial Servies Authority;»; sub-paragraph (vii) is repealed. 30 Tynwald Commissioner for Administration At 2011 In setion 3(3) (interpretation) for sub-paragraph (ii) substitute «(ii) the Isle of Man Finanial Servies Authority;»; SD 2015/0090 Page 27

28 SCHEDULE 1 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 sub-paragraph (iv) is repealed. 31 Foundations At 2011 In the following plaes for Finanial Supervision Commission, wherever ourring, substitute «Isle of Man Finanial Servies Authority» setion 27(3); setion 61(2). 32 Gambling Duty At 2012 For setion 27(1) substitute «the Isle of Man Finanial Servies Authority;» 33 Companies (Benefiial Ownership) At 2012 In setion 10(3) (dislosure of benefiial ownership information by nominated offier) for paragraph (d) substitute «(d) the Isle of Man Finanial Servies Authority;» paragraph (e) is repealed. 34 Control of Employment At 2014 In Shedule 1 (Exemptions), in paragraph 8(17) for sub-paragraph substitute «the Isle of Man Finanial Servies Authority; or» paragraph is repealed. 35 Terrorism and Other Crime (Finanial Restritions) At 2014 In setion 31(1) (general power to dislose information or evidene), for paragraph (e), substitute «(e) to the Isle of Man Finanial Servies Authority and any body of any other part of the British Islands exerising an equivalent funtion;». Page 28 SD 2015/0090

29 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 2 SCHEDULE 2 [Artiles 5(3) and 7(2)] TRANSFER OF FUNCTIONS FROM THE INSURANCE AND PENSIONS AUTHORITY PART 1 TRANSFER OF FUNCTIONS All the funtions of the Insurane and Pensions Authority are transferred inluding, but not limited to, those under the following Ats Companies At 1931; Inome Tax At 1970; () Companies At 1982; (d) Customs and Exise Management At 1986; (e) Companies (Transfer of Domiile) At 1998; (f) Retirement Benefit Shemes At 2000; (g) Life Assurane (Insurable Interest) At 2004; (h) Insurane Companies (Amalgamations) At 2006; (i) Regulation of Surveillane et. At 2006; (j) Civil Servie (Amendment) At 2007; (k) Finanial Servies At 2008; (l) Proeeds of Crime At 2008; (m) Insurane At 2008; (n) Company Offiers (Disqualifiation) At 2009; (o) Tynwald Auditor General At 2011; (p) Tynwald Commissioner for Administration At 2011; (q) Companies (Benefiial Ownership) At 2012; (r) Control of Employment At 2014; (s) Terrorism and Other Crime (Finanial Restritions) At PART 2 CONSEQUENTIAL AMENDMENTS The Ats in Part 1 are onsequentially amended as follows. 1 Companies At 1931 In setion 152(1A) (power to ompromise with reditors and members), for Insurane and Pensions Supervisor substitute «Isle of Man Finanial Servies Authority». 2 Inome Tax At 1970 See amendment made by paragraph 5 of Shedule 1. SD 2015/0090 Page 29

30 SCHEDULE 2 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order Companies At 1982 (1) In setion 10A(1) (atuary s ertifiate to be attahed to balane sheet of ertain insurers), for Insurane and Pensions Authority substitute «Isle of Man Finanial Servies Authority». (2) Setion 17A (exerise of funtions in relation to insurane ompanies) is repealed. 4 Customs and Exise Management At 1986 See amendment made by paragraph 10 of Shedule 1. 5 Retirement Benefits Shemes At 2000 (1) In setion 2 (appliations for authorisation) () (d) in subsetion (2), for Supervisor substitute «Authority»; in subsetion (2), for he substitute «the Authority»; in subsetion (3), for Supervisor substitute «Authority»; for subsetion (5) substitute «(5) Any information to be furnished to the Authority under this setion shall, if the Authority so requires, be in suh form or verified in suh manner as the Authority may speify.» (2) In setion 3 (authorisation) for subsetion (1) substitute «(1) The Authority may on an appliation duly made in aordane with setion 2 and after being furnished with all suh information as the Authority may require under that setion, register a sheme as an authorised sheme for the purposes of this At if it appears to the Authority that the sheme omplies with the requirements of regulations under setion 6 and that the following provisions of this setion are satisfied; and the Authority has been furnished with a opy of the douments onstituting the sheme.»; for subsetion (3) substitute «(3) A sheme may be registered as an authorised sheme subjet to suh onditions as the Authority thinks fit, and the Authority may subsequently () (d) make suh authorisation subjet to new onditions; or vary or revoke any existing ondition.»; in subsetion (7), for Supervisor substitute «Authority»; and for subsetion (10) substitute Page 30 SD 2015/0090

31 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 2 «(10) Where the Authority refuses an appliation for registration as an authorised sheme or exerises its power under subsetion (3), the Authority shall do so by giving the appliant written notie stating the reasons for the deision.» (3) In setion 4 (revoation of authorisation) () (d) (e) in subsetion (1), for The Supervisor may with the onsent of the IPA, revoke the registration of an authorised sheme if it appears to him substitute «The Authority may revoke the registration of an authorised sheme if it appears to the Authority»; for subsetion (1)()(vi) substitute «(vi) any rules, regulations or ode made under any of those Ats or, in purported ompliane with any suh provision, has furnished the Authority with false, inaurate or misleading information; or»; in subsetion (2) for Supervisor substitute «Authority»; in subsetion (3), for The Supervisor may with the onsent of the IPA, substitute «The Authority may»; and in subsetion (4), for The Supervisor may refuse a request under subsetion (3) if he onsiders substitute «The Authority may refuse a request under subsetion (3) if the Authority onsiders». (4) In setion 5 (representations against revoation) for subsetion (1) substitute «(1) Where the Authority proposes to revoke a registration under setion 4 otherwise than at the request of the trustee or administrator of the sheme, the Authority shall give the trustee and administrator of the sheme written notie of its intention to do so, stating the reasons for whih the Authority proposes to at and giving partiulars of the rights onferred by subsetion (2).»; () in subsetion (2), for Supervisor, wherever ourring, substitute «Authority»; and in subsetion (3), for Supervisor (5) In setion 6 (onstitution and management) in subsetion (2)(g), for Supervisor substitute «Authority»; and in subsetion (2)(h)(ii), for Supervisor (6) In setion 9 (shedules of ontributions), for subsetion (7) substitute «(7) The Authority may extend (or further extend) the period referred to in subsetion (6), and where the Authority refuses to extend (or further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision.». SD 2015/0090 Page 31

32 SCHEDULE 2 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (7) In setion 10(1) (determination of ontributions: supplementary) for Supervisor (8) In setion 12(1) (shedules of payments: supplementary) for Supervisor (9) In setion 13 (serious underprovision) in subsetion (4), for Supervisor substitute «Authority»; and for subsetion (7) substitute «(7) The Authority may extend (or further extend) the period appliable under subsetion (3), and where the Authority refuses to extend (or further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision.». (10) In setion 14 (serious overprovision) () in subsetion (2), for Supervisor, wherever ourring, substitute «Authority»; in subsetion (4) for Supervisor substitute «Authority»; for subsetion (5) substitute «(5) The Authority may extend (or further extend) the period appliable under subsetion (3), and where the Authority refuses to extend (or further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision.». (11) In setion 15 (annual aounts) () in subsetion (1), for Supervisor, wherever ourring, substitute «Authority»; in subsetion (2), for Supervisor substitute «Authority»; and for subsetion (3), substitute «(3) The Authority may exempt in writing a sheme speified in the exemption from any provision ontained in regulations made under this At relating to aounts.». (12) In setion 16(1) (publiation of sheme partiulars) for Supervisor (13) In setion 18 (alteration of shemes and hanges of trustee, administrator and professional advisers) in subsetion (A1), (1), (2), (3) and (4), for Supervisor, wherever ourring, substitute «Authority»; and for subsetion (3) substitute «the Authority has given its approval to the proposal; or» (14) In setion 19 (diretors, ontrollers, et) Page 32 SD 2015/0090

33 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 SCHEDULE 2 for subsetion (1) substitute «(1) If it appears to the Authority that any individual is not a fit and proper person to be appointed as a diretor, hief exeutive or manager; or to beome a ontroller, of the trustee or administrator of an authorised sheme or an authorised sheme of any speified desription, the Authority may diret that the individual shall not, without the written onsent of the Authority, be appointed as suh a diretor, hief exeutive or manager nor beome suh a ontroller.» for subsetion (2) substitute «(2) If it appears to the Authority that any () diretor, hief exeutive or manager; or ontroller, of the trustee or administrator of an authorised sheme or an authorised sheme of any speified desription, is not a fit and proper person to ontinue as suh, the Authority may diret that the individual shall not, without the written onsent of the Authority, ontinue as suh a diretor, hief exeutive, manager or ontroller.» in subsetions (3) and (4), for Supervisor, wherever ourring, (15) In setion 21(4), for Supervisor (16) In setion 22 (revoation of reognised status) () (d) in subsetion (1), for The Supervisor, with the onsent of the IPA, may at any time diret that a sheme shall ease to be a reognised sheme by virtue of setion 21 if it appears to him substitute «The Authority may at any time diret that a sheme shall ease to be a reognised sheme by virtue of setion 21 if it appears to the Authority»; in subsetion (1)(vi) for the IPA, the Insurane Supervisor, the Supervisor or the Finanial Supervision Commission substitute «the Authority». in subsetion (2), for Supervisor substitute «Authority»; for subsetion (3) substitute «(3) The Authority may give suh a diretion as is mentioned in subsetion (1) at the request of the trustee or administrator of the sheme; but the Authority may refuse to do so if it onsiders that any matter onerning the sheme should be investigated as a preliminary to a deision on the question whether the diretion SD 2015/0090 Page 33

34 SCHEDULE 2 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 (e) should be given or the reognition revoked or that the diretion or revoation would not be in the interests of the members.» for subsetion (4) substitute «(4) Where the Authority proposes to give suh a diretion as is mentioned in subsetion (1), the Authority shall give the trustee written notie of its intention to do so, stating the reasons for whih the Authority proposes to at and giving partiulars of the rights onferred by subsetion (5).» (f) in subsetions (5) and (6), for Supervisor, wherever ourring, (17) In setion 23 (failities, information and assets in the Island), for Supervisor, wherever ourring, (18) In setion 24 (registration of retirement benefits shemes), for IPA, wherever ourring, (19) In setion 26 (inspetion and investigation) for Supervisor substitute «Authority». (20) In setion 29 (injuntions), for Supervisor, wherever ourring, (21) In setion 30(1) (restitution) for Supervisor (22) In setion 31 (diretions) () (d) (e) (f) (g) (h) (i) in the first line of subsetion (1), for Supervisor substitute «Authority»; in subsetion (1)()(vi) for the IPA, the Insurane Supervisor, the Supervisor or the Finanial Supervision Commission substitute «the Authority»; at the end of subsetion (1), for the Supervisor, with the onsent of the IPA, substitute «the Authority»; in subsetion (2)(), for Supervisor substitute «Authority»; in the first line of subsetion (4), for Supervisor substitute «Authority»; in subsetion (4)(vi), for the IPA, the Insurane Supervisor, the Supervisor or the Finanial Supervision Commission substitute «the Authority»; at the end of subsetion (4), for the Supervisor, with the onsent of the IPA, substitute «the Authority»; in subsetion (5), for Supervisor substitute «the Authority»; for subsetion (6) substitute «(6) The Authority may, either on its own initiative or on the appliation of the trustee or administrator of, or a professional adviser to, the sheme onerned, withdraw or vary a diretion Page 34 SD 2015/0090