DESIGNATED BUSINESSES (FEES) ORDER 2015

Transcription

1 Designated Businesses (Fees) Order 2015 Artile 1 Statutory Doument No. 2015/0284 Designated Businesses (Registration and Oversight) At 2015 DESIGNATED BUSINESSES (FEES) ORDER 2015 Approved by Tynwald: 21 Otober 2015 Coming into Operation: 26 Otober 2015 The Finanial Supervision Commission makes the following Order under setions 8(2), 13(1) and 35(1) of the Designated Businesses (Registration and Oversight) At 2015 after arrying out the onsultation required by setion 35(4) of that At. 1 Title This Order is the Designated Businesses (Fees) Order Commenement If approved by Tynwald, this Order omes into operation on 26 Otober Interpretation In this Order the At means the Designated Businesses (Registration and Oversight) At 2015; annual registration date means 1 November eah year; the Commission means the Finanial Supervision Commission; employee of a registered person or appliant, has the same meaning as in setion 173 of the Employment At 2006 and inludes an individual who, in relation to the designated business arried on by that registered person or appliant, (a) (b) () works under a ontrat of employment or any other ontrat of servie; pratises alone or with others under the terms of a partnership agreement; is otherwise engaged within the designated business of a registered person or appliant, in all ases where the individual undertakes to do or perform, diretly or indiretly, work or SD No. 2015/0284 Page 1

2 Artile 4 Designated Businesses (Fees) Order 2015 servie in relation to the designated business of that registered person or appliant, whether or not engaged diretly by the registered person or appliant or through another entity forming part of the group of entities of whih the registered person or appliant is a part, and the registered person or appliant is not by virtue of the ontrat a ustomer of the individual; or (d) is a diretor or offier of that registered person or appliant; Example: This example relates to the definition of employee, and speifially in relation to the designated business. Using a firm of estate agents as an example, sales and lettings negotiators would be roles in relation to that designated business, where an offie leaner would not. registered person means a person registered under the At. 4 Appliation With the exeption of speified non-profit organisations, this Order applies to all appliants for registration under the At and all registered persons. 5 Registration fees An appliation for registration must be aompanied by the registration fee in aordane with Table A in the Shedule. 6 Annual fees (1) Exept where oversight of the registered person under the At has been delegated by the Commission, the registered person must pay an annual fee to the Commission in aordane with Table B in the Shedule. (2) The annual fee is payable on the annual registration date. (3) In the first year of registration the proportion of the annual fee relating to the period from the date of first registration until the next annual registration date (alulated pro rata in aordane with (4)) is due and payable on the date of first registration. (4) Where (3) applies, the annual fee shall be alulated in aordane with the following formula (rounded up to the nearest 10) Where F x N 12 F is the annual fee whih would be payable apart from this artile; and Page 2 SD No. 2015/0284

3 Designated Businesses (Fees) Order 2015 Artile 6 N is the number of months between the date on whih the appliant for registration first beomes a registered person and the next annual registration date, ounting a part of a month as a omplete month. MADE 27 AUGUST 2015 J.R. ASPDEN Chief Exeutive G.F. KARRAN Commissioner SD No. 2015/0284 Page 3

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5 Designated Businesses (Fees) Order 2015 SCHEDULE SCHEDULE DESIGNATED BUSINESSES FEES Regulation 5 TABLE A Size of appliant for registration based on number of employees in relation to the designated business If omplete appliation is made by 30 November 2015 Registration fee If appliation is made on or after 1 Deember 2015 Sole trader Small appliant (2 to 5 employees) Medium appliant (6 to 15 employees) Large appliant (16 employees or more) Regulation 6 TABLE B Size of registered person based on number of employees in relation to the designated business Annual fee Sole trader 150 Small registered person (2 to 5 employees) 350 Medium registered person (6 to 15 employees) 750 Large registered person (16 employees or more) 1,000 SD No. 2015/0284 Page 5

6 Explanatory Note Designated Businesses (Fees) Order 2015 EXPLANATORY NOTE (This note is not part of the Order) This Order speifies the registration and annual fees payable by appliants for registration and registered persons under the Designated Businesses (Registration and Oversight) At Page 6 SD No. 2015/0284