Data Asset Foundations – clarification regarding the Data Enforcer role (Press Release)

Copy of a news release issued by the Department for Enterprise

The Department for Enterprise is aware that a number of Corporate and Trust Service Providers ('CSPs/TCSPs') and industry stakeholders have requested formal clarification regarding the supervisory position of the proposed "Data Enforcer" role within the emerging Data Asset Foundations framework.

The Department can confirm that the creation of the Data Enforcer role within the Data Asset Foundations model does not create a new regulated activity under the Isle of Man's existing financial services regulatory framework.

The Department worked with the Isle of Man Financial Services Authority ('FSA') during the development of the framework to consider regulatory perimeter issues. The Department confirms that the new "Data Enforcer" role is separate to the pre-existing "Enforcer" role under the Foundations Act 2011, which is regulated by the FSA as part of its Class 4 (Corporate Services) regulated activities under the Financial Services Act 2008.

The Data Enforcer role forms part of the governance and operational framework being developed under the proposed Data Asset Foundations regime and is intended to support data stewardship, governance assurance, and compliance oversight within participating Data Asset Foundations.

Any future statutory responsibilities connected to the role will be established through the relevant Data Asset Foundations legislative and regulatory framework under the Department for Enterprise.

The Department for Enterprise will continue to engage with the FSA, industry, and other stakeholders as the framework develops to ensure clarity, proportionality, and alignment with the Island's broader regulatory and economic objectives.