Other important legislation and agreements

Home About the Isle of Man Other important legislation and agreements

Corporate and Trust Services


The providers of certain services in relation to companies and trusts must be licensed by the Financial Services Authority. The services to which this requirement relates includes the incorporation of companies, the provision of directors (including corporate directors), secretary, registered agent, registered office and carrying out any administration activities acting as a trustee. Grant Thornton (Isle of Man) Limited is licensed to provide these services.

 

Anti-Money Laundering


The Isle of Man has passed the Criminal Justice (Money Laundering) Code 2007 which updates the Anti-Money Laundering Code and amendments of 1998. The Code has also brought updates to the Anti-Money Laundering Guidance Notes which impact on the administrative requirements on businesses such as banks, investments, collective investment schemes and fiduciary services amongst others.

 

Insider Dealing


Legislation has been enacted prohibiting dealing, whilst holding unpublished price sensitive information, in securities listed on a recognised stock exchange including shares, debt securities, warrants, depositary receipts, options, futures and contacts for differences.

 

Criminal Activity and Proceeds of Crime


There are various offences in connection with involvement in criminal activity and dealing with the proceeds of such activity.

 

Consolidation and Review of Regulatory Legislation (“CAROL”)


The Isle of Man Financial Services Authority has undertaking a review of all the financial services regulatory legislation under which it operates and consolidated this into one Act and one “rule-book” that will apply to all the activities and financial products it is responsible for regulating.