Future Developments

The role of Policy & Legal Division in developing proposals for the future

The objective of the Policy & Legal Division is to develop proposals which take account of international standards and, at the same time, support the economic development of financial services businesses for the benefit of the Isle of Man.

The Policy & Legal Division is therefore required to monitor international developments in regulation and best practice, and to identify any areas for regulatory change. In this way the Division assists in sustaining the Island’s reputation as a well-regulated and premier jurisdiction in or from which to do business.

In developing proposals the Division involves the finance industry as well as other interested parties, and undertakes consultation with such bodies in order to produce workable and considered proposals. Additionally, the Division is responsible for drafting any necessary secondary legislation, or instructing the legislative drafters for primary legislation, when this is necessary.

Details of current consultations, including the consultation on the consolidation and review of regulatory legislation (“CAROL”), can be found by clicking here.

Some details of consultations that will take place in the near future are as follows:

• Financial Services Bill and underlying secondary legislation – final work is under way on comprehensive new regulatory legislation. Please see current consultations.
• Company Officers Disqualification Bill - It is proposed that a single Bill will bring together the provisions of s.26 of the Companies Act 1992 and other grounds for disqualification, including a company officer’s responsibility for fraudulent trading and unfit conduct in relation to insolvent companies. An initial consultation took place in October 2007.
• Companies Amendment Bill - The Commission has given instructions for the drafting of a Bill which will make amendments to the Companies Acts 1931 – 2004, Companies Act 2006 and Limited Liability Companies Act 1996.
• Money Service Businesses – Policy & Legal Division are assisting Authorisations Division with the development of a suitable regime for the regulation of Money Services Businesses.