Companies (Beneficial Ownership) Act 2012
Following on from Appleby’s recent article on the Companies (Prohibition of Bearer Shares) Act 2011, which highlighted the risks associated with members remaining anonymous (including fraud, concealment of assets and undisclosed transfers of beneficial ownership), the Companies (Beneficial Ownership) Act 2012 further demonstrates the Isle of Man’s commitment to seeking transparency in the ownership of companies.
Royal Assent was given to the act on 11 December 2012. However, the operative provisions of the act are yet to come into operation. Given that the intention of the act is to comply with an International Monetary Fund (IMF) recommendation, it is likely that the appointed day order bringing the operative provisions of the act into force will be passed in the not-too-distant future.
The act, which requires certain companies to appoint nominated officers to hold information about their beneficial owners, will apply to all companies that are incorporated under the Companies Acts 1931 to 2004. The act does not apply to companies that are incorporated under the Companies Act 2006…
If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Appleby
News from The Lawyer
Briefings from Appleby
Bermuda’s legal framework facilitates the creation of flexible and economically viable co-investment vehicles within a stable and business-friendly jurisdiction.
Feltham v Bouskell provides a cautionary tale for lawyers regarding the need to act quickly upon the receipt of instructions from elderly or ill clients.
Analysis from The Lawyer
Offshore law firms have long supplemented their legal offerings with fiduciary business, but will that model last?
Business is booming in the Isle of Man, a small jurisdiction that thinks big