Regulating businesses and company names in the Isle of Man
The Companies and Business Names etc Bill 2012 has recently received its third reading in the Legislative Council.
The bill has been introduced in response to a recommendation from the International Monetary Fund (IMF) as part of its 2009 report into the Isle of Man’s compliance with the Basal Core Principles for Effective Banking Supervision. While the IMF did not comment generally on the Isle of Man’s existing regime in respect of name approvals for bodies corporate and unincorporate, it did comment on the lack of regulation regarding the use of the word ‘bank’ and ‘banking’ in business and company names. It was suggested that, in order for the Isle of Man to be strictly compliant, the use of the term ‘bank’ should be expressly limited to licensed entities.
The rationale is that the protection of the term ‘bank’ and derivations is a matter of consumer protection. As such it was recommended that the use of any terms that indicate or that could reasonably be understood to indicate that a person, business or company is a bank, banker or carrying-on banking business should be restricted to appropriately licensed entities unless expressly authorised otherwise by the Companies Registry…
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.
News from Appleby
News from The Lawyer
Briefings from Appleby
The offshore jurisdictions are thought to be secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them.
Family disputes over the provisions of a will are a relatively common occurrence in Bermuda courts.
Analysis from The Lawyer
The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high
Business is booming in the Isle of Man, a small jurisdiction that thinks big