Understanding the Isle of Man Beneficial Ownership Act 2017
The Beneficial Ownership Act 2017 in the Isle of Man aims to enhance transparency and information sharing, responsive to international requirements. It establishes a centralized database overseen by the Financial Services Authority, accessible only to designated officials for specified legal entities. The Act replaces the 2012 legislation to align with global standards and maintain a business-friendly approach.
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Presentation Transcript
An Introduction to The Beneficial Ownership Act 2017 Nick Cowell Companies Registry Manager Department for Enterprise
The Act 2012 Repeals the Companies (Beneficial Ownership) Act 2012 2017 Given Royal Assent in April Guidance issued by the FSA laid before the June sitting of Tynwald
Why? Responsive to international needs whilst maintaining a business-centric approach Commitment made to the UK Government in April 2016 Enhance arrangements for the sharing of information
Authority to create the database Beneficial Ownership Act 2017 Beneficial Ownership Act 2017 (Appointed Day) Order 2017 Beneficial Ownership (Exemption) (Collective Investment Schemes) Order 2017 Beneficial Ownership (Nominated Officer Exemption)(Class 4 Regulated Activity) Order 2017 Financial Services Tribunal (Amendment) Rules 2017 Beneficial Ownership Act 2017 Guidance
What? The Isle of Man Database of Beneficial Ownership (the database) Maintained as part of the Companies Registry Overseen by the Isle of Man Financial Services Authority Private central database - only accessible to a small number of designated officials : Limited number of Isle of Man authorities On request to the Island s Financial Intelligence Unit
What legal entities does this apply to? A company to which the Companies Acts 1931 to 2004 apply A company to which the Companies Act 2006 applies A limited liability company to which the Limited Liability Companies Act 1996 applies A limited partnership to which section 48B of the Partnership Act 1909 (legal personality) applies A foundation within the meaning of the Foundations Act 2011
New Form Form NO/CSP Single form type will apply to the relevant Acts Will add or remove the link between the legal entity and your account once processed by Companies Registry
Who? The nominated officer or CSP already holds the required details of the beneficial owner(s) > 25% Any registrable beneficial owner who owns or controls more than 25% of a legal entity and record this information in the Isle of Man Database of Beneficial Ownership Changes must be notified within one month
The Deadline Whichever is the earliest by the date on which the next annual return must be filed or by 30th June 2018 But in any event as soon as reasonably practicable
No registrable beneficial owners? Action still required Nominated officer or CSP must visit the database to confirm there are no registrable beneficial owners for the legal entity Needs to be done annually A statement of compliance will be contained on the annual return form
