Isle Of Man FSC To Build On Platform Of Sound Regulation

by Jason Gorringe, Tax-News.com, London

04 August 2004

Despite challenging economic conditions for the island's firms, the Isle of Man Financial Supervision Commission’s annual report has restated its commitment to working with business to help reduce compliance costs whilst continuing to provide a world-renowned regulatory framework.

In his introductory comments, Chief Executive, John Aspden noted the IMF’s report published in November 2003, which found a very high level of compliance with relevant international standards and represented an important milestone for the jurisdiction internationally.

Remarking on the FSC’s twentieth anniversary, Mr Aspden highlighted the fact that the Commission was one of the first regulatory bodies established as a regulator of different markets, a model which has since been followed and adapted in many other jurisdictions.

The Chief Executive acknowledged also the challenging economic climate which many sectors of the business community have been encountering during the last year, to which the Commission has responded by working with the industry to explore new business opportunities whilst looking to see how the costs of regulation can be ameliorated through a more pragmatic approach to implementation.

Nevertheless, despite challenging economic conditions, the annual report details an 8% rise in total deposits on the island and a 17% increase in the total funds under management.

The FSC’s focus for the forthcoming period includes continuing enhancement of its supervisory role, in addition to the implementation of new on-line public company search facilities and implementation of legislation for Trust Service providers.

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